BLOOD GLUCOSE MONITORING MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
The Blood Glucose Monitoring Market is expected to register a CAGR greater than 8% during the forecast period of 2022-2027. The market is estimated to reach a value of USD 29 billion by 2027.
The COVID-19 pandemic positively impacted the blood glucose monitoring system market growth. Patients with diabetes who are infected with SARS-CoV-2 may experience additional stress and increased secretion of hyperglycemic hormones such as glucocorticoid and catecholamines, which results in elevated blood glucose, abnormal glucose variability, and diabetic complications. To avoid aggravation, a patient's blood glucose monitoring should be considered during the COVID-19 patient's hospitalization which has underlined the importance of blood glucose monitoring devices.
The US Food and Drug Administration has also allowed the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals for the duration of the pandemic. Pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers. Thus, the COVID-19 outbreak increased the blood glucose monitoring device market's growth globally.
According to International Diabetes Federation (IDF), the adult diabetes population in 2021 is approximately 537 million, and this number is going to increase by 643 million in 2030. A rise in the diabetic population drives the market by increasing the use of blood glucose monitoring devices. Obesity is considered one of the major factors contributing to the disease, primarily Type 2 diabetes. Also, other factors, such as technological innovations and advancements, give many conveniences in measuring blood glucose levels. One such advancement in monitoring the blood glucose level is established with continuous glucose monitoring devices. Therefore, due to an increase in the usage of monitoring devices among the type-2 diabetes population the market is expected to grow.
Currently, about 10% of all diabetes cases are Type-1, and the remaining are Type-2. As of 2021, North America accounted for a major market share, followed by Asia-Pacific. North America is anticipated to dominate the market during the forecast period, owing to the rising prevalence of diabetes in the region.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Key Market TrendsSelf-Blood Glucose Monitoring Holds Highest Market Share 2021Although CGM is an advanced way for people living with diabetes to check glucose readings in real-time, SMBG is the most preferred device by the patients due to its economic affordability and less sophisticated usage when compared to CGM. The SBGM devices occupy more than 68% of the share in the blood glucose monitoring market. The growth in market volume and share of test strips are expected to be higher than that of glucose meters, because of the difference in use-case frequency. The average efficiency of the glucose meter ranges between six months to three years, whereas test strips are for one-time use. The introduction of new kinds of lancet devices that induce lesser pain to the users is expected to help the market’s growth, as the acceptance rate is expected to rise during the forecast period.
The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness. Globally, diabetes mellitus has been of wide concern with its high global prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments.
The market players are adopting various strategies such as collaborations, partnerships, mergers, acquisitions, and expansions to increase market share. For instance, in May 2021, Roche Diabetes Care Canada announces a collaboration with Ellerca Health, a Toronto-based company dedicated to improving patient care through innovation and technology. The partnership will include the launch of Accu-Chek and 360Care, combining Roche's Accu-Chek Guide blood glucose meter, customized home delivery of testing strips, and Ellerca's self-management digital program, 360Care, which empowers patients to be in control of their treatment schedule with access to a team of health coaches.
Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.
North America is Expected to Dominate the Blood Glucose Monitoring MarketIn 2021, North America, especially the United States, held the largest share in the blood glucose monitoring market, due to the large patient pool and wide acceptance of advanced technologies followed by Europe, with moderate growth. According to CDC 2020 reports, the diabetes prevalance in the United States increased approximately to 37.3 million i.e. 11.3% of the total US population. In the United States, there are new innovations from start-up companies in diabetes industries, like Glooko, OneDrop, verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc. The companies are joining together in diabetes field to bring new technologies, increasing the market in the forecasting period, for instance, In July 2020, Medtronic PLC and Tandem Diabetes Care Inc. announced that they entered into a non-exclusive patent cross-license agreement for certain technologies in the field of diabetes.
North America recorded more than USD 9 billion in revenue in 2021, which is expected to further increase with a CAGR of more than 8.4% during the forecast period. This is primarily due to the increasing diabetes population in North America due to stress, unhealthy diets, and obesity. In North America, there are more than 30 million diabetic patients, and this number is expected to increase to 34 million by 2027. The United States alone recorded over 26 million diabetes patients in 2021.
In North America, the United States holds a major share in the diabetes care devices market. The use of CGM by Type-1 diabetic patients is very less, as compared to Type-2 diabetic patients. But the expenditure incurred by Type-1 diabetic patients on these devices is nearly double that of Type-2 diabetics. The newest CGM models, the Abbott Freestyle Libre and the Dexcom G6 overcame many technical barriers. However, high costs and uncertainties about their efficacy and necessity have kept CGM from being widely used by people with Type-2 diabetes. Moreover, to lower the cost burden of diabetic patients in the United States, Abbott introduced a new, lower-priced category with Libre, at around USD 75 to USD 150 each month (2 sensors that last 14 days each).
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
Competitive LandscapeThe blood glucose monitoring market is highly fragmented, with few major manufacturers present in the market. The CGM devices market is dominated by a few major players, like Dexcom, Medtronics, Abbott, and Senseonics. The market for BGM devices comprises more generic players like Roche, LifeScan, Arkray, Ascensia, etc. Technological innovations in the recent past helped the companies to strengthen their market presence. For example, In Feb 2021, Roche announced the launch of the new Accu-Chek Instant system, a new "connected" blood glucose monitoring (BGM) system, which supports and enables Roche’s approach of integrated Personalised Diabetes Management (iPDM). Accu-Chek Instant features Bluetooth-enabled connectivity to the mySugr app, allowing wireless transfer of blood glucose results to the mySugr app.
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- 1 INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Drivers
- 4.3 Restraints
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 Self-monitoring blood glucose devices (Value and Volume, 2016 - 2027)
- 5.1.1 By Component
- 5.1.1.1 Glucometer Devices
- 5.1.1.2 Test Strips
- 5.1.1.3 Lancets
- 5.2 Continuous blood glucose monitoring devices (Value and Volume, 2016 - 2027)
- 5.2.1 By Component
- 5.2.1.1 Sensors
- 5.2.1.2 Durables (Receivers and Transmitters)
- 5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States (Value and Volume, 2016 - 2027)
- 5.3.1.1.1 Self-monitoring Blood Glucose Devices
- 5.3.1.1.1.1 By Component (Glucometer Device, Test strips, Lancets)
- 5.3.1.1.2 Continuous Glucose Monitoring devices
- 5.3.1.1.2.1 By Component (Sensors and Durables)
- 5.3.1.2 Canada (Value and Volume, 2016 - 2027)
- 5.3.1.2.1 Self-monitoring blood glucose devices
- 5.3.1.2.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.1.2.2 Continuous Glucose Monitoring
- 5.3.1.2.2.1 By Component (Sensors and Durables)
- 5.3.1.3 Rest of North America (Value and Volume, 2016 - 2027)
- 5.3.1.3.1 Self-monitoring blood glucose devices
- 5.3.1.3.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.1.3.2 Continuous Glucose Monitoring
- 5.3.1.3.2.1 By Component (Sensors and Durables)
- 5.3.2 Europe
- 5.3.2.1 France (Value and Volume, 2016 - 2027)
- 5.3.2.1.1 Self-monitoring Blood Glucose Devices
- 5.3.2.1.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.1.2 Continuous Glucose Monitoring
- 5.3.2.1.2.1 By Component (Sensors and Durables)
- 5.3.2.2 Germany (Value and Volume, 2016 - 2027)
- 5.3.2.2.1 Self-monitoring Blood Glucose Devices
- 5.3.2.2.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.2.2 Continuous Glucose Monitoring
- 5.3.2.2.2.1 By Component (Sensors and Durables)
- 5.3.2.3 Italy (Value and Volume, 2016 - 2027)
- 5.3.2.3.1 Self-monitoring blood glucose devices
- 5.3.2.3.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.3.2 Continuous Glucose Monitoring
- 5.3.2.3.2.1 By Component (Sensors and Durables)
- 5.3.2.4 Spain (Value and Volume, 2016 - 2027)
- 5.3.2.4.1 Self-monitoring blood glucose devices
- 5.3.2.4.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.4.2 Continuous Glucose Monitoring
- 5.3.2.4.2.1 By Component (Sensors and Durables)
- 5.3.2.5 United Kingdom (Value and Volume, 2016 - 2027)
- 5.3.2.5.1 Self-monitoring blood glucose devices
- 5.3.2.5.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.5.2 Continuous Glucose Monitoring
- 5.3.2.5.2.1 By Component (Sensors and Durables)
- 5.3.2.6 Russia (Value and Volume, 2016 - 2027)
- 5.3.2.6.1 Self-monitoring blood glucose devices
- 5.3.2.6.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.6.2 Continuous Glucose Monitoring
- 5.3.2.6.2.1 By Component (Sensors and Durables)
- 5.3.2.7 Rest of Europe (Value and Volume, 2016 - 2027)
- 5.3.2.7.1 Self-monitoring blood glucose devices
- 5.3.2.7.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.2.7.2 Continuous Glucose Monitoring
- 5.3.2.7.2.1 By Component (Sensors and Durables)
- 5.3.3 Latin America
- 5.3.3.1 Mexico (Value and Volume, 2016 - 2027)
- 5.3.3.1.1 Self-monitoring Blood Glucose Devices
- 5.3.3.1.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.3.1.2 Continuous Glucose Monitoring
- 5.3.3.1.2.1 By Component (Sensors and Durables)
- 5.3.3.2 Brazil (Value and Volume, 2016 - 2027)
- 5.3.3.2.1 Self-monitoring Blood Glucose Devices
- 5.3.3.2.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.3.2.2 Continuous Glucose Monitoring
- 5.3.3.2.2.1 By Component (Sensors and Durables)
- 5.3.3.3 Rest of Latin America (Value and Volume, 2016 - 2027)
- 5.3.3.3.1 Self-monitoring Blood Glucose Devices
- 5.3.3.3.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.3.3.2 Continuous Glucose Monitoring
- 5.3.3.3.2.1 By Component (Sensors and Durables)
- 5.3.4 Asia-Pacific
- 5.3.4.1 Japan (Value and Volume, 2016 - 2027)
- 5.3.4.1.1 Self-monitoring Blood Glucose Devices
- 5.3.4.1.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.1.2 Continuous Glucose Monitoring
- 5.3.4.1.2.1 By Component (Sensors and Durables)
- 5.3.4.2 South Korea (Value and Volume, 2016 - 2027)
- 5.3.4.2.1 Self-monitoring Blood Glucose Devices
- 5.3.4.2.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.2.2 Continuous Glucose Monitoring
- 5.3.4.2.2.1 By Component (Sensors and Durables)
- 5.3.4.3 China (Value and Volume, 2016 - 2027)
- 5.3.4.3.1 Self-monitoring Blood Glucose Devices
- 5.3.4.3.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.3.2 Continuous Glucose Monitoring
- 5.3.4.3.2.1 By Component (Sensors and Durables)
- 5.3.4.4 India (Value and Volume, 2016 - 2027)
- 5.3.4.4.1 Self-monitoring Blood Glucose Devices
- 5.3.4.4.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.4.2 Continuous Glucose Monitoring
- 5.3.4.4.2.1 By Component (Sensors and Durables)
- 5.3.4.5 Australia (Value and Volume, 2016 - 2027)
- 5.3.4.5.1 Self-monitoring Blood Glucose Devices
- 5.3.4.5.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.5.2 Continuous Glucose Monitoring
- 5.3.4.5.2.1 By Component (Sensors and Durables)
- 5.3.4.6 Vietnam (Value and Volume, 2016 - 2027)
- 5.3.4.6.1 Self-monitoring Blood Glucose Devices
- 5.3.4.6.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.6.2 Continuous Glucose Monitoring
- 5.3.4.6.2.1 By Component (Sensors and Durables)
- 5.3.4.7 Malaysia (Value and Volume, 2016 - 2027)
- 5.3.4.7.1 Self-monitoring Blood Glucose Devices
- 5.3.4.7.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.7.2 Continuous Glucose Monitoring
- 5.3.4.7.2.1 By Component (Sensors and Durables)
- 5.3.4.8 Indonesia (Value and Volume, 2016 - 2027)
- 5.3.4.8.1 Self-monitoring Blood Glucose Devices
- 5.3.4.8.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.8.2 Continuous Glucose Monitoring
- 5.3.4.8.2.1 By Component (Sensors and Durables)
- 5.3.4.9 Philippines (Value and Volume, 2016 - 2027)
- 5.3.4.9.1 Self-monitoring Blood Glucose Devices
- 5.3.4.9.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.9.2 Continuous Glucose Monitoring
- 5.3.4.9.2.1 By Component (Sensors and Durables)
- 5.3.4.10 Thailand (Value and Volume, 2016 - 2027)
- 5.3.4.10.1 Self-monitoring Blood Glucose Devices
- 5.3.4.10.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.10.2 Continuous Glucose Monitoring
- 5.3.4.10.2.1 By Component (Sensors and Durables)
- 5.3.4.11 Rest of Asia-Pacific (Value and Volume, 2016 - 2027)
- 5.3.4.11.1 Self-monitoring Blood Glucose Devices
- 5.3.4.11.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.4.11.2 Continuous Glucose Monitoring
- 5.3.4.11.2.1 By Component (Sensors and Durables)
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia (Value and Volume, 2016 - 2027)
- 5.3.5.1.1 Self-monitoring Blood Glucose Devices
- 5.3.5.1.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.1.2 Continuous Glucose Monitoring
- 5.3.5.1.2.1 By Component (Sensors and Durables)
- 5.3.5.2 Iran (Value and Volume, 2016 - 2027)
- 5.3.5.2.1 Self-monitoring Blood Glucose Devices
- 5.3.5.2.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.2.2 Continuous Glucose Monitoring
- 5.3.5.2.2.1 By Component (Sensors and Durables)
- 5.3.5.3 Egypt (Value and Volume, 2016 - 2027)
- 5.3.5.3.1 Self-monitoring Blood Glucose Devices
- 5.3.5.3.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.3.2 Continuous Glucose Monitoring
- 5.3.5.3.2.1 By Component (Sensors and Durables)
- 5.3.5.4 Oman (Value and Volume, 2016 - 2027)
- 5.3.5.4.1 Self-monitoring Blood Glucose Devices
- 5.3.5.4.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.4.2 Continuous Glucose Monitoring
- 5.3.5.4.2.1 By Component (Sensors and Durables)
- 5.3.5.5 South Africa (Value and Volume, 2016 - 2027)
- 5.3.5.5.1 Self-monitoring Blood Glucose Devices
- 5.3.5.5.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.5.2 Continuous Glucose Monitoring
- 5.3.5.5.2.1 By Component (Sensors and Durables)
- 5.3.5.6 Rest of Middle-East and Africa (Value and Volume, 2016 - 2027)
- 5.3.5.6.1 Self-monitoring Blood Glucose Devices
- 5.3.5.6.1.1 By Component (Glucometer Device, Test strips, and Lancets)
- 5.3.5.6.2 Continuous Glucose Monitoring
- 5.3.5.6.2.1 By Component (Sensors and Durables)
- 6 MARKET INDICATORS
- 6.1 Type-1 Diabetes population (2016 - 2027)
- 6.2 Type-2 Diabetes population (2016 - 2027)
- 7 COMPETITIVE LANDSCAPE
- 7.1 COMPANY PROFILES
- 7.1.1 Abbott Diabetes Care
- 7.1.2 Roche Holding AG
- 7.1.3 LifeScan
- 7.1.4 Dexcom Inc.
- 7.1.5 Medtronic PLC
- 7.1.6 Arkray Inc.
- 7.1.7 Ascensia Diabetes Care
- 7.1.8 Agamatrix Inc.
- 7.1.9 Bionime Corporation
- 7.1.10 Acon Laboratories Inc.
- 7.1.11 Medisana AG
- 7.1.12 Trivida Functional Medicine
- 7.1.13 Rossmax International Ltd
- 7.1.14 Senseonics
- 7.2 COMPANY SHARE ANALYSIS
- 7.2.1 Self-monitoring Blood Glucose Devices
- 7.2.1.1 Abbott Diabetes Care
- 7.2.1.2 Roche Holding AG
- 7.2.1.3 LifeScan
- 7.2.1.4 Others
- 7.2.2 Continuous Glucose Monitoring Devices
- 7.2.2.1 Dexcom Inc.
- 7.2.2.2 Medtronic PLC
- 7.2.2.3 Abbott Diabetes Care
- 7.2.2.4 Others
- 8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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