Glucometer Global Market Report 2024

The glucometer market size has grown rapidly in recent years. It will grow from $13.15 billion in 2023 to $14.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The increase during the historical period can be linked to factors such as insurance coverage, consumer education, integration within the healthcare industry, and healthcare awareness programs.

The glucometer market size is expected to see rapid growth in the next few years. It will grow to $21.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period can be attributed to the rising prevalence of diabetes, an increase in healthcare infrastructure expenditure, a growing geriatric population, and the rising demand for self-monitoring devices. Key trends expected in the forecast period encompass the integration of artificial intelligence in healthcare, the expansion of remote monitoring and telehealth services, advancements in technology, and an increasing focus on collaboration within the healthcare sector.

The glucometer market is witnessing increased demand due to the rising prevalence of diabetes. Diabetes, a chronic metabolic condition, is characterized by high blood glucose levels. Individuals with diabetes use glucometers to monitor their blood glucose levels. According to the International Diabetes Federation, 537 million adults were living with diabetes in 2021, with an estimated 6.7 million deaths attributed to diabetes. By 2030, it is anticipated that 643 million people worldwide will have diabetes. Therefore, the rising prevalence of diabetes is a significant driver of the glucometer market.

The glucometer market is expected to witness growth driven by the increasing aging population. Glucometers are utilized by the aging population to monitor and manage blood glucose levels at home, facilitating proactive diabetes management. As of August 2023, Eurostat reported a rising median age in the EU, reaching 44.4 years in January 2022. With approximately 21.1% of the EU population aged 65 or older in 2022, the aging population significantly contributes to the growth of the glucometer market.

Product innovation is a key trend in the glucometer market, with major companies introducing various products to maintain their market position. For example, in January 2022, Roche, a Switzerland-based healthcare company, introduced a new point-of-care blood glucose monitor for hospital staff, along with a companion device resembling a touchscreen smartphone. The portable Cobas pulse device features a touchscreen, camera, and automated glucose test strip reader, with a hardened body that can be disinfected and used for logging other diagnostic data.

Major companies are concentrating on product innovations, such as automatic blood glucose monitoring systems, to simplify routine blood glucose monitoring for individuals with diabetes. An automatic blood glucose monitoring system enables the continuous estimation of blood glucose levels, eliminating the need for traditional periodic monitoring methods. For instance, in November 2021, Intuity Medical Inc., a US-based monitoring device company, launched POGO Automatic, an automatic blood glucose monitoring system in the US. Featuring One-Step™ technology with a 10-test cartridge, this system simplifies testing by requiring just the press of a button, eliminating the need for separate supplies such as test strips and lancets.

In February 2022, Sorrento, a San Diego-based healthcare company, acquired Virex Health for an undisclosed amount. Through this acquisition, Sorrento gains access to Virex's patented technology, which employs enzymatic and electrochemical amplification to detect biological analytes such as SARS-CoV-2, Flu A/B, and indicators for liver cancer, inflammation, and hormone monitoring. Virex Health is a US-based company specializing in the development of glucometers.

Major companies operating in the glucometer market report are Johnson & Johnson Services Inc., Bayer AG, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Medtronic plc., Arkray Inc., B Braun Melsungen AG, Omron Corporation, Terumo Corporation, Nipro Corporation, Dexcom Inc., Bionime Corporation, LifeScan Inc., NOVA Biomedical, Sinocare Inc., TaiDoc Technology Corporation, i-SENS Inc., EKF Diagnostics Holdings PLC, ForaCare Inc., LabStyle Innovations Corp., Acon Laboratories Inc., Ascensia Diabetes Care Holdings AG, Omnis Health LLC, Entra Health Systems LLC, Hainice Medical Inc., Glucostratus Ltd., PTS Diagnostics, Ypsomed AG, WaveForm Technologies Inc., Medtrum Health Inc., Dexilon S.r.l., Cellnovo Group.

North America was the largest region in the glucometer market in 2023. The regions covered in the glucometer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the glucometer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary glucometers come in two main types: continuous glucose monitoring devices and self-monitoring blood glucose systems. Continuous glucose monitoring devices are medical instruments automatically monitored throughout the day and night. These devices employ various techniques, both invasive and non-invasive, and are distributed through institutional sales, hospitals, clinics, retail sales, hospital pharmacies, retail pharmacies, and online pharmacies.

The glucometer market research report is one of a series of new reports that provides glucometer market statistics, including the glucometer industry’s global market size, regional shares, competitors with a glucometer market share, detailed glucometer market segments, market trends and opportunities, and any further data you may need to thrive in the glucometer industry. This glucometer 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 glucometer market consists of the sale of testing strips, lancing pens, lancets. 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.