Sep 18, 2023

| 2020-2030 Glucose Monitoring Devices Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Continuous Glucose Monitoring Devices and Self-Glucose Monitoring Devices), Application (Type 1 Diabetes and Type 2 Diabetes), Testing Type (Fingertip Testing and Alternate Site Testing), End User (Healthcare Settings and Self/Homecare), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa) Publication Month : Sep 2023 Analyst’s ViewPoint The glucose monitoring devices market analysis explains market drivers such as the rising incidence of diabetes, growing geriatric population, and the increasing prevalence of obesity. Further, rapid technological advancements in glucose monitoring devices are expected to introduce new trends in the market during 2022–2030. Based on type, the glucose monitoring devices market is segmented into continuous glucose monitoring devices and self-glucose monitoring devices; the self-glucose monitoring devices segment accounted for a larger share in 2022. Based on application, the type 2 diabetes segment dominated the market by accounting maximum share. By testing site, the fingertip testing segment is likely to account for a considerable share of the glucose monitoring devices market during the forecast period. Based on end user, the self/homecare segment is expected to account for a maximum share of the glucose monitoring devices market during 2022–2030. 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. Customize Research To Suit Your Requirement We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making. Market Size Value by Growth rate Forecast Period Have a question? Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any. Rising Incidence of Diabetes Fuels Glucose Monitoring Devices Market Growth Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes—diabetes type-I (also known as diabetes insipidus) and diabetes type-II (also termed diabetes mellitus). The incidence and prevalence of diabetes are steadily increasing across the world. Type 2 diabetes is the most prevalent form of diabetes and has increased alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to the International Diabetes Federation (IDF), approximately 537 million people were living with diabetes in 2021, and the number is expected to reach 738 million by 2045 globally. Prevalence of Diabetes Worldwide, 2021 Region North America Source: International Diabetes Federation Diabetes can lead to various complications in many parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications of this disease. Patients suffering from diabetes require frequent monitoring and external administration of insulin . The rising prevalence of diabetes across the globe is driving the growth of the glucose monitoring devices market. Future 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 rises. Thus, research studies conducted by researchers are resulting in product innovations every year. 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. 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 using a single 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 featuring the Guardian 4 sensor. Enabled with in SmartGuard technology, the system does not require fingersticks for operation. It provides insulin to help users when they forget to bolus or underestimate the number of carbs in their meals. Dexcom has partnered with various 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 glucose monitoring devices market growth over the forecast years. Report Segmentation and Scope Request discounts available for Start-Ups & Universities Type-Based Insights 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. According to the Clinton Health Access Initiative (CHAI) 2021 report, over 100 vendors supply self-glucose monitoring devices (SGMDs) worldwide. Owing to the need for a continuous supply of consumables such as SGMDs test strips and lancets, suppliers strive to have adequate production capacities and robust process planning. Additionally, test strips drive the revenue of SGMD suppliers, people living with diabetes require several testing steps per day, resulting in high-volume consumption. However, many suppliers offer glucometers free of cost to encourage consumers to switch to the testing platform, thereby driving the sales of their test strips and reducing revenue generation from glucose meters. Further, a robust supply chain, involving private pharmacies, is critical for suppliers to meet the demand for GGMDs from low- and middle-income countries (LMICs). They are also improving the supply of SGMDs in LMICs by building parallel service delivery channels. For example, suppliers often work with NGOs and collaborate with CSR initiatives of the three largest insulin providers to donate test strips and meters free of cost to patients or physicians in countries with limited procurement capabilities. Further, suppliers can plan for high production capacity and avoid expanding into new markets, ensuring that the demand in existing markets is met. In the long run, they may establish new manufacturing sites or partnerships to ramp up their overall production capacity and expedite entry into new markets. Application-Based Insights 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. Type 1 diabetes (previously known as insulin-dependent, juvenile, or childhood-onset) is characterized by deficient insulin production, requiring daily administration of insulin. According to the Beyond Type 1 report, globally, ~8.7 million people are suffering from type 1 diabetes, which has resulted in a four-times rise in the rate of diagnosis. In the US, ~1.45 million Americans suffer from type 1 diabetes, and nearly 2.1 million people are expected to be diagnosed with the disease by 2040, with cases growing at a rate of 2.9% annually, compared to population growth of 0.8% per year. Similarly, in the UK, 1 in every 430–530 people under the age of 19 have type 1 diabetes. As per the estimates of DiabetesUK BeyondType 1 report, ~10% of 3.7 million people living with diabetes have type 1 diabetes as per the BeyondType 1 report. According to a report by the Centers for Disease Control and Prevention (CDC), more than 37 million Americans (~1 in 10) have diabetes, and nearly 90–95% of them have type 2 diabetes. Type 2 diabetes is often developed in people over age 45. However, an increasingly large number of children, teens, and young adults are also developing it nowadays. The key risk factors associated with the rise in type 2 diabetes cases are urbanization, aging, decreasing physical activity, and increasing overweight and obesity prevalence. The British Diabetic Association report reveals that 4.3 million people in the UK live with diabetes, while 850,000 people may be living with the condition yet to be diagnosed. Among the 4.3 million diabetic population in the UK, ~90% of the people suffer from type 2 diabetes. Type 2 diabetes is more prevalent than type 1 diabetes. As per the International Diabetes Federation (IDF) 2023 report, type 1 is rare and occurs at a rate of only 5–10% worldwide. Testing Site-Based Insights 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. According to a report by the National Institute of Health (NIH), glucose monitoring through finger-tip testing accounts for a considerable share of  diabetes management services. Fingerstick blood sugar testing is the most common and convenient way of glucose monitoring among people with diabetes. They can adopt personal blood glucose meters and blood glucose test strips enabling the self-monitoring of blood sugar levels. Therefore, fingerstick or fingerprick at home is a quick and cost-effective way of checking blood sugar levels throughout the day, which further assists in necessary treatment decisions such as insulin doses. Alternate site testing involves the palm, forearm, or upper arm for testing blood glucose. This testing can only be applied when blood sugar is stable. A report by the American Diabetes Association reveals that alternate site testing of blood glucose is a promising new advancement in diabetes care, with several blood glucose meters being accredited with FDA approvals for testing sites. These glucometers include Freestyle, At Last meters, One Touch Ultra and One Touch FastTake (LifeScan), and Sof-Tact (Abbott). However, a clinical study reveals that there is a delay in the detection of blood glucose changes when a sample is taken from the forearm (alternate site) as compared to the forearm. Therefore, when SGMD results were compared with laboratory-determined blood glucose values, readings obtained from fingertip blood were closely correlated with the laboratory values/specifications, while forearm blood readings were quite higher than the specified standards. Such errors from alternate site testing may prove problematic for patients suffering from hypoglycemia or who have low awareness. Thus, fingerstick testing has become a standard SGMD, while the alternate site testing option has a low adoption rate in the glucose monitoring devices market. End User-Based Insights 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 glucose monitoring devices market during the forecast period. Glucose Monitoring Devices Market, by Type – 2022 and 2030 Request discounts available for Start-Ups & Universities Regional Analysis North America dominated the glucose monitoring devices market in 2022 accounting maximum share. In North America, the US is the largest market for glucose monitoring devices. According to the American Diabetes Association report, more than 37 million children and adults have diabetes in the US alone. The estimated total costs of diagnosed diabetes in the US account for US$ 16,752 annually, among which US$ 9,601 is attributed to diabetes. Also, the US holds high expenditure on hospital inpatient care (30% of the total medical cost), prescription medications to treat complications of diabetes (30%), anti-diabetic agents and diabetes supplies (15%), and physician office visits (13%). Such high cost highlights the substantial burden of diabetes on US citizens. With such high incidence and healthcare expenditure of diabetes in the US, the adoption of glucose monitoring devices among US citizens is accelerated, thereby fueling the overall market growth. Asia Pacific is anticipated to record the highest CAGR in the glucose monitoring devices market during the forecast period 2020-2030. The market in China is growing at a notable pace due to the rising awareness of diabetes diagnosis. India holds second largest share in the market in Asia Pacific due to the high prevalence of diabetes in the country. The prevalence of diabetes is significantly higher in China, with the incidences of type 2 diabetes increasing rapidly in the country over the past few decades. Type 2 diabetes has become a leading problem in the country as it is more commonly found in the lower age group people. As per the article “Projected rapid growth in diabetes disease burden and economic burden in China,” published in 2023, diabetes prevalence in Chinese adults aged 20–79 years was projected to increase from 8.2% to 9.7% during 2020–2030. During the same period, the total costs of diabetes is expected to increase from US$ 250.2 billion to $460.4 billion, corresponding to an annual growth rate of 6.32%. The total costs of diabetes as a percentage of GDP are anticipated to increase from 1.58% to 1.69% in China during 2020–2030, hampering the country’s economic growth. As the country is among the emerging market in terms of healthcare, various players are expanding their business in China. It is also experiencing a rise in the number of start-up companies that significantly contribute to the market growth. Owing to growing developments in the healthcare sector, national and international players is Asia Pacific are aggressively catalyzing their research for development activities to introduce innovative glucose monitoring devices. In June 2021, Abbott Laboratories, a US-based multinational medical device company, collaborated with Beijing Medical Award Foundation to launch a demonstrative glucose monitoring program to promote for more intelligent diabetes management in China. In November 2022, Roche featured two new glucose meter products—ACCU-CHEK Instant Glucometer and ACCU-CHEK Guide Me Glucometer—and a new digital diabetes management platform at the China International Import Expo (CIIE) to provide patients with professional and easier diabetes management solutions. Thus, the emergence of players and the rising number of product approvals in the country are expected to propel the glucose monitoring devices market growth in China in the future. India is witnessing rapid developments in healthcare. The rising prevalence of diabetes and robustly increasing geriatric population are contributing to the growth of the glucose monitoring devices market in the country. As per the International Diabetes Federation 2020, it is estimated that 77.3 million adults live with diabetes in India, and the number is expected to reach 101.2 million by 2030. The WHO has predicted that there will be 10 crore Indians with diabetes in the next 10 years. Several entrants are entering the market, which is further propelling the market for glucose monitoring devices. In November 2020, Abbott unveiled a do-it-yourself version of its continuous glucose-monitoring device in India, a decision prompted by the pandemic. The reader is a one-time cost to the consumer at US$ 66.61, while the sensor is a recurring cost of US$ 60.55, possibly every 3 months. The sensor gives continuous readings for 14 days and analytics cover a 3-month period, mapping the sugar levels against diet, exercise, etc. The growing Indian market offers opportunities for international companies to increase their revenues owing to improving healthcare facilities in the country. The report profiles leading players operating in the global glucose monitoring devices market. These include B. Braun SE, F. Hoffmann-La Roche Ltd, LifeScan Inc, Medtronic Plc, Abbott Laboratories, Ypsomed Holding AG, Ascensia Diabetes Care Holdings AG, Nipro Corp, GE HealthCare Technologies Inc, Terumo Corp, and Senseonics Holdings Inc. In April 2023, Medtronic plc received US Food and Drug Administration (FDA) approval for its MiniMed 780G system incorporated with the Guardian 4 sensor. The system enabled by SmartGuard technology requires no fingersticks to operate. This milestone marks the approval of the only Meal Detection technology system that automatically adjusts sugar levels every 5 minutes. In April 2023, Abbott received FDA clearance for a reader for its integrated continuous glucose monitoring (iCGM) system—FreeStyle Libre 3. The system features the world's smallest, thinnest, and most discreet glucose sensor. The FreeStyle Libre 3 reader is a small handheld device that displays glucose readings in real time, directly from a small sensor worn on the back of a person's upper arm, allowing them to quickly and easily manage their condition by viewing their glucose readings on an easy-to-see screen. Company Profiles Senseonics Holdings Inc The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review. Data Collection and Secondary Research: As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain. Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends. Primary Research: The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team. For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise. A typical research interview fulfils the following functions: Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook Validates and strengthens in-house secondary research findings Develops the analysis team’s expertise and market understanding Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to: Industry participants: VPs, business development managers, market intelligence managers and national sales managers Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry. Below is the breakup of our primary respondents by company, designation, and region: Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection. Data Analysis: Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level. 3.1 Macro-Economic Factor Analysis: We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities. 3.2 Country Level Data: Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential. 3.3 Company Profile: The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size. 3.4 Developing Base Number: Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis. Data Triangulation and Final Review: The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization. We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports. We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time. 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