The demand for accurate and efficient glucose monitoring devices is set to experience significant growth. According to Future Market Insights’ latest report, the global glucose monitoring devices market is projected to expand at a compound annual growth rate (CAGR) of 10.6% over the next decade. The market value is expected to rise from USD 16.2 billion in 2024 to USD 44.6 billion by 2034.
The market, valued at USD 14.7 billion at the end of 2023, is anticipated to exhibit a robust year-over-year growth rate of 10.3% in 2024, reflecting a continued rise in demand for advanced glucose monitoring solutions. This growth is driven by the increasing prevalence of diabetes globally and the need for precise and user-friendly monitoring tools to manage the condition effectively.
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.
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.
“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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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