The glucose monitoring devices market is expected to grow from US$ 16,803.63 million in 2022 to US$ 39,530.75 million by 2030; it is expected to grow at a CAGR of 11.3% from 2022 to 2028. Rising incidence of diabetes, growing geriatric population, and the increasing prevalence of obesity are a few factors driving the glucose monitoring devices market growth.
Monitoring blood sugar is a vital part of diabetes management. A glucometer or blood sugar meter is commonly used for blood glucose monitoring. It involves taking a small drop of blood, usually by pricking the fingertip and placing it on the test strip in a glucometer. Blood sugar levels are measured in milligrams per deciliter (mg/dl), with standard guidelines for safe blood sugar ranging from 70 to 180 mg/dl.
Increasing Prevalence of Obesity
Obesity, sedentary lifestyle, and improper diet are major factors increasing diabetes worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and an unhealthy diet, such as a diet high in fat and calories, increase the risk of developing obesity and diabetes.
Obesity is one of the major problems and the biggest concern across global communities. Obesity is a major issue affecting people of all ages and incomes globally. According to the World Health Organization (WHO), in 2020, more than 1.9 billion adults aged 18 years and older were overweight. Of these, over 650 million adults were obese. According to a report published by Forbes in June 2023, more than 1 billion people worldwide have obesity—650 million adults, 340 million adolescents, and 39 million children. According to the 2022 State of Obesity report, Black adults have the highest rate of obesity in the US—49.9%—compared to 45.6% of Hispanic adults, 41.4% of white adults, and 16.1% of Asian adults. Obesity is linked to 30–53% of new diabetes cases in the US every year, as per the research presented in the Journal of the American Heart Association. The effects of obesity increase healthcare costs related to inpatient treatment, outpatient treatment, and prescription drugs. Medical costs related to obesity in the US reach ~US$ 260.6 billion annually.
Lack of exercise, unhealthy diet, and rapid growth in the obese population are expected to increase the susceptibility to diabetes among the population globally. Hence, this is expected to increase the demand for glucose monitoring devices in the coming years.
Market Trend
Rapid Technological Advancements in Glucose Monitoring Devices
Products with advanced technologies offer more effective benefits in diabetes treatment. As the prevalence of diabetes increases worldwide, the demand for more products with advancements also accelerates. Thus, researchers have been carrying out research activities resulting in product innovations over the years.
There are many methods to deliver insulin into the body, such as needles, insulin pens, and insulin pumps. Insulin pumps are small, computerized diabetes management devices connected with a cannula under the skin to deliver a slow, continuous insulin level. The individual can control the program depending on the requirements. Optimal diabetes management depends on accurate glucose monitoring devices. The increasing advancements in glucose monitoring devices have resulted in smaller required blood volumes with improved accuracy. The ability to transfer data between the blood glucose meter and glucose monitoring devices has also been improved. The increasing advancements in blood glucose monitoring technology have improved accuracy, smaller required blood volumes, and the ability to transfer data between the blood glucose meter and glucose monitoring devices. In June 2022, Abbott announced a new biowearable that continuously monitors glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the US Food and Drug Administration (FDA), designed to expedite the review of innovative technologies that can improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions. Also, in April 2023, Medtronic plc announced the US FDA approving its MiniMed 780G system with the Guardian 4 sensor requiring no fingersticks while in SmartGuard technology. The system provides insulin to help users when they forget to bolus or underestimate the number of carbs in their meals. Dexcom has partnered with a myriad of distributors in Southeast Asia and Europe. Similarly, Abbott has expanded its Diabetes Care division with offices in pivotal markets such as Japan, India, and China. Thus, the technological advancements coupled with the increasing influx of new products are expected to propel the market growth over the forecast years.
Based on type, the glucose monitoring devices market is bifurcated into continuous glucose monitoring devices and self-glucose monitoring devices. The continuous glucose monitoring devices is further categorized into sensors, transmitters, and receivers. The self-glucose monitoring devices segment is further categorized into testing strips, glucose meters, lancets, and others. The self-glucose monitoring devices segment held a larger market share in 2022. The continuous glucose monitoring devices segment is expected to record a significant CAGR during 2022–2030. Based on application, the global glucose monitoring devices market is bifurcated into bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held a larger market share in 2022. However, the type 1 diabetes segment is anticipated to register a higher CAGR during the forecast period. In terms of testing site, the glucose monitoring devices market is bifurcated into fingertip testing and alternate site testing. The fingertip testing segment held a larger share of the market in 2022, and the same segment is anticipated to register a highest CAGR during the forecast period. By end user, the market is bifurcated into healthcare settings and self/homecare. The self/homecare segment held a larger share of the market in 2022, and the healthcare settings segment is anticipated to register a higher CAGR in the market during the forecast period.