Blood glucose monitoring refers to testing the level of sugar (glucose) in the blood. It is an important part of diabetes management regimen, and involves testing levels several times a day or continuously with a glucose monitor or sensor. Traditional blood glucose monitoring devices require pricking of finger to draw blood sample, while advanced glucose monitoring systems are able to monitor glucose levels continuously without finger pricking. Advanced systems like continuous glucose monitors (CGM) and flash glucose monitoring systems can display real-time glucose levels as well as alerts and trends, helping people with diabetes to better manage their condition.
The global blood glucose monitoring market is estimated to be valued at US$ 25460.51 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global blood glucose monitoring market growth is majorly driven by increasing adoption of advanced glucose monitoring systems such as continuous glucose monitoring systems and flash glucose monitoring systems. According to the report by Coherent Market Insights, the CGM segment is anticipated to grow at a CAGR of 3.1% during the forecast period owing to growing popularity of these systems as they help manage diabetes more conveniently without the need for finger pricking. Second major driver is the increasing prevalence of diabetes around the world. International Diabetes Federation in its report in 2021 estimated that around 537 million adults were living with diabetes worldwide in 2021, and this number is projected to rise to 643 million by 2030 and 783 million by 2045. People with diabetes need to monitor blood glucose levels regularly which drives the demand for blood glucose monitoring devices and systems.
Segment Analysis
The blood glucose monitoring market is dominated by the blood glucose test strips sub-segment. This is due to the popularity and convenience of using blood glucose test strips to monitor blood glucose levels over other equipment like glucose meters. Blood glucose test strips are small disposable strips inserted into glucose meters to test blood glucose levels from a small blood sample. They provide accurate and instant results which has made them a preferred choice over other blood glucose monitoring equipment.
PEST Analysis
Political: Regulations around manufacturing quality standards and data privacy laws impact the blood glucose monitoring market. Strict approval processes are in place for new product launches.
Economic: Rising healthcare expenditure in developing nations and growing diabetics populations is fueling market growth. However, pricing pressures and healthcare reforms can impact sales.
Social: Increasing awareness about diabetes management and regular glucose monitoring improves adherence. Social stigmas still exist around visibility of glucose monitoring equipment.
Technological: Advances in test strip technology, self-monitoring methods, integrated devices and software are driving innovation. Connected devices and cloud software solutions see increased adoption.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth. The global blood glucose monitoring market is estimated to be valued at US$ 25460.51 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2024 to 2031.
The North America region currently dominates the market owing to high awareness levels, large diabetic populations and favorable reimbursement scenarios in countries like the US and Canada. Factors like sedentary lifestyles, obesity are driving diabetes cases in the region. The Asia Pacific region is witnessing the fastest growth and emerging as a major market for blood glucose monitoring. Rising health awareness, growing medical tourism, burgeoning middle class are fueling market expansion in the region. Diabetes prevalence is substantial in highly populated countries like China and India driving testing and monitoring equipment adoption.
Key players operating in the blood glucose monitoring market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc.,and Rebec Environmental. Rising demand for personal glucose monitors with advanced features is prompting new product launches. Players are focused on superior accuracy, convenience and affordability through technological upgrades to test strips and integrated devices.
