4th May 2023
A rapidly expanding market for medical equipment used to detect and monitor blood glucose levels in diabetics is the blood glucose monitoring system market. These systems are employed to deliver precise glucose readings in real-time, enabling diabetics to better control their health and make educated decisions regarding their food, exercise regimen, and insulin dose.
Traditional blood glucose metres and continuous glucose monitoring (CGM) systems are the two primary categories of blood glucose monitoring devices. Traditionally, blood is drawn from the finger and deposited on a test strip before being inserted into the blood glucose metre. The blood glucose level is then shown on a screen by the metre. Under-the-skin sensors are used by CGM systems to continually monitor glucose levels and send the information to a receiver or smartphone app.
The rising prevalence of diabetes globally, particularly in developing nations, has been a major driver of the market for blood glucose monitoring devices in recent years. The emergence of new technologies, such as continuous glucose monitoring (CGM) systems, that enable more precise and dependable glucose monitoring is another factor driving the market.
Abbott Laboratories, Roche Diagnostics, Dexcom, Inc., Medtronic plc, and Ascensia Diabetes Care Holdings AG are a few of the market's top competitors. These businesses provide various blood glucose monitoring devices, including CGM systems, conventional blood glucose metres, and related goods.
In the upcoming years, it is anticipated that the market for blood glucose monitoring systems will continue to expand due to factors such as the rising incidence of diabetes, the development of new technologies, and increased public awareness of the value of glucose monitoring in the management of diabetes.
The FreeStyle Libre continuous glucose monitoring system and the FreeStyle Precision Neo blood glucose monitoring system are only a couple of the products offered by Abbott Laboratories, a market leader in blood glucose monitoring devices. In order to improve user experience and deliver precise glucose monitoring, the firm has concentrated on creating technologies. One such product is the FreeStyle Libre 2, which features an alarm function that notifies users of high and low glucose levels.
The Accu-Chek series of blood glucose metres and the Accu-Chek Guide system, which has a built-in strip port and Bluetooth connectivity, are two blood glucose monitoring instruments offered by Roche Diagnostics, a multinational healthcare firm. The business has also been investing in technological advancements in healthcare, such as the Accu-Chek SugarView app, which enables users to monitor their blood glucose levels and share that information with their medical professionals.
With the Dexcom G6 CGM system, Dexcom is a market leader in the continuous glucose monitoring (CGM) industry. The business has concentrated on creating technologies, including the Dexcom G7, which has a smaller sensor and a longer wear period, that offer more precise and dependable glucose monitoring.
A variety of diabetes care solutions are available from the international medical technology business Medtronic, including blood glucose metres, insulin pumps, and CGM systems. The business has concentrated on creating integrated solutions that enable personalised diabetes treatment, such the MiniMed 770G insulin pump device, which changes insulin supply automatically depending on glucose readings.
Traditional blood glucose metres and continuous glucose monitoring (CGM) devices make up the two market segments for blood glucose monitoring systems. Products like glucose metres, test strips and lancets are part of the classic blood glucose metre category. Among the items sold under the CGM systems section are sensors, transmitters, and receivers.
Diagnostic centres, home care settings, and hospitals and clinics may all be included in the blood glucose monitoring system market. Due to patients with diabetes' growing desire for self-monitoring of their blood glucose levels, home care options are predicted to expand at the quickest rate.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regions into which the blood glucose monitoring system market may be divided. Due to the high prevalence of diabetes in these regions, North America is followed by Europe as the region with the largest market for blood glucose monitoring systems. Due to the rising incidence of diabetes and the increased knowledge of diabetes care, the Asia-Pacific area is anticipated to expand at the highest rate.
“Given that patients with diabetes are increasingly using CGM systems, which offer more precise and dependable glucose monitoring than conventional blood glucose metres, this market segment is anticipated to expand at the quickest rate. Due to the rising inclination for self-monitoring of blood glucose levels and the expanding availability of user-friendly glucose monitoring equipment, the home care settings sector is also anticipated to expand quickly.”
Increasing Prevalence of Diabetes
The rising incidence of diabetes globally is one of the key factors driving the blood glucose monitoring system market. The International Diabetes Federation predicts that by 2045, there will be 700 million individuals worldwide who have diabetes, up from 463 million in 2019. Blood glucose monitoring devices are projected to be in high demand because of this expanding patient population.
Another important factor propelling the blood glucose monitoring system market is the creation of new technologies. Businesses are investing in the creation of new and enhanced blood glucose monitoring devices that provide better user experiences and more accurate and dependable glucose monitoring. In contrast to conventional blood glucose metres, continuous glucose monitoring (CGM) devices, for instance, provide real-time glucose monitoring and warnings, enabling more thorough glucose control.
Increasing Awareness About Diabetes Management
Particularly among those who already have diabetes, there has been an increase in understanding of diabetes management. Due to people's desire to better manage their glucose levels and prevent issues related to diabetes, there has been an upsurge in the demand for blood glucose monitoring devices.
Favourable Reimbursement Policies
The market is expanding due to favourable reimbursement rules for blood glucose monitoring devices in developed nations. Because blood glucose monitoring devices are covered by health insurance in nations like the United States and Germany, people with diabetes have easier access to them and can afford them.
Growing Adoption of Self-Monitoring of Blood Glucose (SMBG)
Diabetes patients are increasingly using self-monitoring of blood glucose (SMBG). This is fueling an increase in demand for user-friendly blood glucose monitoring devices that make it simple and practical to check glucose levels at home.
Solution: Businesses should concentrate on creating less expensive blood glucose monitoring equipment, especially for low-income nations. This may entail creating conventional blood glucose metres or CGM systems that are inexpensive, as well as lowering the price of test strips and sensors.
Solution: It is imperative to increase access to blood glucose monitoring equipment in low-income nations. This might entail boosting funding for hospital infrastructure, enhancing logistics throughout the supply chain, and opening up more people to health insurance and payment programmes.
Solution: For accuracy and dependability across various systems, blood glucose monitoring standardisation is crucial. Consistency in diabetes care can be increased by creating standardised rules for blood glucose monitoring and encouraging the adoption of tested and trustworthy solutions.
“It will be crucial to solving the issues of cost, availability, and standardisation if we are to ensure the blood glucose monitoring system market's continuous expansion and better diabetes management for individuals all over the world.”
Adoption of Advanced Technologies
The market is anticipated to have considerable development prospects as a result of the implementation of cutting-edge technologies like artificial intelligence (AI), machine learning, and the Internet of Things (IoT) in blood glucose monitoring systems. The precision and dependability of glucose monitoring may be increased with the use of these technologies, which also make real-time data analysis for better diabetes treatment possible.
Increasing Demand for Non-Invasive Monitoring Systems
Non-invasive blood glucose monitoring devices are becoming more and more popular, especially among diabetics who frequently need to check their blood sugar levels. It is anticipated that the market would see new growth prospects as non-invasive technologies like optical sensors and microneedle-based sensors become more advanced.
Personalized Glucose Management
Blood glucose monitoring devices are anticipated to play a significant part in the growing trend of personalised glucose management in diabetes care. Significant market expansion potential is anticipated as a result of the development of personalised diabetes management systems that use real-time glucose data to modify treatment regimens and offer individualised suggestions.
Increasing Demand in Emerging Markets
The blood glucose monitoring system market is anticipated to see tremendous development possibilities in emerging areas like Asia-Pacific and Latin America. Blood glucose monitoring system demand is anticipated to rise as a result of rising diabetes prevalence in these areas, improved healthcare infrastructure, and increased public knowledge of diabetes management.
Partnerships and Collaborations
Collaborations and joint ventures among businesses, medical professionals, and research institutions can lead to major market expansion potential for blood glucose monitoring systems. In underdeveloped markets, collaborations can assist to expand access to blood glucose monitoring systems and hasten the development of innovative technology.
As a result of the rising incidence of diabetes globally and increased understanding of the significance of diabetes care, the blood glucose monitoring system market is expanding significantly. A number of reasons, such as the development of cutting-edge technologies, the rise in demand for non-invasive monitoring systems, and personalised glucose control, are driving the market. The market, nevertheless, also has to contend with a number of obstacles, such as the high price of blood glucose monitoring devices, restricted access in some areas, and a lack of standardisation. The creation of reasonably priced blood glucose monitoring equipment, enhancing access to these systems in low-income nations, and encouraging standardisation in blood glucose monitoring can all help to solve these problems.
The market for blood glucose monitoring systems offers the healthcare sector tremendous growth potential, particularly for businesses specialising in the creation of cutting-edge technology and non-invasive monitoring systems. The market is anticipated to expand over the next several years as a result of rising demand in emerging economies and the continuous emphasis on personalised glucose management.