Increasing prevalence of diabetes, growing awareness and education and shift towards personalized medicine are the major factors which drive the global market growth
WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Glucose Monitoring Devices Market by Device (Blood Glucose Meters, Continuous Glucose Monitoring Systems, Flash Glucose Monitoring Systems and Smartphone Apps and Wearables), Patient Type (Type 1 Diabetes and Type 2 Diabetes), and End User (Hospitals and Clinics, Home Care Settings and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the glucose monitoring devices market was valued at $14.7 billion in 2023, and is estimated to reach $38.9 billion by 2033, growing at a CAGR of 10.2% from 2024 to 2033.
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Prime determinants of growth
Rise in incidences of diabetes, favorable regulatory scenario, and growing awareness regarding the availability of various glucose monitoring devices are the major factors that drive the growth of the market. However, high costs of devices hinder the market growth. Moreover, technological advancements and untapped markets in developing economies offer remunerative opportunities for the expansion of the global glucose monitoring devices market.
Report coverage & details
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $14.7billion |
Market Size in 2033 | $38.9 billion |
CAGR | 10.2 % |
No. of Pages in Report | 216 |
Segments Covered | Device, Patient Type, End User and Region. |
Drivers | Increasing prevalence of diabetes, |
Growing awareness and education | |
Shift towards personalized medicine | |
Opportunities | Technological advancements |
Untapped markets in developing economies | |
Restraints | Limited accessibility |
High cost of the devices |
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Segment Highlights
The continuous blood glucose monitoring (CBGM) devices segment generated the highest revenue in the glucose monitoring devices market in 2023
By device, the continuous blood glucose monitoring (CBGM) devices segment generated the highest revenue in the glucose monitoring devices market in 2023, owing to their ability to provide real-time glucose readings, helping individuals with diabetes monitor their blood sugar levels continuously throughout the day, enabling better management of their condition and reducing the risk of complications.
The type 1 diabetes segment generated the highest revenue in the glucose monitoring devices market in 2023
By patient type, the type 1 diabetes segment generated the highest revenue in the glucose monitoring devices market in 2023, owing to the increasing prevalence of diabetes. With more individuals being diagnosed with diabetes globally, there is a growing need for continuous monitoring of blood sugar levels to effectively manage the condition and minimize the risk of complications. Glucose monitoring devices offer convenience and accuracy, empowering patients to track their glucose levels regularly and make informed decisions about their diet, medication, and lifestyle choices. As a result, the demand for these devices is on the rise, reflecting the growing importance of proactive diabetes management in improving patient outcomes and quality of life.
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The home care setting segment generated the highest revenue in the glucose monitoring devices market in 2023
By end user, the home care setting segment generated the highest revenue in the glucose monitoring devices market in 2023 owing to their convenience and ease of use. Patients with diabetes can monitor their blood sugar levels from the comfort of their homes, eliminating the need for frequent visits to healthcare facilities. This empowers individuals to take control of their diabetes management, leading to better adherence to treatment regimens and improved overall health outcomes.
Regional Outlook
There is a robust market for glucose monitoring devices in North America due to advanced healthcare systems, rise in prevalence of diabetes conditions, and greater accessibility to healthcare services. This leads to its dominance in the market. Europe also witnesses significant research and development activities, leading to the advancement in glucose monitoring devices technology. In emerging markets such as Asia-Pacific and LAMEA, the glucose monitoring devices market is experiencing rapid growth driven by increase in healthcare expenditure and rise in pharmaceutical industries.
Key Players
- B. Braun SE
- Abbott laboratories
- F. Hoffman-La Roche Ltd
- Medtronic plc
- DexCom, Inc.
- Johnson & Johnson
- GlySens Incorporated
- Novo Nordisk A/S
- Senseonics, A.
- Menarini Diagnostics S.R.L.
The report provides a detailed analysis of these key players in the global glucose monitoring devices market. These players have adopted different strategies such as development, product approval, product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development
- In March 2023, Abbott Laboratories announced that the U.S. Food and Drug Administration (FDA) has cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems. Abbott modified the sensors to enable integration with AID systems.
- In June 2023, The South Korean Ministry of Food and Drug Safety approved the first locally produced continuous glucose monitoring device. Manufactured by I-SENS, known for their blood glucose devices, the device called CareSens Air is touted as the most compact and lightweight CGM device in South Korea. It boasts a 15-day continuous usage capability and includes a calibration mechanism to improve accuracy of readings.
- In November 2021, Intuity Medical launched the POGO automatic blood glucose monitoring system for diabetes patients in the U.S. This device launch will help improve patient's quality of life.
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