According to the latest industry report from Future Market Insights (FMI), the Global Glucose Monitoring Devices Industry, valued at approximately US$ 21.3 Billion in 2022, is poised for remarkable growth, projecting a Compound Annual Growth Rate (CAGR) of nearly 16.9% over the forecast period. FMI anticipates the industry to achieve a staggering estimated worth of US$ 118.1 Billion by the year 2033.
The surge in the Global Glucose Monitoring Devices Industry comes at a crucial time as diabetes has emerged as a severe global health concern over the past two decades. With an unprecedented rate of global growth, diabetes has become a significant contributor to mortality, particularly in the age group of 20 to 79. The World Health Organization has classified diabetes as a global pandemic, underscoring its rapid and widespread prevalence.
One of the key contributors to the escalating costs associated with diabetes management is the need for regular monitoring. FMI’s report emphasizes that leveraging technologies such as information and communication, artificial intelligence, and smart devices can play a pivotal role in reducing these monitoring costs.
The adoption of continuous glucose monitoring devices, which are emerging as a novel technique for monitoring glucose levels, is growing along with the number of diabetic patients. Every ten minutes, these devices update the real-time glucose level data they provide. The preservation of healthy blood glucose levels is the only method for a diabetic to prevent potentially fatal diabetic complications, and glucose monitoring is an essential component of diabetes management.
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Non-invasive glucose monitoring has recently become more popular as it lessens the discomfort and suffering experienced by diabetics who must prick their skin more than four times per day to measure their blood glucose levels.
With the increasing prevalence of diabetes, as well as advancements in sensor-based technologies for patient monitoring, the market is set to expand at a lucrative pace, over the forecast period.
Key Takeaways from Global Glucose Monitoring Devices Industry Study
- Self-monitoring devices are the leading segment as a product, and hold approximately 3% market value share in 2022, owing to their automated and reliable monitoring process.
- The diabetes type II segment is set to lead in terms of indication of glucose monitoring devices with an estimated market value share of around 1% by 2023, owing to the high prevalence of type II diabetes globally.
- By end users, hospitals held a market share of around 7% in 2022, owing to the adoption of continuous monitoring devices in hospitals to reduce the number of fingersticks point-of-care capillary blood glucose tests, hyperglycemic episodes, and hypoglycemic episodes.
- North America holds a value share of 0% in 2022, owing to the high prevalence of chronic diseases in the region.
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“Rising initiatives to integrate artificial intelligence, as well as digital technologies to blood glucose monitoring devices, as well as growing new product launch activities, are factors propelling the growth of the global glucose monitoring market,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Global Glucose Monitoring Devices Industry Competition
Key players’ rigorous research led to the development of improved technologies such as flash glucose monitoring and continuous glucose monitoring. Companies also engage in strategic initiatives such as new product launches and mergers and acquisitions.
- All consumers with diabetes type 1 are now covered by the Dexcom G6 rtCGM System under the Non-Insured Health Benefits Program, according to an announcement made by Dexcom, Inc. in January 2023.
- Abbott disclosed in June 2022 that it is creating a new wearable that combines a sensor to continually monitor both glucose and ketone levels. The U.S. FDA has granted the system breakthrough device classification.
Key Global Glucose Monitoring Devices Industry Players:
- Dexcom, Inc.
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd (Switzerland)
- Medtronic
- Ascensia Diabetes Care
- Arkray
- Ypsomed AG
- Acon Laboratories
- Nipro
- Nova Biomedical
- Goldsite Diagnostics Inc. (China)
- Lifescan Ip Holdings, LLC
- Prodigy Diabetes Care
- Others
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Key Market Segments Covered in Global Glucose Monitoring Devices Industry Research
Product:
- Self-Monitoring Devices
- Continuous Monitoring Devices
Indication:
- Diabetes Type I
- Diabetes Type II
End User:
- Hospitals
- Clinics
- Diagnostics Centres
- Home Care Settings