Glucose Monitoring Market Size, Share, Growth, and Global Industry Growth by Type (Glucose Meter and Glucose Test Strips), By Application (Hospital, Clinic, and Household), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2031

Updated On: 20 November 2023

GLUCOSE MONITORING MARKET REPORT OVERVIEW

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The global glucose monitoring market size is estimated to be worth US$ 6827.1 million in 2021 and is forecast to a readjusted size of USD 12480.77 million by 2031 with a CAGR of 6.2% during the forecast period. 

Glucose monitoring is an automatic tracker that is used to measure blood glucose levels. This measuring system is a transmitter that wirelessly sends the information to a monitor. Further, this system allows patients to check glucose levels anytime at a glance. Checking glucose levels can help patients to make informed decisions throughout the day. It also enables to balance your food, medicines, and physical activity. In addition, it has an alarm that indicates when glucose levels reach too high or low. Moreover, this system allows patients to download data from a computer or smart device.

Rising diabetic population is expected to increase the use of glucose monitoring. Further, growing obesity among patients globally is considered one of the significant factors contributing to the adoption of glucose monitoring. increasing technological innovations and advancements in the healthcare sector are expected to drive product demand. In addition, these devices help to detect the early stage of hypo and hyperglycemic conditions. These devices are used for effective treatment of diabetes and diagnosis. These factors are responsible for increasing global glucose monitoring market growth.

COVID 19 Impact: Risk of COVID-19 Infection in Diabetic Patients Positively Impacted Market Growth

COVID-19 is a deadly disease that disrupted most sectors unexpectedly. The COVID-19 pandemic positively impacted the glucose monitoring market. The growing risk of COVID-19 infection among diabetic patients boosted device demand. Further, the pandemic has brought a new urgency to assess the feasibility of CGM in the healthcare sector. numerous medical organizations and key players implemented significant steps to fulfill the demand for diabetes patients. In addition, the major market players experienced a considerable rise in the revenue from this monitoring system compared to the previous year. These factors showed a positive response to the market growth during the pandemic.

LATEST TRENDS

"Increasing Penetration of New Technology in Healthcare Sector to Augment Market Growth"

The introduction of advanced technologies in the healthcare sector by manufacturers is expected to boost growth of the market. Growing use of real-time monitoring features for insulin-dependent patients is predicted to drive device demand. Features of devices such as invasive in nature, less painful, real-time monitoring, and precise and rapid results are expected to increase the adoption of devices among patients. In addition, increasing research and development of glucose monitoring by few companies is driving market growth. introduction of the latest gadgets that incudes less pain to the patients and growing acceptance rate among users is expected to rise market growth during the forecast period.

GLUCOSE MONITORING MARKET SEGMENTATION

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• By Type

Based on type, the market is classified into glucose meter and glucose test strips.

 glucose meter is the leading part in the market type.

•  By Application 

On the basis of application, the market is classified into hospital, clinic, and household.

Hospital is the leading part in the application present in the market.

DRIVING FACTORS

"Increasing Prevalence of Diabetes Cases to Boost Product Adoption Among Patients "

Increasing number of diabetes patients is one of the key drivers supporting global glucose monitoring device demand. growing prevalence of diabetes cases is due to low diet, an unhealthy lifestyle, lack of physical activity, and excess alcohol consumption. Also, increasing healthcare expenditure leads to an increase in spending on self-monitoring blood glucose devices. Further, the growing geriatric population and high prevalence of people who have diabetes are considered one of the major factors for market growth. In addition, rising awareness among people about diabetes preventive care methods is expected to boost demand in the market. increasing focus on developing innovative techniques in favor of the end-users is prompting the growth of the market.

"Growing Government Healthcare Expenditure to Boost Market Growth "

The increasing healthcare expenditure in developing countries is expected to increase glucose monitoring market growth. Further, expanding number of patients' knowledge about the point of care testing. Additionally, high capacity in the market's existing economies is considered to produce many opportunities for market growth in the future. Also, growing number of patients suffering from type-1 or insulin-dependent type 2 diabetes is projected to surge demand for   glucose monitoring devices globally.

RESTRAINING FACTORS

"Lack of Awareness for the Product to Restrict Market Growth "

lack of awareness of devices among the general population is expected to hamper growth of the market. Further, limited access to advanced healthcare infrastructure may restrict device demand. In addition, lack of conventional procedures by private and government organizations may hinder glucose monitoring market growth during the forecast period.

GLUCOSE MONITORING MARKET REGIONAL INSIGHTS

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North America is considered to hold one of the largest glucose monitoring market share. The increasing prevalence of diabetes and the adoption of advanced technology systems are expected to dominate market growth. Further, increasing expenditure on the healthcare industry and awareness among the population about the management of diabetes are propelling market growth in this region.

Europe is expected to show significant growth due to increasing expenditure on investments in the healthcare industry. Also, rising prevalence of launching innovative products for consumers is expected to propel device demand. The U.K. and Germany are major countries contributing the most significant share to the market.

Asia Pacific is showing considerable growth due to the increasing geriatric population and public awareness on diabetic management control to increase market growth. Further, governmental funding for healthcare and health insurance in regions such as India and China is expected to boost growth of market.   

KEY INDUSTRY PLAYERS

"Leading Players Adopt Product Launch Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Roche Diagnostics (Switzerland)
• Johnson and Johnson (U.S.)
• Abbott Laboratories (U.S.)
• Bayer AG (Germany)
• Omron (Japan)
• Terumo Corporation (Japan)
• Nipro Diagnostics (U.K.)
• B. Braun (Germany)
• i-SENS (South Korea)
• ARKRAY (Japan)
• AgaMatrix (U.S.)
• OK Biotech (Taiwan)
• 77 Elektronika (U.S.)
• ALL Medicus (South Korea)
• Infopia Co.,LTD (South Korea)
• ISOtech (U.K.)
• SANNUO (Japan)
• Yicheng (China)
• Yuwell (China)
• Andon (U.S.)

INDUSTRIAL DEVELOPMENT

March 2021 – F.Hoffmann- La Roche Ltd. launched a new Accu-Check Instant System. The product is able to connect directly with the mysugar app and provide real-time glucose level data.

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.