As the world continues to face diabetes burden, accurate and efficient glucose monitoring becomes paramount for managing this condition. Courtesy of this, global demand for glucose monitoring devices is anticipated to surge at 10.6% CAGR during the next decade.
According to Future Market Insights’ updated report, the global market value is projected to increase from USD 16.2 billion in 2024 to USD 44.6 billion by 2034. The market was valued at USD 14.7 billion at the end of 2023 and is set to exhibit a y-o-y growth of 10.3% in 2024.
A spike in diabetes cases globally is set to create a conducive environment for the development of the blood sugar monitoring device market. Diabetes is estimated to affect around 643 million people in 2030 and 783 million by 2045, according to the International Diabetes Federation (IDF).
As the prevalence of diabetes will rise, so will the requirement for constant monitoring of blood sugar levels. This, in turn, is anticipated to propel demand for blood sugar monitoring devices during the assessment period.
A key trend observed in the market is the shift towards continuous glucose monitoring devices. This is because these devices offer more real-time data than traditional glucose monitoring tools. To capitalize on this trend, key players are looking to develop less invasive, user-friendly, and multifunctional continuous glucose monitoring systems.
Governments across the world are striving for the prevention and management of diabetes. For instance, new awareness campaigns are being launched. This will also play a key role in boosting market growth.
Another key factor propelling sales growth is the growing popularity of point-of-care testing (POCT) devices in diabetes management. Similarly, ongoing innovation in glucose monitoring systems will benefit the market.
Global Glucose Monitoring Device Market Forecast
| Attributes | Key Insights |
|---|---|
| Market Value in 2023 | USD 14.7 billion |
| Market Revenue in 2024 | USD 16.2 billion |
| Global Glucose Monitoring Device Market Size in 2034 | USD 44.6 billion |
| Value CAGR (2024 to 2034) | 10.6% |
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The global glucose monitoring product industry recorded a CAGR of 9.1% from 2019 to 2023. In comparison, a robust CAGR of 10.6% has been estimated by Future Market Insights analysts for the target market between 2024 and 2034, indicating a spike of 1.5% from the historical growth rate.
Historically, in patients with type 1 and type 2 diabetes, self-monitoring of blood glucose (SMBG) became the standard of care. This advanced device, along with A1C testing and insulin pump therapy, created effortless diabetes management and testing issues, impacting business growth. The evolution of home glucose monitoring has further changed with the introduction of continuous glucose monitoring (CGM).
The CGM system represents a significant innovation in blood glucose monitoring technology. This device continuously measures glucose in liquid media, providing users with information on time and patterns. CGM can provide a deeper understanding of blood sugar changes and help patients and doctors optimize diabetes management strategies.
The blood sugar measuring device market, which was established based on the need to improve diabetes control and make it easier for patients, continues to develop with the development of technology. The integration of CGM, artificial intelligence, and monitoring technologies is anticipated to lead to further growth and innovation in diabetes management.
The integration of new features, such as longer usage time in continuous glucose monitoring (CGM), is a big advancement in the device. CGM systems allow users to monitor blood sugar levels continuously over a long period of time, providing rapid insights without the need for frequent changes. This not only increases consumer convenience but also improves compliance with blood sugar testing, leading to better outcomes in diabetes management.
Advances in sensor technology have brought significant opportunities to the blood glucose monitoring industry by improving accuracy and wear resistance. By constantly innovating and improving designs, products, and functions, manufacturers can meet the needs of people with diabetes and ultimately improve their lives and health.
The growth in telemedicine globally offers great opportunities for people with diabetes. Telemedicine involves the delivery of healthcare services remotely through communication technology, providing a convenient and accessible platform for patients with diabetes to receive medical treatment and care for their disease.
Telemedicine can also facilitate patient education and self-management by providing access to education, support groups, and behavioral therapy for people with diabetes. By combining telemedicine with blood sugar monitoring devices, patients can receive personalized advice, guidance and guidance to help them better understand their condition and make the most of it.
Advanced technologies can play a key role in revolutionizing diabetes management and enabling people to live healthy lives. They will create opportunities for the global glucose monitoring device industry through 2034.
The high cost of glucose monitoring products is a major barrier to their adoption, especially in low- and middle-income countries. While these devices offer advanced technology and new features that can benefit people with diabetes, their high costs often prevent them from being available to those in need.
In many regions where healthcare infrastructure is limited and economic poverty is common, the cost of purchasing this equipment puts it beyond the reach of the majority of the population. The availability of traditional blood glucose monitoring methods, such as urine collection and blood tests, has also become a barrier to the use of blood sugar monitoring devices.
The table below shows the future growth rates of the top countries. India and China are set to record high CAGRs of 17.6% and 16.6%, respectively, through 2034. This can be attributed to high prevalence of diabetes due to urbanization, growing geriatric population, reduced levels of physical activity, and bad eating habits.
Market Growth Outlook by Key Countries
| Countries | Value CAGR |
|---|---|
| United States | 6.1% |
| China | 16.6% |
| Japan | 4.0% |
| Germany | 6.7% |
| India | 17.6% |
The United States glucose monitoring device market is set to be valued at USD 4,910.2 million in 2024 and is going forward with a stable CAGR of 6.1% throughout the forecast period. Growing incidence of diabetes, favorable government initiatives, and availability of advanced medical technologies are key factors spearheading this growth.
In recent years, there has been a spike in cases of prediabetes and diabetes in the United States. For instance, according to the Centers for Disease Control and Prevention (CDC), over 37.3 million people in the United States have diabetes. This will continue to create demand for glucose monitoring devices to manage the condition effectively.
Increased awareness of diabetes management, thanks to campaigns such as the American Diabetes Association's "Count Me" campaign, is calling for action. The use of blood glucose monitoring products continues to increase in the region as awareness grows and the importance of monitoring becomes clear, allowing people to better manage their condition and improve their consumption with full health.
The United States is also home to several leading glucose-monitoring device manufacturers who are striving to develop novel solutions. This will further boost market growth during the assessment period.
China is becoming a hotbed for manufacturers owing to high patient pool, favorable government support, and escalating health awareness. As per the latest report, China market is poised to grow rapidly, with sales of glucose monitoring devices surging at 16.6% CAGR.
The glucose measurement industry in China has invested heavily in research and development (R&D) to promote the advancement of technology. These investments are significant and aim to push the boundaries of innovation in this field. One area of focus is the development of sensor technology.
Patients, doctors, and other stakeholders are increasingly looking for devices that provide greater accuracy, reliability, and usability. As a result, the Chinese market has seen rapid growth in the capacity of blood glucose meters, with each new generation of equipment providing better performance and performance.
Japan is anticipated to record a CAGR of 4.0% during the next decade. This is attributed to surging geriatric population, advances in glucose monitoring systems, and escalating popularity of home healthcare.
The blood sugar monitoring device market in Japan is also receiving a significant boost due to manufacturers offering insurance facilities for such devices. Several Japan-based companies are striving to make diabetes monitoring and management accessible to general public.
Notably, Terumo Corporation, a prominent player in the industry, announced on December 1, 2022, that reimbursement coverage within the Japanese medical insurance system has been extended for the Dexcom G6 CGM System. This development signifies a pivotal step forward in improving access to advanced continuous glucose monitoring technology for individuals managing diabetes in Japan.
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The section below throws some light on top revenue-generation segments and their future growth rates. Companies can use this information to invest in popular products to stay ahead of the global market.
By product, self-monitoring devices currently dominate the market with a share of 57.9%, while the continuous monitoring devices segment is poised to record a CAGR of 14.7% through 2034. Based on indication, the diabetes type II segment will hold a market share of 72.4% in 2024 and further grow at 12.3% CAGR during the projection period.
Market Growth Outlook by Key Product
| Product | Value CAGR |
|---|---|
| Continuous Monitoring Devices | 14.7% |
| Self-monitoring Devices | 6.7% |
As per the latest analysis, self-monitoring devices dominate the global market with a value share of 57.9% in 2024 and their demand is set to rise at 6.7% CAGR through 2034. This is attributable to their convenience, affordability, and other advantages.
Self-monitoring devices, such as test strips and glucometers, are convenient to use and are available at low costs compared to continuous glucose monitoring systems. As a result, they have become more accessible to a wide range of patients.
On the other hand, sales of continuous glucose monitoring devices are poised to rise at a higher CAGR of 14.7% through 2034. This is due to their capability to offer real-time data than traditional glucose monitoring products, thereby allowing for better diabetes management.
Technological advances in continuous glucose monitoring technology are making them user-friendly and more affordable. This, in turn, will encourage their adoption of diabetes monitoring and management, resulting in the target segment overtaking the self-monitoring one.
Market Growth Outlook by Key Indication
| Indication | Value CAGR |
|---|---|
| Diabetes Type I | 6.2% |
| Diabetes Type II | 12.3% |
| Gestational Diabetes | 2.7% |
The diabetes II segment will retain its market dominance throughout the forecast period, accounting for a share of 72.4% in 2024. It is projected to advance at 12.3% CAGR between 2024 and 2034.
High prevalence of diabetes type II is a prominent factor behind the success of the target segment. According to the International Diabetes Federation (IDF), more than 90% of people with diabetes have type 2 diabetes, resulting in higher demand for glucose monitoring products to manage this condition.
Diabetes is a global concern that is increasing the healthcare spending by individuals to tackle the disease on an earlier basis. This high spending includes the treatment and diagnosis processes using glucose monitoring products and other tools.
Given the high prevalence and economic impact of type 2 diabetes, there is a pressing need for comprehensive strategies aimed at curbing its progression and reducing associated healthcare expenditures. This, in turn, is positively impacting glucose monitoring device sales.
In the constantly evolving glucose monitoring device industry, several opportunities exist. In order to capitalize, key companies are innovating to develop novel glucose measuring and monitoring solutions. For instance, some companies are looking to develop apps that connect to glucose monitoring solutions for remote and continuous glucose monitoring.
New product launches and approvals are gaining popularity in the market. Similarly, players are implementing strategies like mergers, partnerships, distribution agreements, collaborations, and acquisitions to boost their sales and stay ahead of the competition.
Recent Developments in Glucose Monitoring Product Market
The global market is estimated to be valued at USD 16.2 billion in 2024.
Global sales are projected to soar at 10.6% CAGR through 2034.
By 2034, the global market size is forecast to reach USD 44.6 billion.
The United States, China, Japan, Germany, and India.
From 2019 to 2023, the target market grew at a CAGR of 9.1%.
The global glucose sensor market size is set to reach USD 16,382 million by 2032.
India’s market size is projected to reach USD 905.4 million in 2024.
The global continuous glucose monitoring system market is poised to grow at 25.1% CAGR.
| Estimated Market Size (2024E) | USD 64.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 117.7 billion |
| Value-based CAGR (2024 to 2034) | 6.2% |
| Market Size (2024E) | USD 1.3 billion |
|---|---|
| Market Projected Size (2034F) | USD 6.0 billion |
| Value CAGR (2024 to 2034) | CAGR of 15.7% |
| Market Value (2023) | USD 5.5 Billion |
|---|---|
| Market Value (2033) | USD 16.8 Billion |
| Market CAGR (2023 to 2033) | 11.9% |
| Market Value (2023) | USD 35 billion |
|---|---|
| Market Forecast Value (2033) | USD 66 billion |
| Market Expected CAGR (2023 to 2033) | 6.5% |
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