Global Glucose Meter Market- Market Overview:

The global glucose meter market is expected to grow from USD 10.47 billion in 2022 to USD 19.41 billion by 2030, at a CAGR of 10.3% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising number of diabetes patients.

A glucose meter is a device that uses a lancet and lancing device to test blood glucose levels. It is a very convenient and useful device that's small, portable, and battery-powered. The awareness of diabetes prevention and care is rising, which is resulting in a rise in blood glucose testing and monitoring, boosting glucose meter demand. As a result of the development of innovative and more precise and cheaper goods by important players, as well as technological advances in healthcare, profit growth is on the way. As a result of a surge in chronic and acute diseases, such as diabetes, across the globe, the market value is growing. Diabetes is a clinical condition characterized by high blood sugar levels caused by the inability of the pancreas to produce insulin. Market value is further boosted by a growing geriatric population base, an ever-rising obesity rate, and a growing type-2 diabetes population. Innovations and advancements in technology make measuring glucose levels much easier. Continuous glucose monitoring devices are one such advancement in monitoring glucose levels. Furthermore, the rise in investment in research and development, especially in developed economies and developing economies, will further create opportunities for market growth in the medical instrument and device sectors.

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Market Dynamics:

Drivers:                          

• Growing number of diabetic patients

A growing number of diabetic patients around the world, increasing drinking habits due to lifestyle changes, and an increasingly obese population due to unhealthy eating and physical inactivity are some of the factors that may contribute to the growth of the glucose meters market during the Projection period. Additionally, technological advancements and expanding research efforts will foster lucrative opportunities for the glucose meters market growth in the Projection period.

Restraints:         

• Rising product recalls

The market is anticipated to see a decline in growth due to the growing number of product recalls, which pose a significant threat to market growth. A product recall can be caused by manufacturing defects or errors in results, as well as by the accessibility of continuous glucose monitors (CGM), hindering the market growth. Moreover, glucose meter accuracy is a significant restraint for market players, and the lack of skilled personnel in hospitals and clinics is a major obstacle to market growth.

Opportunities:

• Increased usage of glucose meters during COVID-19 and post-COVID-19

When the COVID-19 pandemic locked down hospitals, glucose meters were very useful for diabetes patients, as they could monitor and check their blood glucose levels at home using glucose meters, and then share the results with medical experts via virtual clinics or online platforms. As a result, diabetes was managed quickly through clinical decision-making and management.

Challenges:

• Lack of favourable reimbursement scenarios

Low- and middle-income countries will face challenges in the Projection period due to the lack of favourable reimbursement scenarios and technology penetration, low-cost substitutes, stringent regulatory approvals, and a lack of adequate infrastructure.

Segmentation Analysis:

The global glucose meter market has been segmented based on device type, end-user, and region.

By Device Type

The device type segment includes continuous blood glucose monitoring devices and self-monitoring devices. The continuous blood glucose monitoring devices segment led the largest share of the glucose meter market with a market share of around 62.8% in 2022. As predicted, the segment of continuous blood glucose monitoring (CBGM) devices is expected to grow rapidly during the Projection period. As patients with type 1 diabetes are particularly susceptible to severe hypoglycemia and potentially life-threatening hypoglycemia, CBGM is an important diabetes care tool. As these devices provide continuous and real-time readings of blood sugar every five minutes, they are useful for analyzing glucose level patterns.

By End-User

The end-user segment includes clinics / diagnostic centers, home care, and hospitals. The hospitals segment led the largest share of the glucose meter market with a market share of around 56.3% in 2022. Growing infrastructure and increasing healthcare expenditures in hospitals are expected to result in the hospital segment leading the market over the Projection period with over 49% share in 2021. In addition, glucose meter devices provide practitioners with reliable data in seconds and improve patients' quality of life, which has led to their increasing adoption as an outpatient as well as inpatient hospital devices.

Global Glucose Meter Market - Sales Analysis.

The sale of glucose meters expanded at a CAGR of 9.7% from 2016 to 2022.

Globally, the market for glucose meters is growing as more and more people with diabetes develop them, which has boosted the market even more. Compared to traditional blood glucose meters that used invasive approaches for the diagnosis, such as puncturing the fingers with a needle, which caused agony and distress to many patients, these improved blood glucose meters are a better alternative.

A growing prevalence of acute and chronic diseases and diabetes around the world is one factor contributing to the market value's growth. Further propelling the market value is the growing geriatric population, obesity, and type-2 diabetes population.

It is anticipated that the rising expenditure for research and development, especially in the developed and developing economies, will enable lucrative market growth.

Thus, owing to the aforementioned factors, the global glucose meter market is expected to grow at a CAGR of 10.3% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the glucose meter market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the glucose meter market and held a 38.4% share of the market revenue in 2022.

• The North American region witnessed a major share. Glucose monitoring devices in North America accounted for a significant share of the global market in 2021, due to factors such as the growing prevalence of diabetes and the adoption of advanced technology systems. In addition, as healthcare expenditure increases and as people become more aware of diabetes management, the glucose monitoring device market in this region is expected to grow rapidly. In recent years, medical devices such as blood glucose monitors and insulin pumps are becoming increasingly critical for the management of diabetes for many Canadians. For diabetes patients, the Canadian government invests in the research and development of glucose monitors. There have been several awareness campaigns conducted by the Canadian government about how to prevent diabetes and its symptoms.
• Asia Pacific is anticipated to experience significant growth during the predicted period. A growing diabetes patient pool in Asia Pacific is driving the market for glucose monitoring devices. The CAGR is expected to be the fastest in the global market. During the Projection period, the market growth will be driven by an increasing geriatric population and awareness of diabetic control among the public. Increasing longer life expectancies and decreased fertility rates rapidly increase the older population in the Asia Pacific region, by 2050, one in five Asia Pacific people will be over 60. Diabetes cases are increasing in this region, driving the market.

Global Glucose Meter Market - Country Analysis:

• Germany

Germany's glucose meter market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.7 billion by 2030, at a CAGR of 10.4% from 2023 to 2030.

Germany is expected to account for most of the share during the Projection period. Nearly 8 million people with diabetes live in Germany, which drives the market forward. Over the next twenty years, the number of people in Germany with type 2 diabetes will continue to rise, which is why people take regular checks to check their blood sugar levels.

• China

China’s glucose meter market size was valued at USD 0.81 billion in 2022 and is expected to reach USD 1.8 billion by 2030, at a CAGR of 10.7% from 2023 to 2030.

Market growth will be driven by the rising incidence of diabetes combined with the growing geriatric population, which is prone to diabetes. New products are also expected to boost the market, as well as increased awareness about diabetes prevention.

• India

India's glucose meter market size was valued at USD 0.62 billion in 2022 and is expected to reach USD 1.38 billion by 2030, at a CAGR of 10.6% from 2023 to 2030.

 The market for glucose meters is growing as diabetes individuals across the country. As better blood glucose meters have been developed, the market has exploded even more. These improved blood glucose meters are a preferable replacement for traditional blood glucose meters, which used invasive methods for diagnosis, such as pricking the fingers with a needle, causing many patients agony and distress.

Key Industry Players Analysis:  

To increase their market position in the global glucose meters market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• Braun Melsungen AG
• Lifespan Health System
• Hoffmann-La Roche Ltd
• ARKRAY, Inc.
• Terumo Europe NV
• Dexcom, Inc.
• Sanofi
• Medtronic
• ACON Laboratories, Inc.
• Johnson & Johnson Private Limited
• AgaMatrix
• BD
• Bionime Corporation

Latest Development:

• In January 2022, A new generation professional blood glucose management system, COBAS pulse, has been launched by Hoffmann-La Roche. It combines the functionality and convenience of a high-performance blood glucose meter with enhanced digital capabilities that resemble those of a cell phone or a pager.
• In July 2021,S. FDA approves Dexcom Partner Web API, allowing third-party developers to integrate continuous glucose monitoring data into devices and health applications in real time.
• In June 2020, A new version of Abbott Labratory's FreeStyle Libre 2 integrated continuous glucose monitoring system has been approved by the U.S. Food and Drug Administration for diabetics four years and older. It has a real-time alarm and measures glucose levels every minute over a period of 14 days.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	10.3%
Market Size	10.47 billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Device Type, By End-User, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	B. Braun Melsungen AG, Lifespan Health System, F. Hoffmann-La Roche Ltd, ARKRAY, Inc., Terumo Europe NV, Dexcom, Inc., Sanofi, Medtronic, ACON Laboratories, Inc., Johnson & Johnson Private Limited, AgaMatrix, BD, and Bionime Corporation.
By Device Type	Continuous Blood Glucose Monitoring Devices Self-Monitoring Devices
By End-User	Clinics/Diagnostic Centers Home Care Hospitals
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Glucose Meter Market by Device Type:

• Continuous Blood Glucose Monitoring Devices
• Self-Monitoring Devices

Global Glucose Meter Market by End-User:

• Clinics/Diagnostic Centers
• Home Care
• Hospitals

Global Glucose Meter Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia