Blood Glucose Meters Market Predicted to Garner USD 22.6 Billion By 2032, At CAGR 8.7% | Market.us

New York, March 07, 2023 (GLOBE NEWSWIRE) — Global sales of blood glucose meters market were estimated to be worth USD 10 billion in 2022 and are slated to be worth USD 22.6 billion by 2032 to grow on an impulsive note at a CAGR of 8.7% from 2023 to 2033. A glucose meter is also known as a “glucometer.” It is a medical device used to measure and display blood glucose levels. A patient with diabetes mellitus or hypoglycemia can perform home blood glucose monitoring with this equipment (HBGM). Therefore, medical professionals have recommended that patients with diabetes mellitus receive the appropriate monitoring. Additionally, blood glucose meters must adhere to the International Organization for Standardization’s accuracy requirements (ISO).

Blood glucose meters look for patterns in the variations in blood glucose (sugar) levels that result from changes in diet, activity level, medication use, or pathological conditions like diabetes that are linked to blood glucose swings. Unusual blood sugar levels have the potential to cause immediate and long-term, life-threatening illnesses. Therefore, capillary blood glucose (CBG) tests are frequently used to describe blood glucose monitoring at home or in the community. In addition, blood glucose testing in clinical facilities may include venous blood (plasma glucose) assays.

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Key Takeaway:

• By type, the self-monitoring blood glucose devices segment has generated a revenue share of 67% in 2022.
• By distribution channel, the online platform segment has dominated the market from 2023 to 2032.
• In 2022, North America dominated the market with the highest revenue share of 35%.
• Asia-Pacific is anticipated to register a substantial CAGR over the forecast period.

Blood glucose meters are used to measure the blood sugar levels of diabetic individuals. These devices assist in analyzing glucose level trends because they provide continuous and real-time blood sugar readings. It also helps patients decide their insulin dosage and food consumption. Furthermore, factors including a sedentary lifestyle, consumption of junk food and alcohol, smoking, and the surge in demand for faster and safer diagnostics are accelerating market growth. One of the leading causes of the rise in diabetes prevalence is obesity. Over 650 million individuals worldwide, according to the WHO, were obese in 2016, and during the forecast period, this figure is anticipated to rise even more.

Additionally, the market is anticipated to expand rapidly over the forecast period due to ongoing initiatives by healthcare and governmental bodies, including the International Diabetes Federation, to control diabetes. Through a network of partners and stakeholders, these organizations offer the necessary expertise and assist diabetes awareness initiatives. Additionally, rising healthcare spending is predicted to fuel market expansion.

Factors affecting the growth of the Blood Glucose Meters industry?

Several factors can affect the growth of the Blood Glucose Meters industry. Some of these factors include:

• Advancements in Technology: Developing technologies for monitoring and diagnosis of diabetes, diabetes can be detected early, which leads to an increase in the demand for Blood Glucose Meters devices.
• Increasing Prevalence Of Diabetes: The rising shift towards a sedentary lifestyle in emerging and developed countries is primarily responsible for the growing prevalence of diabetes. Thus, the rising prevalence of diabetes boosts the demand for blood glucose meter devices.
• Increasing Geriatric Population: The market is growing as the elderly population increases. The WHO estimates there will be approximately 2 billion older people globally by 2050, up from 1 billion in 2020.

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Top Trends in the Global Blood Glucose Meters Market

The development of continuous blood glucose monitoring (CBGM), in which a sensor implanted beneath the skin delivers continuous glucose measurements, is one of the more important recent technological trends. The SMBG industry has benefited from technological advances since they have kept SMBG suppliers competitive with one another and have contributed to the cyclical changes in market share gains and losses among these vendors over time. Abbott, Medtronic, and DexCom are three companies that have recently released CBGM products. In addition, some diabetic patients, especially those who are insulin-dependent, have been able to test their blood glucose levels more frequently because of these technological advancements.

Market Growth

The global glucometer market is expanding due to rapidly rising consumer awareness, industrialization, emerging sectors, and technological advancements. In this industry, revenue and sales have grown exponentially. Due to the variables supporting the market’s expansion throughout the anticipated period, the market’s size and growth are anticipated to increase.

Regional Analysis

In 2022, the North America market will have a revenue share of over 35.0%. As a result, it possessed the most significant market share. Up to US$ 3.73 billion will be spent on the blood glucose monitoring system in 2022. The regional market is anticipated to be driven by an increase in the number of obese patients as well as other factors, including the high cost of treatment, the introduction of new products, and technological improvements.

Due to an increase in gestational diabetes, the Europe market is anticipated to account for the majority of revenue throughout the forecast period. Furthermore, the region’s need for BGMs will grow due to the introduction of cutting-edge medical products and advancements in the healthcare industry.

Asia Pacific is expected to be a lucrative region over the forecast period. This region is predicted to record a significant CAGR due to the increase in the geriatric population and the rising prevalence of insulin-dependent diabetes. China dominated the APAC area in 2021 due to its sizable diabetic population and quick economic expansion. Additionally, diabetes patients in nations like Australia and Japan are keenly interested in timely and regular blood glucose monitoring. The two primary regions anticipated to experience moderate CAGR during the forecast period are the Middle East, Africa, and Latin America. It is due to the general public’s need for greater disease awareness.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Abbott Laboratories, Asensia Diabetes Care, Medtronic plc, Dexcom Inc., Hoffmann-La Roche Ltd., Sanofi, Insulet Corporation, Novo Nordisk, Glysens Incorporated, B. Braun, and Ypsomed Holdings, among others.

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Scope of the Report

Market Drivers

Diabetes patients can benefit from using blood glucose monitoring devices for routine blood glucose level monitoring. These tools enable clinicians and patients to assess blood glucose levels, enabling therapeutic adjustments and preventing patients from receiving a diagnosis of diabetes. Additionally, it will guarantee patient security. The use of technology helps people form good behaviors and also makes managing diabetes easier for patients. All of these factors influence market growth. The BGM devices are widely accessible and come in various costs, sizes, testing intervals, and usability.

The senior population, which is prone to diabetes, and the increasing cases of diabetes are the main driving factors. As a result, the market for diabetes preventive care is growing, and new solutions are being introduced as a result of increased awareness. Diabetes is a severe and expanding condition in the world. The pancreas’ inefficiency leads to a rise in insulin production, which causes an increase in blood glucose levels. The International Diabetes Federation forecasts that 537 million individuals will be diagnosed with diabetes in 2021. By 2030, this figure will rise to 643 million; by 2045, it will reach 783 million.

Market Restraints

Blood glucose monitoring technology is being adopted less as a result of the high prevalence of untreated diabetes, particularly in poorer countries. As a result, countries like China, South Africa, India, Brazil and others face delayed analysis more frequently. Another factor is the general public’s lack of knowledge about chronic diseases like diabetes mellitus and access to health care services.

According to research released by the International Diabetes Federation in 2021, there are approximately 1 in 2 undiagnosed patients in Africa and approximately 55% of undiagnosed patients in Asia Pacific nations like China, India, and Indonesia. Therefore, the poorer diagnosis and treatment rates are caused by the previous variables as well as the absence of a refund plan for CGM and SMBG equipment.

Market Opportunities

The growing number of elderly persons at risk for disease is stimulating the global market for blood glucose meters. The key aspect that boosts the BGM market in emerging nations is the rapidly growing elderly population, rising per capita incomes, high patient volumes, and increased public awareness. As a result, the worldwide blood glucose device market will grow as diabetes patients become more commonplace globally. Additionally, increased public-private financing for targeted research initiatives, as well as an increase in product innovations and development due to global technological breakthroughs, will create lucrative opportunities for market players over the forecast period from 2023 to 2032.

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Report Segmentation of the Blood Glucose Meters Market

Type Insight

Self-monitoring blood glucose devices held the most significant sales share of over 67% in 2022 due to their low cost and ease of use. SMBG is regarded as an essential part of routine diabetic therapy. A glucose meter is used to measure a person’s blood sugar levels when they are self-monitoring their blood sugar. Lancets, test strips, and blood glucose meters are further separated into this category. Testing strips had the highest revenue share in 2022 due to their general use and inexpensive price. As a result, the segment is predicted to expand at a lucrative CAGR during the forecast period.

Distribution Insight

According to the distribution channel, the market category includes offline stores and online platforms. However, due to the increasing shift to self-blood glucose meter devices, online platforms are growing in emerging countries relative to offline stores. As a result, between 2021 and 2032, online platforms’ CAGR is relatively more significant than offline stores. Thus, the market’s demand for blood glucose will increase.

End-User Insight

Due to the expanding infrastructure and rising healthcare spending in hospitals, the hospital sector, which had a revenue share of over 42% in 2022, is expected to dominate the market over the forecast period. Additionally, BGM devices are increasingly used in outpatient and inpatient hospital settings due to the accurate data they deliver to practitioners in seconds and the improvement in patients’ quality of life. Hospitals have different systems in place to transfer and store patient data.

The home care segment is anticipated to develop fastest during the projected period. Self-monitoring of blood glucose has revolutionized home-based glucose monitoring, the most popular short-term glucose monitoring technique globally. People with or without diabetes can measure their blood sugar levels at home using the self-monitoring blood glucose (SMBG) method. In addition, the patient can assess the results of their treatment, including food, insulin, exercise, and stress management, based on the reading.

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Market Segmentation

By Type

By Distribution Channel

• Offline Stores
• Online Platforms

By End-User

• Healthcare
• Pharmacies
• Home Care
• Diagnostic Centers

By Geography

• North America
• Western Europe
• Eastern Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Market Key Players

To maintain the demand for various applications leading players are getting a higher quality product through acquisitions and mergers. Some of the key players include:

Recent Development of the Blood Glucose Meters Market

• In 2021, F. Hoffmann-La Roche Ltd. launched the Accu-Chek Instant system so that it can connect directly with the mySugr app and provide real-time blood glucose level data.
• In 2021, Ascensia Diabetes Care Holdings Ag took over the distribution of EVERSENSE XL of Sensonics, Inc. in countries like Switzerland, Germany, Poland, Netherlands, Spain, and Italy so that the demand from customers in the European market will be fulfilled.

Browse More Related Reports:

• Glucose Biosensors Market: valued at USD 11,243.8 million in 2021. It is expected to grow at 6.7% CAGR during the forecast period.
• Blood Glucose Monitoring Systems Market: size was estimated at USD 12,257.01 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7%from 2021 to 2028.
• Self-Monitoring Blood Glucose System Market: size was valued at USD 4718.23 million in 2022 and is expected to expand at a CAGR of 6.16 percent during the forecast period, reaching USD 6749.8 million by 2028.
• Glucose Meter Market: Size was estimated at USD 1286.1 million in 2021 and is projected to reach USD 1972.4 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.

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