The market for glucose monitoring devices is projected to expand significantly, increasing from approximately US$ 16,803.63 million in 2022 to around US$ 39,530.75 million by 2030. This growth represents a compound annual growth rate (CAGR) of 11.3% from 2022 to 2028. Several factors are contributing to this upward trend, including the rising incidence of diabetes, an aging population, and the growing rates of obesity.
Effective management of diabetes necessitates regular monitoring of blood sugar levels. A glucometer, also known as a blood sugar meter, is the primary device used for this purpose. The process typically involves obtaining a small blood sample, usually from a fingertip prick, and applying it to a test strip inserted into the glucometer. Blood glucose levels are quantified in milligrams per deciliter (mg/dl), with standard safe levels ranging from 70 to 180 mg/dl.
Rising Rates of Obesity
Obesity, along with a sedentary lifestyle and poor dietary choices, is a significant contributor to the global rise in diabetes cases. Engaging in regular physical activity is crucial for maintaining healthy blood glucose levels. Conversely, a lack of exercise combined with a diet high in fats and calories increases the likelihood of obesity and, subsequently, diabetes.
Obesity has become a pressing issue affecting individuals across various demographics worldwide. The World Health Organization (WHO) reported that in 2020, over 1.9 billion adults aged 18 and older were classified as overweight, with more than 650 million of these individuals being categorized as obese. A June 2023 report from Forbes highlighted that over 1 billion people globally are affected by obesity, including 650 million adults, 340 million adolescents, and 39 million children. The 2022 State of Obesity report indicated that Black adults in the US have the highest obesity rates at 49.9%, followed by 45.6% of Hispanic adults, 41.4% of white adults, and 16.1% of Asian adults. Research published in the Journal of the American Heart Association links obesity to 30% to 53% of new diabetes cases annually in the US. The financial implications of obesity are substantial, with medical costs related to obesity in the US estimated at approximately US$ 260.6 billion each year.
The combination of insufficient physical activity, poor dietary habits, and the rapid increase in obesity rates is likely to heighten the risk of diabetes among populations worldwide. Consequently, this trend is expected to drive the demand for glucose monitoring devices in the foreseeable future.
Market Trends
Technological Innovations in Glucose Monitoring Devices
Advancements in technology are leading to the development of more effective diabetes management products. As diabetes prevalence continues to rise globally, the demand for innovative products is also increasing. Researchers are actively engaged in developing new technologies that enhance product offerings.
Insulin delivery methods have evolved, including options such as needles, insulin pens, and insulin pumps. Insulin pumps are compact, computerized devices that deliver a continuous supply of insulin through a cannula placed under the skin, allowing users to adjust the delivery based on their needs. Accurate glucose monitoring is essential for effective diabetes management, and recent advancements have led to devices that require smaller blood samples while providing improved accuracy. Additionally, the capability to transfer data between blood glucose meters and monitoring devices has seen significant enhancements. For instance, in June 2022, Abbott introduced a new biowearable device that continuously monitors both glucose and ketone levels using a single sensor, which received breakthrough device designation from the US Food and Drug Administration (FDA) to expedite its review process. Furthermore, in April 2023, Medtronic plc announced FDA approval for its MiniMed 780G system, which utilizes the Guardian 4 sensor and eliminates the need for fingersticks while employing SmartGuard technology to assist users in managing insulin delivery. Dexcom has also formed partnerships with various distributors across Southeast Asia and Europe, while Abbott has expanded its Diabetes Care division into key markets such as Japan, India, and China. These technological advancements, along with the influx of new products, are anticipated to significantly boost market growth in the coming years.
The glucose monitoring devices market is categorized by type into continuous glucose monitoring devices and self-glucose monitoring devices. Continuous glucose monitoring devices are further divided into sensors, transmitters, and receivers, while self-glucose monitoring devices include testing strips, glucose meters, lancets, and other related products. In 2022, the self-glucose monitoring devices segment held a larger market share, although the continuous glucose monitoring devices segment is expected to experience a notable CAGR from 2022 to 2030. By application, the market is divided into type 1 diabetes and type 2 diabetes, with type 2 diabetes holding a larger market share in 2022, while type 1 diabetes is projected to grow at a higher CAGR during the forecast period. Regarding testing sites, the market is split between fingertip testing and alternate site testing, with fingertip testing dominating the market in 2022 and expected to maintain the highest CAGR. Finally, the market is segmented by end user into healthcare settings and self/homecare, with the self/homecare segment holding a larger share in 2022, while healthcare settings are anticipated to see a higher CAGR in the future.