Preview: Glucose Meter Market 2023-2030

A Quick Preview of the Glucose Meter Market: 2023 - 2030 - Hangzhou MedAsia
Dio Ye

Overview


The global market for blood glucose meters reached a value of USD 3.2 billion in 2022 and is projected to exhibit a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030.

 

glucose testing market analysis


This growth is driven by various factors, including the increasing geriatric population, the ability of point-of-care (POC) diagnostic tests to provide immediate results and enhance patient care, and the rising adoption of electronic medical records (EMRs). The shortage of skilled staff, particularly in the diagnostics field, is also expected to drive the market penetration of glucose POC diagnostic products.

As a result, healthcare professionals prioritize diabetes management to reduce mortality rates. A survey by the Diabetes Research Foundation reveals that diabetes increases the risk of fatal outcomes by 50% among COVID-19 patients.
Growing awareness of diabetes management, limited healthcare access, scarcity of healthcare professionals, and the high global prevalence of diabetes in Asian countries contribute to the increasing adoption of POC glucose testing solutions. This presents an opportunity to alleviate the healthcare burden and improve patient outcomes.

 

Diabetes

Moreover, the presence of unmet medical needs for diabetes diagnosis and management, coupled with increasing patient awareness, is expected to drive the demand for POC diagnostics. According to the International Diabetes Federation, approximately 537 million people had diabetes in 2021, with projections of reaching 643 million by 2030 and 783 million by 2045.
The healthcare industry's focus on shorter hospital stays, improved acute care, and the expansion of outpatient surgical centers has led to a greater demand for Short Turn-Around Testing (STAT). POC management solutions enable easy collection, sharing, and management of specimens to meet regulatory requirements.

Product Analysis


In 2022, the "others" product segment captured the largest market share, accounting for over 54.6% of global revenue. This segment is expected to maintain a steady Compound Annual Growth Rate (CAGR) throughout the forecast period. POC monitoring devices play a crucial role in enabling home-based self-monitoring of blood glucose levels, empowering patients to manage their condition conveniently. Additionally, these devices are also utilized in inpatient settings due to their user-friendly nature and ability to deliver fast results. We have witnessed the introduction of multiple glucose meters to meet the substantial demand for diabetes monitoring technologies in hospitals, clinics, and other medical settings.

Glucose Meter Varieties

 

Two main types of glucometers are available: standard meters and continuous glucose monitors (CGMs).

 

glucose meters

 

Standard Glucose Meters

  • Ideal for individuals not needing frequent testing or insulin injections.
  • Measures current blood glucose levels through a fingerstick sample placed on a test strip and inserted into the device.

Continuous Glucose Monitors (CGMs)

  • Suitable for those with type 1 diabetes, individuals requiring precise blood sugar control, insulin pump users, those who lack symptoms of low blood glucose, and those with frequent high or low levels.
  • Measures blood glucose in real-time using a sensor placed on the skin.



MedAsia Blood Glucose Meter System offers user-friendly features for easier diabetes management at competitive prices. Smart and powerful data management is compatible with the On Call® Diabetes Management Software.

 

medasia glucose meter

 

Regional Analysis


In 2022, North America captured a substantial market share of over 40.3% in terms of overall revenue. Europe closely follows, accounting for over 30%. And Germany is projected to be the dominant player in the blood glucose monitoring market in Europe.

 

global glucose testing market

In 2022, Germany accounted for 31.87% of the European market. According to the German Diabetes Centre (DDZ), the prevalence of diabetes in Germany is currently at least 7.2% of the population and is expected to significantly increase in the next two decades. Estimates suggest that up to 12 million people could have type 2 diabetes in 20 years, representing a potential 77% increase from 2015 to 2040, according to researchers from the Robert Koch Institute (RKI) and the German Diabetes Center (DDZ).


The aging population and unhealthy lifestyle contribute to the steady rise of type 2 diabetes in the coming years. During the COVID-19 pandemic, Germany procured 200,000 doses of experimental antibody cocktails for EUR 400 million, specifically targeting high-risk diabetic patients in the early stages of the illness. Considering these factors, the blood glucose monitoring market in the European region is expected to grow significantly.

 

medasia glucose meters


The Asia Pacific region is poised to become a highly attractive POC diagnostics market due to the presence of substantial unmet medical needs and a continuously improving healthcare infrastructure, particularly in countries experiencing rapid economic development such as India and China.

Moreover, local manufacturers are continuously advancing their technologies, incorporating cutting-edge solutions such as Picture Archiving and Communication Systems (PACS) and Electronic Medical Records (EMR). These technological advancements are anticipated to drive market growth during the forecast period. Research studies focused on analyzing glucose POC testing compliances offer valuable insights to end-users.

FAQs about the Report


How big is the global point-of-care glucose testing market?
The global market size for point-of-care glucose testing was estimated to be USD 3.2 billion in 2022 and is expected to reach USD 3.4 billion in 2023.

What is the projected growth rate of the point-of-care glucose testing market?
The market is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030, reaching USD 4.51 billion by 2030.

Which segment holds the largest market share in point-of-care glucose testing?
North America takes the lead with over 40% market share, primarily driven by the United States. Europe closely follows, capturing over 30% market share, led by Germany.

What are the driving factors for the growth of the point-of-care glucose testing market?
Key factors driving market growth include the increasing prevalence of diabetes and advancements in technology.

 

PS: If you want my team to OEM your own glucose meter, please contact insights@medasiagroup.com

 

*Photo Source: grandviewresearch

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