Blood Glucose Monitoring Systems Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global blood glucose monitoring systems market size surpassed at US$ 15.7 Bn in 2020 and is expected to grow at a CAGR of 5.7% from 2021 to 2028.

Global blood glucose monitoring systems market size is projected to surpass US$ 25.6 billion by 2027, rise in prevalence of diabetes is anticipated to drive the global blood glucose monitoring systems market in the near future.

Some of the leading factors that will contribute to market growth include rapid developments in optical and non-invasive monitoring techniques, high prevalence of diabetes mellitus worldwide, rise in the geriatric population, and policies by government bodies worldwide that encourage the development of reliable, accurate, and efficient blood glucose monitoring systems. Companies should focus on expanding their product portfolio, improve the accuracy of their products, and continue to invest in new technologies to improve their market share in the current market landscape.

Blood glucose monitoring is used to analyze the concentration of glucose in the blood. Diabetes management is a vital procedure once a person is diagnosed with diabetes. Healthcare professionals recommend the patients to monitor the blood glucose level and their conditions. In terms of product, the global blood glucose monitoring systems market has been bifurcated into self-monitoring blood glucose systems and continuous glucose monitoring systems. The self-monitoring blood glucose systems segment captured the largest market share in 2020. The segment is expected to expand at the highest CAGR during the forecast period, owing to rise in prevalence of diabetes. The self-monitoring blood glucose systems segment has been split into blood glucose meters, testing strips, lancing devices, and lancets. The testing strips sub-segment accounted for the largest market share in 2020. The continuous glucose monitoring systems segment has been segregated into sensors, transmitters, and receivers. The sensors sub-segment held the largest market share in 2020.

Based on application, the global blood glucose monitoring systems market has been categorized into type 1 diabetes, type 2 diabetes, and gestational diabetes. In terms of testing site, the global blood glucose monitoring systems market has been divided into fingertip testing and alternate site testing. In terms of patient care setting, the global blood glucose monitoring systems market has been classified into self/home care, hospitals, and clinics.

High Adoption of Non-invasive Monitoring Leveraging Optical Techniques Likely to Propel Market Growth

Due to the growing prevalence of diabetes mellitus across the world, the pursuit of efficient blood glucose monitoring systems has gained considerable pace over the past few years– a trend that is likely to continue during the forecast period. Governments of both the developing as well as developed nations of the world are increasingly encouraging research and development activities that aim to minimize health complications caused by blood glucose levels. Non-invasive blood glucose monitoring systems have gained considerable traction in recent years of which, vibrational spectroscopy-based techniques of the skin have emerged as promising candidates.

The future of the blood glucose monitoring systems market is expected to hinge on the strides taken by nanotechnology and significant progress in biomaterials. Companies operating in the current market landscape are expected to develop glucose biosensors that are predominantly based on polymer nanocomposites, carbon nanotubes, and grapheme.

Market Participants Develop Smart Blood Glucose Monitoring Systems to Gain Advantage

With technology progressing at a rapid pace, several companies are inclined toward the development of advanced blood glucose monitoring systems based on these technologies. Participants in the blood glucose monitoring systems market are expected to collaborate with pharmaceutical companies to launch reliable next-generation glucose monitoring systems. For instance, in January 2019, Eris Lifesciences and India Medtronic Pvt. Ltd announced that the two companies are collaborating to formulate efficient diabetes monitoring programs and initiatives in India. Both companies will leverage expertise from one another to develop advanced blood glucose monitoring systems. Both the companies announced the launch of the smart continuous blood glucose monitoring system, which can be connected with smartphones to gain real-time data, including glucose levels without excessive hardware requirements. Moreover, established brands are also launching new products and expanding their product range to improve their market share. For instance, in January 2018, Abbott announced the launch of the FreeSbtyle Libre System, an advanced continuous glucose monitoring system.

Prominent Regions

The Americas held a major share of the global blood glucose monitoring systems market in 2020. Highly structured healthcare industry, presence of key players, and growth strategies of these players are the major factors driving the market in the region. Rise in awareness about diabetes and increase in healthcare expenditure also contribute to the growth of the market in the Americas. Europe held the second-largest share of the global blood glucose monitoring systems market in 2020. Growth of the market in the region can be attributed to rise in prevalence of diabetes and well-developed healthcare infrastructure in the region.

The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Increase in the number of people with diabetes, product approvals, and rise in awareness about diabetes, which leads to regular checkup and diagnosis are anticipated to fuel the growth of the blood glucose monitoring systems market in the region.

Patient and Provider Burden to Restrain Global Blood Glucose Monitoring Systems Market

  • Diabetes is among the leading causes of death across the globe. According to the World Health Organization, prevalence of diabetes is increasing in low and middle income countries. The prevalence of diabetes increased from 4.7 % in 1980 to 8.5% in 2014.
  • According to the Centers for Diseases Control and Prevention, an estimated 30.3 million people in the U.S. had diabetes in 2017
  • According to the National Institute of Diabetes and Digestive and Kidney Diseases, in the U.S., 23.1 million patients were diagnosed with diabetes at a cost of more than US$ 245 Mn per year
  • Lack of providers affects people with diabetes in rural areas
  • Rise in prevalence of diabetes is increasing the demand and supply gap for healthcare providers

High Cost of Blood Glucose Monitoring Systems to Hamper Global Market

  • Cost is a major factor influencing the selection of treatment. The cost of traditional methods for diabetes management is less than that for digital diabetes management.
  • The cost of digital diabetes management devices is a barrier in the treatment of type 1 diabetes in adults
  • According to an article published in AJMC, the estimated cost of insulin infusion pump per person is about US$ 4,500, with additional cost for supplies exceeding US$ 1,500 per year
  • Hence, the high cost of the blood glucose monitoring systems can restrain the market

Key Players

Key players are expanding their footprint to strengthen their positions in the global blood glucose monitoring systems market. Hence, manufacturers engage in new product development, collaborations, and distribution to gain market share. Leading players operating in the global blood glucose monitoring systems market include Abbott, Medtronic, Hoffmann-La Roche Ltd., B. Braun Melsungen AG, AgaMatrix, Sanofi, SD Biosensor, Inc., LifeScan, Ascensia Diabetes Care, Prodigy Diabetes Care, LLC, Nipro, Dexcom, Inc., Ypsomed AG, Senseonics, and ACON Laboratories, Inc.

Market Segmentation  

By Product

  • Self-Monitoring Blood Glucose Systems
    • Blood Glucose Meters
    • Testing Strips
    • Lancing Devices
    • Lancets
  • Continuous Glucose Monitoring Systems
    • Sensors
    • Transmitters
    • Receivers

By Application

  • Type 1 Diabetes
  • Type 2 Diabetes
  • Gestational Diabetes

By Testing Site

  • Fingertip Testing
  • Alternate Site Testing

By Patient Care Setting

  • Self/Home Care
  • Hospitals
  • Clinics

By Region

  • Americas
    • U.S.
    • Canada
    • Brazil
    • Mexico
    • Rest of Americas
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Poland
    • Romania
    • Portugal
    • Netherlands
    • Czech Republic
    • Israel
    • Austria
    • Sweden
    • Switzerland
    • Denmark
    • Rest of Europe
  • Asia Pacific    
    • Japan
    • China
    • India
    • Australia & New Zealand
    • Indonesia
    • Philippines
    • Vietnam
    • Malaysia
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Blood glucose monitoring systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Blood glucose monitoring systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Blood glucose monitoring systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Blood glucose monitoring systems market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Blood glucose monitoring systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Blood glucose monitoring systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Blood glucose monitoring systems by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Blood glucose monitoring systems market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Blood glucose monitoring systems market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Blood glucose monitoring systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Blood glucose monitoring systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Blood glucose monitoring systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Blood glucose monitoring systems market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Blood glucose monitoring systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Blood glucose monitoring systems market. These factors have benefited the growth of the global market for Blood glucose monitoring systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Blood glucose monitoring systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Blood glucose monitoring systems are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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