As per Future Market Insights’ latest analysis, the global glucose monitoring device market value is estimated to reach USD 16.2 billion in 2024. Global sales are projected to soar at 10.6% CAGR throughout the forecast period, totaling a valuation of USD 44.6 billion by 2034.
Demand will remain particularly high for continuous blood monitoring devices owing to their multiple advantages. Future Market Insights analysts estimated a robust CAGR of 14.7% for the target segment.
Multiple factors are providing impetus for the growth of the glucose monitoring device market. These include high prevalence of diabetes, growing health awareness, increasing popularity of home healthcare, and surging need for early diabetes management.
Annually, millions of people are affected by diabetes. For instance, according to the International Diabetes Federation, around 537 million adults are living with diabetes. This, in turn, is creating a need for constant monitoring of blood sugar levels, which will propel glucose monitoring device demand.
Glucose monitoring devices are witnessing strong demand as they provide insights into blood glucose levels with or without the need for blood. These devices have become key tools in diabetes management globally.
Glucose monitoring devices have proven efficacy in prolonging and enhancing the lives of patients with cardiovascular conditions. They offer precise monitoring, timely intervention, and life-saving therapies, thereby reducing morbidity and mortality rates associated with diseases like diabetes.
Initially, self-monitoring devices were available at a cheaper price, which required the finger prick process. But later on, continuous monitoring devices (CGM) were launched as there was a high need for minimally invasive techniques.
Growing adoption of continuous monitoring devices will benefit the market. The approach to non-invasive solutions combined with the simplicity, accuracy, and connectivity provided by CGM devices makes them a good choice for people looking to improve their blood sugar readings.
Key Takeaways from the Market Study:
- The global glucose monitoring device industry is estimated to total USD 44.6 billion by 2034.
- By product, the CGM segment is set to grow at a higher CAGR of 7% through 2034.
- Based on indication, the diabetes II category will account for a market share of around 4% in 2024.
- By end-users, the hospital segment accounted for a noteworthy share of 2% in 2023.
- The United States market value is poised to reach USD 4,910.2 million in 2024
- Demand across India is anticipated to surge at 6% CAGR through 2034.
“Non-invasive nature of continuous glucose monitoring (CGM) and its comfort and accuracy are fueling the adoption of these devices. Similarly, ongoing advances in CGM devices, such as integration of AI technology and developed sensor technology, will benefit the market,” says a lead analyst of Future Market Insights.
Accelerated Market Demand: Find Comprehensive Insights and Trends in Our Full Report!
Who is Winning?
Diversifying their product offerings through advances in device technology is a core strategy employed by leading manufacturers in the market. Several notable product launches have been undertaken by key players to maintain their competitive edge.
Recent Developments:
- In May 2022, Abbott received the U.S. Food and Drug Administration (FDA) approval of its latest FreeStyle Libre 3 system for individuals aged four and above who have diabetes.
- In October 2022, Ascensia Diabetes Care, a global company specializing in diabetes care, successfully launched the advanced Eversense® E3 CGM System in Europe.
Key Players in the Glucose Monitoring Device Market:
- Abbott Laboratories
- Dexcom, Inc.
- F. Hoffmann-La Roche Ltd
- Medtronic
- LifeScan IP Holdings, LLC
- Ascensia Diabetes Care Holdings AG.
- ARKRAY, Inc.
- ACON Laboratories, Inc.
- NIPRO
- Nova Biomedical
- Ypsomed
- Prodigy Diabetes Care, LLC.
- ForaCare, Inc.
- Trividia Health, Inc.
- AgaMatrix
- Beurer GmbH
- All Medicus Co., Ltd.
Global Glucose Monitoring Device Market Segmentation:
By Product:
- Continuous Monitoring Devices
- Monitors
- Sensors
- Transmitters
- Self-monitoring Devices
By Indication:
- Diabetes Type I
- Diabetes Type II
- Gestational Diabetes
By End-user:
- Hospitals
- Clinics
- Home Care Settings
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube