Blood Glucose Monitoring System Market: Global Industry Forecast (2022-2027) by Product, Testing Site, Patient Care Setting, Application, and Region

Blood Glucose Monitoring System Market size was valued at US$ 11.71 Bn. in 2021 and the total Blood Glucose Monitoring System revenue is expected to grow at 8.2 % through 2022 to 2027, reaching nearly US$ 18.79 Bn.
Blood Glucose Monitoring System Market Overview:
Blood glucose monitoring systems are diagnostic devices that are used to monitor and treat diabetes patients. Diabetes is a chronic condition that can lead to serious consequences such as kidney damage, stroke, and even heart attack if blood sugar levels are not tested and monitored on a regular basis. Typically, Sugar monitoring systems collect blood samples but as technology develops, sensors are being employed for continuous monitoring. Diabetes is becoming more common over the world and it has emerged as a severe health concern in the last two decades. Diabetes has raised the death rate among people aged 20 to 80 years. As a result, individuals have become more health conscious and constantly monitor their glucose status to take fast action in critical situations.



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In this report, the Blood Glucose Monitoring System market's growth reasons, as well as the market's many segments (Product, Testing Site, Patient Care Setting, Application, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Blood Glucose Monitoring System market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Blood Glucose Monitoring System market situation.
Blood Glucose Monitoring System Market Dynamics:
Key Drivers for the growth of the Blood Glucose Monitoring System Market

Diabetes is a major driver of the blood glucose monitoring system. Diabetes causes are steadily increasing in developed countries. Diabetes is very common among the elderly population. Visiting the hospital is frequently impossible for these people. Knowing correct glucose levels in the blood is simple with a blood monitoring device. Furthermore, public awareness of the need for preventative care is boosting the demand for a Blood Glucose Monitoring System. Individuals' lives are expected to be saved if diabetes is diagnosed early. Another element driving the demand for the monitoring system is the increased awareness of the importance of diabetes prevention.

Furthermore, the technology for identifying blood glucose systems is advanced. This global technological progress will result in extraordinary demand rates for the blood glucose monitoring market. Diabetes cases are controlled by awareness efforts in various locations. Blood glucose monitoring at least two times per day is required for insulin-treated individuals with poor metabolic control, while for stable patients, a four-point assessment once per week is sufficient. Thus, demand for Blood Glucose Monitoring is increased over the forecast period.

Blood Glucose Monitoring System Market growth opportunities

Access to health services would drive development in the blood glucose monitoring market. Health services are widely available in various areas. The ease of access to these monitoring devices would result in a higher adoption rate for the blood glucose monitoring system. Even poor countries are increasing their spending on Glucose monitoring facilities. All of these reasons may contribute to the enhancement of the blood glucose monitoring market. Another critical growing factor is government attempts to boost preventative care. Prices and subsidies for this monitoring equipment are high even with government assistance. Furthermore, the market is well-known with a large patient population.

Medical devices for home use provide possibilities for growth. The blood-monitoring system in the home setting segment will have a high revenue rate over the forecast period. All of these reasons would result in new growth opportunities for the blood glucose monitoring market. Furthermore, due to numerous growth opportunities, the market output is expected to rise over the forecast period.

Blood Glucose Monitoring System Market Restraint

The high cost and low reimbursements for blood glucose monitoring systems and supplies are expected to hamper market growth over the forecast period. Patients, for example, bear the costs of blood glucose monitors and testing strips in developing nations such as China and India. Furthermore, in developed countries such as Canada and several European countries, the number of testing strips provided per patient per year is limited based on the patient's treatment plan. These reasons are expected to hamper the growth of the market.


Blood Glucose Monitoring System Market Segment Analysis:
By Product, the Self-Monitoring Blood Glucose Systems segment is expected to grow at a CAGR of over 10.2 % over the forecast period. The segment growth is attributed to the growing prevalence of diabetes all over the world. Moreover, factors such as changing lifestyle, dietary habits, increased smoking, and consumption of alcohol is likely to increase the prevalence rate of diabetes.

The continuous Glucose Monitoring segment is expected to grow during the forecast period owing to the rising prevalence of diabetes and the increased need for treatment and preventative measures that are driving the global continuous glucose monitoring device market. Rising diabetes awareness, the availability of CGM devices, rising disposable income, and rising healthcare spending are all key factors expected to boost the global CGM device market in the coming years.

The sensor segment is anticipated to grow at the fastest rate of 14.9 percent over the forecast period with enormous market potential in the household, hospital, and diagnostics center segments of the glucose monitoring systems market.



By Testing Site, the fingertip testing segment is expected to grow at the highest CAGR during the forecast period. This can be largely attributed to the precision and high reliability of fingertip testing.

By Patient Care Setting, the self/home care segment is expected to account for the largest share of the global blood glucose monitoring system market and to grow at the fastest rate. This is mostly attributable to a rising diabetes population, more knowledge about regular glucose monitoring, and an increase in product launches that improve patient comfort when used at home.

By Application, the type 2 diabetes sector is expected to account for the majority of the blood glucose monitoring systems market. The high proportion can be attributed to the rise in the prevalence of type 2 diabetes and the growing proportion of innovative product launches using less invasive technology.
Blood Glucose Monitoring System Market Regional Insights:
In the North American region, the Rising demand for self-monitoring blood glucose (SMBG) devices would boost the growth of the Blood Glucose Monitoring System Market over the forecast period. The increasing prevalence of diabetes and growing healthcare expenditures pushed North Americans toward self-monitoring blood glucose devices. According to the CDC, 34.2 Billion Americans have diabetes in 2020, with one in every three having prediabetes. Obesity, poor food habits, and other environmental factors all contribute to a rise in the patient population. Furthermore, multiple governments and international organizations' efforts to reduce the disease burden will fuel the market growth during the forecast timeframe.



In the Asia Pacific, the market is expected to be profitable over the forecast period. Improvements in healthcare facilities and reimbursement policies in developing economies are significant drivers of this region's progress. Because of its large diabetes population and rapid economic growth, China will lead the APAC region in 2021. Furthermore, a rise in diabetes preventive care awareness is boosting the market growth.

The objective of the report is to present a comprehensive analysis of the Blood Glucose Monitoring System market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Blood Glucose Monitoring System market dynamics, and structure by analyzing the market segments and projecting the Blood Glucose Monitoring System market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Blood Glucose Monitoring System market make the report investor’s guide.
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Global Blood Glucose Monitoring System Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 11.71 Bn


Forecast Period 2022 to 2027 CAGR:
8.2 %
Market Size in 2027:
US $ 18.79 Bn


 Segments Covered:
by Product
• Self-Monitoring Blood Glucose Systems
o Blood Glucose meters
o Testing strips
o Lancets & Lancing Devices
• Continuous Glucose Monitoring Systems
o Sensors
o Transmitters
o Receivers


by Testing Site
• Fingertip testing
• Alternate Site Testing


by Patient Care Setting
• Self/Home Care
• Hospital & Clinics


by Application
• Type 2 Diabetes
• Type 1 Diabetes
• Gestational Diabetes



Blood Glucose Monitoring System Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Blood Glucose Monitoring System Market Key Players
• Abbott Laboratories
• Dexcom, Inc.
• Menarini Diagnostics
• Echo Therapeutics, Inc.
• GlySens Incorporated
• Johnson & Johnson
• Medtronic plc
• Senseonics Holdings, Inc.
• F. Hoffmann-La Roche Ltd
• Ypsomed

FAQs:

1. Which is the potential market for the Blood Glucose Monitoring System in terms of the region?
Ans. In the APAC region, Improvements in healthcare facilities and reimbursement policies in developing economies are expected to help drive the market.

2. What are the opportunities for new market entrants?
Ans. Medical devices for home use provide possibilities for growth. The blood-monitoring system in the home setting segment will have a high revenue rate over the forecast period. All of these reasons would result in new growth opportunities for the blood glucose monitoring market.

3. What is expected to drive the growth of the Blood Glucose Monitoring System market in the forecast period?
Ans. Public awareness of the need for preventative care is boosting the demand for a Blood Glucose Monitoring System.

4. What is the projected market size & growth rate of the Blood Glucose Monitoring System Market?
Ans. Blood Glucose Monitoring System Market size was valued at US$ 11.71 Bn. in 2021 and the total Blood Glucose Monitoring System revenue is expected to grow at 8.2 % through 2022 to 2027, reaching nearly US$ 18.79 Bn.

5. What segments are covered in the Blood Glucose Monitoring System Market report?
Ans. The segments covered are Product, Testing Site, Patient Care Setting, Application, and Region.