Blood Glucose Meters Global Market Report 2024

The blood glucose meters market size has grown strongly in recent years. It will grow from $17.32 billion in 2023 to $18.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed during the historic period can be attributed to factors such as the increasing prevalence of diabetes, a rise in awareness regarding diabetes management, the growing aging population, trends in home healthcare, insurance coverage, reimbursement policies, and the empowerment of patients.

The blood glucose meters market size is expected to see strong growth in the next few years. It will grow to $26.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to the integration of continuous glucose monitoring (CGM), connectivity with smartphones, applications of artificial intelligence (AI), a focus on wearable devices, and the increasing emphasis on remote patient monitoring. Major trends expected in the forecast period encompass technological advancements in monitoring devices, continuous glucose monitoring (CGM) integration, smartphone connectivity, the miniaturization and portability of devices, data analytics and insights, and the growing adoption of telehealth and remote monitoring.

The blood glucose meters market is experiencing growth driven by the increasing prevalence of diabetes. Lifestyle changes, higher alcohol consumption, physical inactivity, and unhealthy eating habits contribute to a rise in obesity globally, leading to an increased demand for blood glucose meters. Obesity is linked to reduced insulin sensitivity, causing diabetes. The International Diabetes Federation (IDF) estimates a 48% increase in global diabetes cases by 2045, with approximately 537 million people suffering from diabetes in 2021.

Anticipated growth in the demand for wearable devices is expected to boost the blood glucose meters market. Wearables, electronic devices used on the body, offer the integration of blood glucose monitoring, providing real-time data, convenience, and improved compliance. Deloitte Touche Tohmatsu Limited reports an estimated increase from 320 million to nearly 440 million consumer health and wellness wearable devices by 2024, driving the growth of blood glucose meters.

The blood glucose meters market faces limitations due to a lack of awareness about diabetes. Hypo unawareness, especially in type 1 diabetes, makes it challenging for individuals to detect low blood glucose levels. This lack of awareness reduces regular monitoring and check-ups for diabetes. IDF notes that over 25% of adults with diabetes were unaware of their condition in 2021.

A notable trend in the blood glucose meters market is the launch of new products. Companies focus on product launches to enhance their portfolios and strengthen market positions. For instance, Roche launched a point-of-care blood glucose monitor with a companion device resembling a touchscreen smartphone, utilizing Glytec's Glucommander insulin-dosing program for hospital professionals. This trend emphasizes innovation in the market.

Major companies in the blood glucose meters market are developing products such as Eyva to meet the increasing demand for effective monitoring gadgets and gain a competitive edge. Bluesemi launched Eyva in March 2023, a non-invasive blood glucose monitoring gadget providing a home-friendly system, addressing six key human body vitals in just 60 seconds with a touch.

In September 2021, B. Braun Melsungen AG, a German medical and pharmaceutical device company, acquired Sterinova Inc for an undisclosed amount. Sterinova, based in Canada, develops, manufactures, and distributes ready-to-use sterile injectable products, continuing to operate as a distinct subsidiary of B. Braun Melsungen AG.

Major companies operating in the blood glucose meters market report are Johnson & Johnson, Roche Holding AG, Bayer AG, Abbott Laboratories, Medtronic PLC, Becton & Dickinson and Co., B Braun Medical lnc., Dexcom Inc., Tandem Diabetes Care, LifeScan lnc., Ascensia Diabetes Care, Lifespan Corporation, Medisana GmbH, I Sens Inc., Infopia Co.Ltd., Rossmax International Ltd., 77 Elektronika Kft, ACON Laboratories lnc., Arkray Inc., Bionime Corporation, Agamatrix Inc., Prodigy Diabetes Care LLC, DiaMon Tech GmbH, Mendor, Hainice Medical lnc., Nipro Corporation, Omron Healthcare lnc., Trivida Functional Medicine, All Medicus Co. Ltd., Sanofi S.A., Nova Biomedical Corporation, The Ypsomed Group. North America was the largest region in the global blood glucose meters market in 2023. Western Europe was the second-largest region in the blood glucose meters market. The regions covered in the blood glucose meters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary product types within the blood glucose meters market are electrode type blood glucose meters and photoelectric blood glucose meters. Electrode type blood glucose meters consist of electrodes to measure the current generated by an enzymatic reaction involving glucose, an enzyme, and a mediator. These devices find applications in various contexts, including type 1 diabetes, type 2 diabetes, and gestational diabetes. They are utilized by diverse end-users such as hospitals and home care settings.

The blood glucose meters market research report is one of a series of new reports that provides blood glucose meters market statistics, including blood glucose meters industry global market size, regional shares, competitors with a blood glucose meters market share, detailed blood glucose meters market segments, market trends and opportunities, and any further data you may need to thrive in the blood glucose meters industry. This blood glucose meters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the blood glucose meters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The blood glucose meters consist of sales of electrode-type blood glucose meter and photoelectric blood glucose meter. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.