Blood Glucose Meters Market Size [2022 - 2028] to reach USD 15,415.6 Million [CAGR 9.6%]

Posted on Jun 22 2022 8:16 AM

"Blood Glucose Meters Market research report 2022 CAGR Status, Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, consumption by regions, business development, technologies and growth trends, demand status and future product."

The global blood glucose meters market is likely to expand considerably in the coming years due to advent of non-invasive devices. According to a report published by Fortune Business Insights, titled “Blood Glucose Meters: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 7,419.0 Mn in 2018. Fortune Business Insights states that this market is likely to reach US$ 15,415.6 Mn by 2026, thereby exhibiting a CAGR of 9.6%.

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In this report, Fortune Business Insights has indicated that the market will grow in the near future due to the increasing demand and the subsequently rising uptake of blood glucose meters. Increasing incidence of diabetes has been a leading factor that is responsible for the surge in demand of blood glucose meters. According to the International Diabetes Federation (IDF), in 2017, around 425 million people suffered from diabetes, worldwide. Furthermore, it also states that this number is likely to reach 629 million by the year 2045. High prevalence of diabetes, combined with the accuracy of digital blood glucose meters in detecting blood pressure and sugar levels are driving the global blood glucose meters market.

Demand for Continuous Glucose Monitoring Systems Expected to Rise Considerably in Future

Among product types available in the market, self-monitoring blood glucose systems accounted for the dominant share in the market in 2018. However, in the coming years, the demand for continuous glucose monitoring systems is expected to rise at an increased pace. Technological advancements have led to the advent of continuous glucose monitoring device wherein a sensor is implanted under the skin, to monitor blood sugar levels for a specific amount of time.

The use of continuous glucose monitoring (CGM) device is inclined towards patients with type 2 diabetes that are exposed to multiple insulin doses in a single day. Although self-monitoring blood glucose systems have accounted for the major share of the global blood glucose meters market, the demand for continuous glucose meters is expected to be more.

Increasing Incidence of Diabetes to Boost the Market in North America

The high prevalence of diabetes in North America has led to an increase in demand for blood glucose meters in this region. As of 2018, North America dominates the global blood glucose meters market. Increasing demand of blood glucose meters has resulted from the rising incidence of diabetes. A huge patient pool drives the blood glucose meters market in North America. As of 2018, the blood glucose meters market in North America was valued at US$ 3012.6 Mn.

Fortune Business Insights has predicted that this region will dominate the global market throughout the forecast period. Growing penetration of non-invasive blood glucose meters in Asia Pacific is favouring the growth of the regional market with a higher pace.

Furthermore, increased per capita healthcare spending will boost the blood glucose meters market in Asia Pacific. Fortune Business Insights has predicted that the market in Asia Pacific will rise with the highest CAGR during the forecast period.

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Launch of DiaMonTech’s IR-based Blood Glucose Meter to Spur Growth Opportunities

Conventional blood glucose meters involved the need for invasive techniques for diagnosis. The most commonly used methods involved taking blood samples with the help of needle pricks in fingers. The needle prick method was painful for many users and it caused discomfort to some. Therefore, there has been a constant need for an alternative to the invasive devices for continuous glucose monitoring. In 2018, DiaMonTech announced the launch of a compact blood glucose meter. The device performed on an infra-red technology that is used to count the glucose molecules. This product is likely to transform existing blood glucose monitoring techniques and is likely to witness high demand from around the world. The advent of non-invasive devices is likely to induce growth in the global blood glucose meters market.

Abbott’s Freestyle Libre Flash Glucose Monitoring Device Receives FDA Approval

In 2017, Abbott received clearance from the Food and Drug Administration for its Libre Flash device. The device was approved for patients with type 1 and type 2 diabetes, after a series of successful clinical trials. The blood glucose meter’s accuracy is expected to result in huge demand in the coming years. Abbott’s latest device is likely to bolster growth of the global blood glucose meters market and is likely to favor growth of the market in the forthcoming years.

Some of the leading companies operating in the global blood glucose meters market are F. Hoffmann-La Roche Ltd, Dexcom, Inc., B. Braun Melsungen AG, Medtronic, Lifespan Inc., Ascensia Diabetes Care Holdings AG., Terumo Medical Corporation, Abbott, Sanofi and DiaMonTech GmbH.

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