Glucose Monitoring Devices Market Size, Share, Competitive Landscape and Trend Analysis Report, by Device, by Patient Type, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics 

The global glucose monitoring devices market size is growing owing to several factors. Prevalence of Diabetes indicates a significant public health concern and thereby driving the demand for glucose monitoring devices. According to the World Health Organization (WHO) report, about 422 billion people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 billion deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades. This surge in diabetes cases propels the demand for advanced glucose monitoring devices, allowing individuals to manage their condition more effectively. 

However, the growth of the glucose monitoring devices market share is expected to face constraints due to high costs, limited accessibility, and technical challenges. The substantial expenses associated with acquiring monitoring devices may limit adoption, particularly in low-income demographics. Limited accessibility in certain regions can impede market penetration, hindering widespread use. Moreover, technical challenges, including issues related to accuracy and reliability, may create skepticism among users. 

Furthermore, the growth of the glucose monitoring devices market is significantly influenced by the evolving trends in telehealth and digital health. With the increasing adoption of telehealth services, individuals with diabetes can remotely monitor their blood glucose levels, facilitating timely interventions and personalized care. Integration of blood glucose monitoring devices with digital health platforms allows for real-time data transmission to healthcare providers, promoting continuous monitoring and proactive management. As telehealth and digital health continue to shape the healthcare landscape, the glucose monitoring devices market experiences growth driven by the demand for connected, accessible, and technologically integrated solutions for diabetes management. 

Patent Analysis by Market Participants of Global Glucose Monitoring Devices Market

In the global glucose monitoring market, Dexcom Inc dominates with 44.27% of patents for continuous glucose monitoring devices, showcasing their strong innovation focus. Medtronic Minimed Inc and Abbott Diabetes Care Inc follow with 10.15% and 14.35% respectively, indicating their significant presence in the market. Other key players like Tandem Diabetes Care Inc and Ascensia Diabetes Care Holdings AG also contribute to the innovation landscape. Dexcom's products include the Dexcom G6, a continuous glucose monitoring system known for its accuracy and user-friendly features. Medtronic offers the MiniMed 670G, an advanced hybrid closed-loop system. Abbott's FreeStyle Libre is a popular flash glucose monitoring system. These companies drive innovation in glucose monitoring, offering diverse products to meet the needs of individuals managing diabetes. 

Patent Analysis by Market Participants

Market Segmentation 

The glucose monitoring devices industry is segmented into device, patient type, end user, and region. On the basis of device, the market is divided into blood glucose meters (BGMs) , continuous glucose monitoring (CGM) systems, flash glucose monitoring (FGM) systems, and smartphone apps and wearables. As per patient type, the market is segregated into type 1 diabetes, and type 2 diabetes. On the basis of end user, the market is segmented into hospitals & clinics, home care settings and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Regional/Country Market Outlook 

According to various reports and clinical studies, type-2 diabetes occurs commonly in women with a history of gestational diabetes mellitus (GDM) . Furthermore, some ethnic groups, viz., Native Americans, African Americans, Latin Americans, Asian Americans, and Pacific Islanders are at a higher risk for type-2 diabetes. According to IDF Atlas 10th edition, the incidence of type-2 diabetes has increased in children as well as adolescents across the globe. All forms of diabetes incur high social, human, and economic burden on individuals of all income groups across the globe. Typically, the costs associated with diabetes treatment led to an increased financial burden on patients.  

The number of undiagnosed diabetes cases has increased due to high healthcare costs. According to various global studies, the total spending on diabetes constitutes about 11.5% of the total healthcare expenditure. The global spending in the healthcare sector for diabetes management accounted for $966 billion in 2021, and it is expected to reach $1, 054 billion by 2045. About 9% of the global healthcare expenditure on diabetes was spent on low- and middle-income groups, which comprise a significant proportion of the diabetic patients.  

On average, about $58, 208 per person was spent by individuals belonging to North America and Caribbean Region (NAC) , whereas about $465.5 was spent in Middle East and North Africa (MENA) region. It is observed that the U.S. spent about $379.5 billion of its annual health budget for diabetes management, whereas China, with the greatest number of diabetes population, spent about $165.3 billion on diabetes and Brazil spent about 42.9 billion. The combined healthcare cost of three leading countries, namely the U.S., Brazil, and China with respect to the prevalence of diabetes is almost 76.98% of the global healthcare expenditure on diabetes. 

• In December 2020, the European Commission's Horizon 2020 program provided funding of $2.85 billion for the continued development of non-invasive touch glucose monitoring technology, GlucoBeam. 
• In December 2021, the U.S. Centers for Medicare & Medicaid Services (CMS) expanded medicare coverage to Medtronic plc for continuous glucose monitoring (CGMs) . This expansion aims to transform the diabetes care business of Medtronic plc. 

Industry Trends 

• In July 2022, the Australian Government has announced to provide access for eligible people to subsidized continuous glucose monitoring (CGM) and flash glucose monitoring (Flash GM) products through the NDSS (National Diabetes Services Scheme) . All people with type 1 diabetes are eligible to apply for access to subsidized CGM and Flash GM products through the NDSS, as well as some people with other rare conditions that are similar to type 1 diabetes.  

Competitive Landscape 

The major players operating in the glucose monitoring devices market include B. Braun SE, Abbott laboratories, F. Hoffman-La Roche Ltd, Medtronic plc, DexCom, Inc., Johnson & Johnson, GlySens Incorporated, Novo Nordisk A/S, Senseonics, A. Menarini Diagnostics S.R.L. Other players in the glucose monitoring devices market include Ypsomed AG, LifeScan, Arkray Inc, PHC Holdings Corporation, Agamatrix Inc, Acon Laboratories Inc, Rossmax International Ltd. 

Recent Key Strategies and Developments 

• In December 2022, DexCom, Inc, the global leader in real-time continuous glucose monitoring announced that it received the U.S. Food and Drug Administration (FDA) has cleared the next-generation Dexcom G7 system. It is the most accurate integrated continuous glucose monitoring (iCGM) system and approval of Dexcom G7 will help the company to gain a strong foothold in the glucose monitoring devices market forecast. 
• In August 2022, Abbott Laboratories and WW International, Inc, entered into a strategic partnership, to integrate WeightWatchers diabetes-tailored weight management program with Abbott's portfolio of FreeStyle Libre products.  

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the glucose monitoring devices market analysis from 2024 to 2033 to identify the prevailing glucose monitoring devices market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the glucose monitoring devices market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global glucose monitoring devices market trends, key players, market segments, application areas, and market growth strategies.
 

Key Sources Referred 

• CORDIS European Commision Research 
• World Health Organization (WHO)  
• International Diabetes Federation 
• DexCom, Inc. 
• Abbott Laboratories 
• National Diabetes Services Scheme- Australian Government  
• National Library of Medicine