Global Blood Glucose Monitoring Devices Market - Focused Insights 2024-2029

MARKET INSIGHTS

The global blood glucose monitoring devices market was valued at USD 25.62 billion in 2023 and is expected to reach USD 52.46 billion by 2029, growing at a CAGR of 12.69% during the forecast period.​ The blood glucose monitoring (BGM) device market is experiencing consistent growth, projected to continue through the forecast period. This surge is primarily driven by the rising prevalence of diabetes, exacerbated by increasing global rates of chronic diseases and obesity. Technological advancements and supportive government initiatives are further accelerating market expansion. BGM devices, both conventional and continuous glucose monitors (CGMs), are essential tools for diabetes management, providing crucial blood glucose level analysis.

MARKET TRENDS & DRIVERS

Use of Optical Sensors in Blood Glucose Monitoring Systems

Diabetes remains a leading cause of mortality, with no definitive cure, making effective blood glucose monitoring devices essential. This has spurred continuous innovation, creating significant market growth opportunities. A notable advancement is the development of optical sensors, offering promising non-invasive glucose sensing through photon detection. These optical sensors are gaining increased attention for their potential in continuous glucose quantification.

Flash Glucose Monitoring emerging Trend in BGM Devices

Flash glucose monitoring (FGM) is a rapidly growing trend in diabetes management, poised to become a leading choice. As a type of continuous glucose monitor (CGM), FGM records glucose levels continuously and displays them upon scanning. This technology offers enhanced control over glucose monitoring frequency. Recent studies indicate that FGM significantly improves clinical outcomes for patients with highly variable glucose levels.

Government Initiatives for Expanding BGM Use in Diabetes Control

To address the growing burden of diabetes, global government initiatives and support programs are driving demand for blood glucose monitoring (BGM) devices. Public health campaigns and government programs are critical in educating populations and promoting self-monitoring. The WHO, in partnership with Canada and the University of Toronto, launched the Global Diabetes Compact. In India, national programs support diabetes management education and device adoption. However, market growth faces challenges, including the high cost of BGM devices, device limitations, and a large undiagnosed population.

GLOBAL BLOOD GLUCOSE MONITORING DEVICES MARKET INSIGHTS

• By Product Type: The global blood glucose monitoring devices market is segmented into conventional BGM (test strips, meters, lancets) and continuous glucose monitoring (CGM) devices (sensors, hardware). Conventional BGM devices hold the largest market share due to their long-standing use and familiarity. BGM remains the most common practice for blood glucose monitoring, supported by global health authorities. Their cost-effectiveness, compared to CGM devices, drives high adoption rates. The lower total cost of test strips and BGM devices makes them a more accessible option. Furthermore, the increasing trend of self-monitoring blood glucose accelerates market growth, as BGM provides personalized treatment and immediate results for effective insulin dosage adjustments.
• By Usage: The personal blood glucose monitoring (BGM) devices segment is experiencing the fastest growth in the global market. Personal BGM has become integral to diabetes management, empowering patients to effectively schedule meals, activities, and medications. The absence of regular self-monitoring significantly increases the risk of diabetes-related complications and hospitalization. Consequently, there has been a substantial rise in personal BGM usage, particularly among insulin-dependent patients, especially those with type 1 diabetes who require frequent monitoring. The increasing prevalence of diabetes and lifestyle changes associated with urbanization in developing countries further drive this growth. Patients are increasingly reliant on self-monitoring to manage blood glucose fluctuations, contributing significantly to the segment's expansion.
• By Distribution Channel: Offline stores hold the predominant share of the global BGM devices market, acting as the primary access point for patients in both developed and developing countries. In developing nations, pharmacies and retail health stores are essential for diabetes care solutions. This segment comprises hospital pharmacies, standalone pharmacies, and various medical device retail outlets. Retail stores, an established distribution method, are largely supported by hospital pharmacies, independent pharmacies, and drug distributors.
• By End-Users: The individual segment is the fastest-growing end-user in the global blood glucose monitoring (BGM) devices market. Diabetes poses a significant public health crisis, particularly impacting developing economies. High morbidity and mortality rates in these regions are often attributed to poor management and non-compliance with global guidelines. Studies consistently demonstrate that inadequate diabetes management leads to poor patient outcomes, driving increased self-testing. Cost-effective population screening remains challenging due to the expense of diagnostic tests and healthcare staffing shortages in both developed and developing countries. To mitigate these challenges, patients are increasingly adopting self-monitoring BGM devices, often supported by government reimbursements and insurance coverage, thus fueling segmental growth.

GEOGRAPHICAL ANALYSIS

North America commands 44% of the global blood glucose monitoring devices market, establishing itself as a highly developed region. Market growth is fueled by substantial R&D investments, advancements in BGM technology, significant spending on diabetes care, and proactive government policies. Favorable health insurance and reimbursement structures, alongside a dedicated government focus on diabetes management, enhance BGM device accessibility for patients, driving significant market expansion.

VENDOR LANDSCAPE

The global blood glucose monitoring devices market, comprising 40 vendors, is characterized by high fragmentation and dominance by key players. Nevertheless, emerging companies are introducing novel BGM solutions, creating moderate growth opportunities. Established leaders, including F. Hoffmann-La Roche, Abbott, and Dexcom, command a substantial market share in the conventional BGM segment. These vendors are actively engaged in ongoing development and investment, solidifying their position in the market.

Recent Vendors Activities

MTD Group expanded its diabetes care portfolio in 2024 through the acquisition of Ypsomed's pen needle and BGM systems, coupled with significant European production site investments.

Abbott strategically acquired Bigfoot Biomedical in 2023 to enhance its diabetes care offerings, particularly its FreeStyle Libre CGM technology.

Medtronic's 2023 acquisition of EoFlow Co. Ltd. aims to strengthen its diabetes care solutions with advanced insulin delivery devices and CGM technology.

Abbott forged strategic collaborations in 2022 with several digital health companies to expand its reach in diabetes management, aiming to serve 8 billion people globally.

embecta and Intuity Medical partnered in 2022 to promote the POGO Automatic Blood Glucose Monitoring system to US medical professionals.

One Drop expanded its technological capabilities in 2020 by acquiring the assets and IP of Sano Intelligence, a manufacturer of non-invasive connected CGM patches.

Product Launched & Development

• In Jun 2024, Prevounce Health launched a technologically advanced and cellular-connected blood glucose meter for remote patient monitoring. It is a rigorously tested and FDA-approved device widely available in the US and global markets.
• In Jun 2024, the US FDA approved Abbott’s two over-the-counter continuous glucose monitoring devices, Libre Rio and Lingo, used by more than 6 million globally.
• In May 2024, Smart Meter launched an iGlucose Plus glucose monitoring device globally. It is a handheld device connected to a smartphone and Wi-Fi systems.
• In Feb 2024, Dexcom launched Dexcom ONE+, a real-time and customized glucose monitoring device that can be worn in three different body locations. Furthermore, it has a water-resistant sensor that enhances its brand image.
• In Feb 2024, Know Labs launched KnowU –a wearable and non-invasive continuous glucose monitoring device with onboard computing power and machine learning technologies.
• In Jan 2022, Roche launched a smart, handheld, and point-of-care blood glucose monitor device for the hospital’s bedside use.