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Blood Glucose Monitoring Systems Market on Track for Strong Growth, Estimated to Grow at 7.7% CAGR Through 2029
Blood Glucose Monitoring Systems
What Is the Expected CAGR for the Blood Glucose Monitoring Systems Market Through 2025?
In recent years, there has been impressive growth in the market size of blood glucose monitoring systems. The forecast for this market predicts an expansion from $16.48 billion in 2024 to $17.8 billion in 2025, translating to a compound annual growth rate (CAGR) of 8.0%. The historical growth of this market is attributable to several contributing factors including a rise in global diabetes cases, enhanced awareness fostering an increase in the adoption of these monitoring systems, beneficial policies for the management of diabetes, better access to healthcare services, and heightened accuracy of glucose meters.
What's the Projected Size of the Global Blood Glucose Monitoring Systems Market by 2029?
The market size for blood glucose monitoring systems is anticipated to experience substantial growth in the coming years, expected to reach $23.99 billion by 2029, growing at a compound annual rate of 7.7%. The projected growth during this period can be credited to the usage of glucose data in customized treatment strategies, a growing number of diabetes cases, an increasing elderly population, larger adoption in underdeveloped regions, improved connectivity, and data management. The major trends to watch out for during this forecast period include the integration with wearable and smart devices, advancements in sensor technology, personalized medicine, telehealth and remote monitoring, plus enhanced connectivity and data management.
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Top Growth Drivers in the Blood Glucose Monitoring Systems Industry: What's Accelerating the Market?
The escalation in diabetic cases is forecasted to fuel the growth of the blood glucose monitoring systems market in the future. The increase in diabetes cases can be attributed to certain factors such as inactive lifestyles, unhealthy eating patterns, an aging demographic, and genetic susceptibility. Blood glucose monitoring systems are instrumental in managing and monitoring blood sugar levels, facilitating disease control, and avoiding complications. For instance, the Australian Bureau of Statistics, a government agency based in Australia, reported in December 2023 that in 2022 around 5.3% of Australians, approximately 1.3 million individuals, were diagnosed with diabetes. The rates were alike among males (5.8%) and females (4.9%). The prevalence of diabetes is on a steady incline, significantly escalating with age, with 18.7% recorded among individuals aged 75 and older. The majority of the cases, 87.6%, were of Type 2 diabetes. Factors such as foreign birth, residing in disadvantaged areas, and the presence of disability are linked with higher diabetes rates. In light of these factors, the growing diabetic population is expected to boost the blood glucose monitoring systems market.
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What Trends Will Shape the Blood Glucose Monitoring Systems Market Through 2029 and Beyond?
Prominent businesses in the glucose monitoring systems market are focusing their efforts on producing cutting-edge systems like state-of-the-art hybrid closed-loop mechanisms and mobile apps enabling immediate access and handling of data. These advanced hybrid closed-loop systems denote glucose monitors that automate insulin delivery in accordance with current glucose levels, promoting better sugar blood regulation in people affected by diabetes. For instance, DexCom Inc., a US firm specialising in the production of continuous glucose monitoring systems, launched Dexcom ONE+ in multiple European nations in February 2024. The Dexcom ONE+ incorporates the company's top-tier sensor technology along with features that aim to make its continuous glucose monitoring (CGM) experience remarkably user-friendly and potent for those living with type 1 or type 2 diabetes who rely on insulin. The system has a water-resistant sensor, a transmitter to send CGM readings, and is compatible with the Dexcom One smartphone app. The Dexcom ONE+ allows both the user and up to ten other individuals to monitor blood glucose in real time, enabling shared observation.
What Are the Main Segments in the Blood Glucose Monitoring Systems Market?
The blood glucose monitoring systems market covered in this report is segmented -
1) By Type: Non-Invasive, Invasive
2) By Device Type: Continuous Glucose Monitoring Systems, Self-Monitoring Blood Glucose Systems
3) By Testing Site: Fingertip Testing, Alternate Site Testing
4) By Distribution Channel: Institutional Sales, Retail Sales
5) By Application: Type 2 Diabetes, Type 1 Diabetes, Gestational Diabetes
Subsegments:
1) By Non-Invasive: Optical Sensors, Ultrasound-Based Sensors, Bioimpedance-Based Sensors, Electromagnetic Sensors, Tear Or Saliva-Based Sensors
2) By Invasive: Continuous Glucose Monitoring (CGM) Systems, Self-Monitoring Blood Glucose (SMBG) Systems, Implantable Glucose Monitoring Devices, Flash Glucose Monitoring Systems
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Which Top Companies are Driving Growth in the Blood Glucose Monitoring Systems Market?
Major companies operating in the blood glucose monitoring systems market are F. Hoffmann-La Roche Ltd., Sanofi S.A., Medtronic plc, Novo Nordisk A/S, B. Braun Melsungen AG, Terumo India Private Limited, Dexcom Inc., SD Biosensor Co. Ltd., Arkray Inc., Abbott India Limited, Ypsomed Holding AG, LifeScan IP Holdings LLC, Ascensia Diabetes Care Holdings AG, TaiDoc Technology Corporation, Nemaura Medical Inc., Bionime GmbH, Acon Laboratories Inc., Nipro India Corporation Private Limited., Rossmax International Ltd, AgaMatrix Inc., A. Menarini Diagnostics S.r.l., Medisana GmbH, Intuity Medical Inc.
Which Regions Will Dominate the Blood Glucose Monitoring Systems Market Through 2029?
North America was the largest region in the blood glucose monitoring systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood glucose monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Global Blood Glucose Monitoring Market is defined by the presence of some of the leading competitors operating in the market, including the well-established players and new entrants, and the suppliers, vendors, and distributors. One of the main aims of diabetes treatment is to keep blood glucose levels within a specified target range. The key is balancing your food with your activity, lifestyle and diabetes medicines. Blood glucose monitoring…
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Blood glucose monitoring is the process of testing the glucose level in the blood. It helps to identify the blood glucose level within the specified target range. Thus, it helps to understand the food intake, exercise, insulin, and blood glucose level. The blood glucose monitoring devices provide useful information to manage diabetes. It helps to track the progress of treatment goal as well…
