Glucose Monitoring Devices Market

Market Overview

The global glucose monitoring devices market size was valued at USD 17.03 billion in 2023. It is estimated to reach USD 39.50 billion by 2032, growing at a CAGR of 9.8% during the forecast period (2024–2032). The global glucose monitoring devices market is primarily boosted by the surging prevalence of people who have diabetes and its risk factors, like a rise in alcohol consumption, smoking, and obesity, amongst others. The rising geriatric population is further increasing the burden of this disease, thereby increasing the demand for glucose monitoring devices. Moreover, there has been a rise in the introduction of novel and technologically advanced devices integrated with AI and big data, thereby creating opportunities for market expansion.

Highlights

• Self-monitoring blood glucose devices dominate the product segment
• Hospital dominates the end-user segment
• North America is the highest shareholder in the global market

Market Overview

Glucose monitoring devices are designed to quantify glucose concentration in the bloodstream of individuals diagnosed with diabetes. These devices facilitate the monitoring and management of blood glucose levels for patients and healthcare providers, thereby preventing problems and enhancing quality of life. Glucose monitoring devices can be categorized into self-monitoring and continuous glucose monitoring.

Self-monitoring devices encompass glucose meters, test strips, and lancets necessitating finger-pricking and blood samples. Continuous glucose monitoring devices consist of sensors and durable components affixed to the body. These components continuously and wirelessly assess glucose levels. The continuous advancements in technology consistently enhance the precision and ease of use of glucose monitoring devices, thereby significantly contributing to improving diabetes management.

Market Dynamics

Global Glucose Monitoring Devices Market Drivers

Rising Prevalence of Diabetes

The global market is primarily propelled by the growing prevalence of diabetes and the expanding elderly population, who are particularly susceptible to diabetes. For instance, in 2021, the International Diabetes Federation disclosed that there were 537 million adults, representing a prevalence of 1 in 10 individuals living with diabetes. The forecasted estimate is expected to rise to 644 million by 2030 and 784 million by 2045.

Similarly, a significant proportion of the adults, precisely 44%, amounting to a staggering 240 million persons, lack awareness of their diabetes diagnosis. The absence of proper diagnosis has led to 6.7 million deaths in the year 2021. Diabetes is a chronic disease that can cause severe complications such as cardiovascular disorders, renal failure, loss of vision, and limb removal. The demand for glucose monitoring devices is rising as they aid healthcare providers and patients in detecting and controlling high or low blood glucose levels, thereby preventing adverse outcomes.

Global Glucose Monitoring Devices Market Restraint

High Cost and Low Reimbursement of Glucose Monitoring Devices

The main constraints of the market are the high expenses and insufficient reimbursement for glucose monitoring devices. Glucose monitoring devices are costly and necessitate regular replacement of consumables, such as test strips and sensors. The mean price of a glucose meter varies from USD 10 to USD 75, whereas the price range for a test strip is between USD 0.15 and USD 1.50. The price range for a continuous glucose monitoring system is between USD 500 and USD 1,500, whereas the price range for a sensor is between USD 50 and USD 100.

Additionally, the expenses can impose a substantial hardship on patients, particularly in low- and middle-income nations where there is a high prevalence of diabetes and inadequate healthcare resources. Likewise, the reimbursement regulations for glucose monitoring devices differ throughout countries and regions, frequently failing to fully cover the equipment and consumables expenses. Hence, the market faces significant obstacles regarding the pricing and accessibility of glucose monitoring devices.

Global Glucose Monitoring Devices Market Opportunities

Technological Advancements 

The market can benefit significantly from integrating artificial intelligence (AI) and big data analytics into glucose monitoring devices, as well as from technological advances. The glucose monitoring devices are undergoing significant technological advancements, which are providing new opportunities to enhance the precision, ease of use, and capabilities of these devices. Emerging technologies, like optical, electrochemical, and thermal devices, offer non-invasive glucose monitoring systems that eliminate the need for blood samples. Another example involves the advancement of closed-loop systems, which integrate glucose monitoring devices with insulin pumps to administer insulin automatically in response to glucose levels.

Moreover, using artificial intelligence and big data analysis in glucose monitoring devices can offer personalized and preventive observations on glucose trends, patterns, and suggestions for patients and healthcare practitioners. For instance, in May 2023, the health technology company January AI launched a new app that uses generative artificial intelligence (AI) to assess and forecast how individuals will respond to over 32 million food items regarding their glucose levels. The tool necessitates users to don a continuous glucose monitor (CGM) on a single occasion, and it can operate even without CGM usage by its members.

Regional Analysis

Based on region, the global glucose monitoring devices market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global glucose monitoring devices market shareholder and is expected to expand substantially during the forecast period. Various factors, including the significant prevalence of diabetes, the prominent market participants, the advantageous reimbursement policies, and the overall adoption of advanced technologies in the region, primarily drive the market expansion in North America. For example, in 2021, the Centers for Disease Control and Prevention reported that around 38.4 million individuals, which accounts for 11.6% of the US population, were diagnosed with diabetes. Moreover, 97.6 million individuals, or 38.0% of the US population aged 18 years or above, were found to have prediabetes. In 2019, the total amount of money spent on healthcare for diabetes among adults in North America was 324.5 billion. It is projected to increase to 338.8 billion in 2030 and 346.7 billion in 2045.

Furthermore, there has been an increase in research and development of innovative and more effective methods for monitoring glucose levels in North America. For instance, in October 2023, researchers at Penn State University in the United States wanted to utilize their wearable electrochemical sweat biosensor as an affordable and extremely sensitive tool for ongoing glucose detection. The system combines a laser-induced graphene (LIG) nanocomposite electrode with a microfluidic network to collect sweat samples. Moreover, the reimbursement policies in North America are very advantageous for glucose monitoring equipment, particularly continuous glucose monitoring devices. For instance, in February 2022, the Centers for Medicare & Medicaid Services broadened the scope of coverage for continuous glucose monitoring devices. This expansion now includes therapeutic/non-adjunctive and non-therapeutic/adjunctive CGMs for Medicare beneficiaries with diabetes who rely on insulin. As a result, these factors are expected to enhance market growth.

The European glucose monitoring devices market is driven by the increasing number of elderly individuals, growing awareness and spending on diabetes care, and government initiatives that provide support. The overall prevalence rate of diabetes in 2019 was 8.9% among persons between the ages of 20 and 80. As per the International Diabetes Federation, the prevalence of diabetes in Europe was approximately 59 million in 2019. It is projected to increase to over 66 million by 2030 and 68 million by 2045. Among children and adolescents (0-19 years), Europe has the greatest incidence of type 1 diabetes, with a total of 296,500 cases. The European region's diabetes-related health cost in 2019 was expected to be USD 161,400 million. This is expected to enhance the growth of the regional market.

The Asia-Pacific glucose monitoring devices market is witnessing significant growth due to rapid development and improvement in healthcare infrastructure, a large patient population, and an increasing prevalence of diabetes. China has the largest prevalence of diabetes patients in the APAC area, with approximately 13% in 2021. The high prevalence of diabetes in China can be attributed to large populations with poor dietary habits, insufficient physical activity, and obesity.

Moreover, the major international companies in this industry are launching new products in this region to strengthen their presence here. For instance, in May 2023, Roche Diabetes Care India (Roche) announced that its popular blood glucose monitoring gadget, 'Accu-Chek Active', is now manufactured in India. This decision aligns with the company's plan to enhance diabetes care accessibility and cater to the increasing demands of the Indian market. These aspects are projected to enhance the growth of the Asia-Pacific glucose monitoring devices market.

Segmental Analysis

The global glucose monitoring devices market is segmented by product and end-user.

Based on the product, the global glucose monitoring devices market is divided into self-monitoring blood glucose devices and continuous glucose monitoring devices. 

The self-monitoring blood glucose devices segment dominates the global market. Self-monitoring blood glucose (SMBG) devices are medical devices specifically developed to measure and track the glucose (sugar) level in an individual's bloodstream. Individuals with diabetes frequently utilize these devices to control their condition efficiently. Self-monitoring blood glucose (SMBG) devices enable patients with diabetes to conveniently measure their blood glucose levels at home or while traveling.

Self-monitoring blood glucose devices include glucometer devices, test strips, and lancets. A glucose meter is a compact and portable instrument that quantifies the glucose levels in a minuscule blood sample. The user typically acquires a blood sample by puncturing their finger with a lancet and applying the blood to a test strip inserted into the glucose meter. The segment of self-monitoring blood glucose devices dominated the market because of the extensive accessibility, affordability, and dependability of these devices.

Based on end-users, the global glucose monitoring devices market is divided into hospitals, home care, and diagnostics centers. 

The hospital's segment owns the highest market share. The hospital segment dominated the market, primarily due to the significant demand for glucose monitoring devices in hospitals to diagnose and treat diabetes and its associated complications. Glucose monitoring devices offer immediate data on blood glucose levels, allowing healthcare personnel to make choices and promptly modify hospital treatment programs. Hospitals frequently accept individuals with diabetes for a range of reasons, including surgical procedures, traumatic injuries, or other medical illnesses.

Furthermore, continuous glucose monitoring (CGM) devices or point-of-care glucose meters regularly monitor blood glucose levels. This enables healthcare personnel to modify the dosage of insulin or other medications, thereby assuring the most effective management of blood sugar levels throughout the patient's hospitalization. Hospitals are encouraged to employ glucose monitoring systems due to favorable reimbursement schemes.

Recent Developments

• October 2023- Molex firm Phillips-Medisize and GlucoModicum, a Finnish medical technology company, announced their collaboration. The collaboration aims to develop a cutting-edge continuous glucose monitor (CGM) that is non-invasive and does not require the use of needles. The wearable device, purportedly the first of its kind, will be developed and marketed to overcome obstacles in technology and patient care associated with CGM.
• January 2024- Samsung Electronics Co. is currently studying the advancement of noninvasive glucose monitoring and continuous blood pressure evaluation, as it aims to achieve ambitious healthcare objectives in competition with Apple Inc. and other major technology companies.