Glucometer Market

Global Glucometer Market Size (2024 to 2029)

The global glucometer market size is predicted to be worth USD 18.12 Billion in 2024 and USD 26.88 Billion by 2029, growing at a CAGR of 8.2% during the forecast period.

A glucometer is a small, portable machine that measures the glucose level present in a person's blood. Diabetic people use glucometers often to monitor their glucose levels regularly. It measures the glucose levels by testing blood through a fingerstick sample. The glucometer kit consists of a battery-operated digital meter, lancets (tiny needles), a lancet device that adjusts the depth of the fingerstick based on skin thickness, test strips, and tracking software or blood glucose logbook. The test strips are incorporated with the glucose-specific enzyme, which reacts to the blood sample. The device reads the strip using electrochemical technology and displays the glucose level.

MARKET DRIVERS

The rising prevalence of diabetes worldwide is majorly contributing to the growth of the glucometer market worldwide.

Diabetes is a chronic condition that requires regular monitoring of blood glucose levels, which can be easy and convenient with glucometers. According to an article published in 2023, The Lancet stated that over 1.31 billion individuals are expected to have diabetes worldwide by 2050. The patients with diabetes lead to other major health complications. According to WHO, diabetes is a long-lasting metabolic disorder resulting in severe damage to the heart, blood vessels, eyes, kidneys, and nerves over time. In the past years, Type 2 diabetes has significantly increased across countries. All these factors state the need for glucometers for the diabetic population, which increases the demand by enhancing the global market revenue. According to data published by the International Diabetes Federation, a non-profit diabetes association, 537 million adults were diagnosed with diabetes, and around 6.7 million people died of diabetes in 2021. The growing aging population worldwide with chronic diseases such as diabetes highly utilizes glucometers at home to monitor blood glucose levels and enable diabetes management, which fuels the global glucometer market revenue.

Technological developments in glucometers are further boosting the growth rate of the global market.

The growing technological advancements in the healthcare system are influencing manufacturers to adopt technology and work to develop user-friendly and cost-effective devices. Due to technological advancements, features like wireless connectivity, compact designs, and devices with high accuracy and convenience are being introduced into the market, which will increase the adoption of glucometers among people worldwide, which propels the global glucometer market share. The devices directly update the blood glucose levels to the cloud databases, which is convenient for sharing and monitoring the data. The presence of glucometers at home avoids frequent visits to hospitals or clinics for testing blood glucose levels. These factors encourage people to adopt glucometers and augment the global market growth.

The growing awareness among the people regarding diabetes and the necessity of its management is increasing the demand for glucometers by creating market growth opportunities. Various national governments are initiating programs to educate people regarding diabetes and its complications if left untreated. Government organizations collaborate with the public authorities to run campaigns and programs. The "WHO Global Diabetes Compact" was launched at the Global Diabetes Summit in 2021, which aims to reduce the risk of diabetes by ensuring all the people diagnosed with diabetes have affordable, quality treatment and care. It also undertook work on preventing type 2 diabetes from obesity, unhealthy diet, and physical inactivity. These organizational initiatives are estimated to increase the market growth opportunities during the forecast period. The escalating innovative technologies like digital health apps that display and store blood glucose levels fuel the adoption of glucometers.

MARKET RESTRAINTS

Most people doubt the accuracy of digital glucometer tests and prefer lab tests for measuring blood glucose levels. This kind of people's belief is expected to hamper the global glucometer market revenue. The growing changes in regulatory standards of the healthcare system for the approvals of medical devices are expected to limit the global market due to the complexity and time-consuming procedures. These regulatory procedures are expected to be expensive, which hinders the global market. Frequent updates and regulation changes are estimated to be challenging for expanding the glucometer market as the manufacturers need help.

Alternative methods, such as continuous glucose monitoring systems, are gaining popularity as they continuously monitor blood glucose levels via accurate measurements and avoid frequent finger pricking. Overcoming these beneficial devices is challenging for glucometer manufacturers to increase their market revenue. The availability and adoption of alternative glucose monitoring methods impact the demand for glucometers.

Impact Of COVID-19 Impact on The Global Glucometer Market

The Pandemic positively impacted the glucose monitoring devices, which increased the glucometer market revenue. Diabetic patients are highly prone to COVID-19, and these patients were observed to have increased blood glucose levels with diabetic complications. Glucometers are highly considered during COVID-19 when patients are hospitalized to avoid emergencies. The US FDA approved personal glucometers and continuous glucose monitoring devices in hospitals during the Pandemic. These scenarios increased the demand for blood glucose monitors and are expected to increase the glucometers market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Glucometer Market Analysis By Product

The self-monitoring blood glucose systems segment dominated the global glucometers market with a market share of 68% in 2023. This self-monitoring method indicates that the patient's blood glucose levels are tested using glucometers; based on the results, the patients adjust their treatment and consult the healthcare professional. According to international guidelines, self-monitoring blood glucose should be performed regularly for effective diabetes management and treatment. The immediate results produced by these glucometers are more convenient than the lab tests, even though there are specific differences between the glucometer readings and actual blood glucose levels. These factors are driving the global glucometer market by contributing to segment growth.

The continuous glucose monitoring devices segment is expected to have significant growth with prominent CAGR during the forecast period due to their advanced technology and continuous monitoring of blood glucose levels.

Global Glucometer Market Analysis By Type

The non-wearables segment held the most significant global market share due to the wide availability of glucometers with lancets and strips. Most glucometers require finger pricking to take the blood sample, which is convenient to use.

The wearables segment has gained traction recently due to its comfort and flexibility during traveling and in other situations. The wearables segment is projected to have prominent growth during the forecast period.

Global Glucometer Market Analysis By Distribution Channel

The retail pharmacies segment held the most significant global market share due to wide availability according to patient requirements. The retail pharmacies are of a wide range, and people can physically choose the type of glucometer according to their requirements.

The Online retailing segment is projected to have rapid growth during the forecast period with the highest CAGR due to the increasing adoption of digital transformation worldwide. The Pandemic has highly impacted people regarding digital platforms, and the growing availability of discounts and offers by digital platform owners is expected to boost the global market growth in this segment.

Global Glucometer Market Analysis By Indication

The Type 2 diabetes segment dominated the global market with a share of 89% and is anticipated to witness significant growth during the forecast period. The growing cases of diabetes due to lifestyle factors such as malnutrition, physical activity, and unbalanced diet should be considered. Type 2 diabetes patients require oral medications and insulin to maintain their blood glucose levels. Type 1 diabetes mainly occurs in children and adolescents and is an autoimmune disorder.

REGIONAL ANALYSIS

The North American region held the largest market share of 47.24% in the global glucometer market in 2023 due to the rising prevalence of diabetes and the presence of advanced technology in the healthcare system are majorly contributing to the global market growth by the regional market expansion. According to the Centers for Disease Control and Prevention (CDC), National Diabetes Statistics report in 2022 that more than 130 million adults are living with diabetes and prediabetes in the United States. Type 2 diabetes is more common among people in rural areas, and growing government initiatives for educating people regarding the risk complications of diabetes and the substantial lifestyles of people with unbalanced diets are boosting the incidence of diabetes among people by demanding glucometers. The presence of significant market players in the developed countries, the US and Canada, fuels the market growth. The growing research and development activities, high healthcare expenditure, and the existence of highly developed technologies and medical device companies in the region are propelling the global market growth.

The Asia Pacific region is expected to grow significantly during the forecast period. It is anticipated to witness the most significant market share due to increasing government collaborations with public authorities to bring awareness among the people. Rapid urbanization, changing lifestyles, and the growing prevalence of diabetes in countries like China, India, and Japan are enhancing the global glucometer market value in the region. The growing adoption of technological advancements in glucometers and the rising awareness among people regarding diabetes and its management and prevention fuel the market growth.

KEY PLAYERS IN THE GLUCOMETER MARKET

Abbott Diabetes Care, Roche Holding AG, Medtronic PLC, Dexcom Inc., LifeScanInc., Agilent Technologies, Ascensia Diabetes Care Holdings AG, Trividia Health, Inc. and Merck KGaA are Promega Corporation are some of the notable companies in the worldwide glucometer market.

RECENT HAPPENINGS IN THE MARKET

• In October 2023, The Canadian government approved Dexcom's next-generation Dexcom G7 Continuous Glucose Monitoring System for type 1 diabetes patients.
• In February 2023, according to Bloomberg, Apple focused on developing a non-invasive blood glucose monitoring device that could be incorporated into the Apple Watch. The non-invasive device uses lasers to detect glucose levels by replacing the finger prick.
• In January 2022, Roche launched the Cobas Pulse System, which offers an excellent and high-class performance blood glucometer that is simple and convenient to use and incorporated with expanded digital potential to smartphones.
• In February 2022, Sorrento acquired Virex Health, a US-based company that develops glucometers. With this acquisition, the patented Virex technology employs enzymatic and electrochemical amplification to detect picogram levels of biological analytes such as SARS-CoV-2 and its variations. This acquisition is expected to strengthen the companies' portfolios.

DETAILED SEGMENTATION OF THE GLOBAL GLUCOMETER MARKET INCLUDED IN THIS REPORT

This research report on the Global Glucometer Market has been segmented and sub-segmented based on product, type, distribution channel, Indication and region.

By Product

• Self-Monitoring Blood Glucose Systems
• Continuous Glucose Monitoring Devices

By Type

• Wearables
• Non-wearables

By Distribution Channel

• Hospitals & Clinics
• Retail Pharmacies
• Online Retailing

By Indication

• Type 1 Diabetes
• Type 2 Diabetes

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa