Glucose Monitoring Devices Market to Reach USD 44.88 Billion by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Glucose Monitoring Devices Market’ with a forecast period of 2025-2034. In 2023, the global glucose monitoring devices market size was USD 14.1 Billion, and is calculated at USD 15.67 billion in 2024. The market is projected to reach USD 44.88 billion in 2034, and register a revenue CAGR of 11.1% over the forecast period (2025-2034).

Market Overview:

Glucose monitoring devices sales have been increasing significantly and the global glucose monitoring devices market has been registering a rapid double-digit revenue growth rate recently. Market growth is driven by key factors such as rising global prevalence of diabetes, inclining obesity rates, increasing number of women with Polycystic Ovary Syndrome (PCOS), sedentary lifestyles, rapidly aging population, increasing health awareness among individuals, and growing preventive healthcare trend. 

Prevalence of diabetes is rising steadily worldwide, and driving demand for effective glucose monitoring and management solutions. This is supported by increasing integration of technologies and innovations in Continuous Glucose Monitoring (CGM) systems and non-invasive devices, which are enhancing convenience, accuracy, and real-time monitoring capabilities, and also supporting adoption in healthcare settings and among users. In addition, integration of glucose monitoring devices with wearable technologies and smartphone applications is expanding usability and driving appeal across a broader used base, and also appealing to fitness enthusiasts and individuals focusing on personal health and wellness and adopting preventive healthcare solutions. 

Rising prevalence of diabetes is also resulting in increasing governments, healthcare organizations, medical device manufacturing companies focusing on more sophisticated and modern approaches to address symptom and conditions associated with the disease. This is also resulting in an increasing  number of younger individuals with diabetes opting for advanced devices and systems to enable easy monitoring and management of glucose levels. Other key factors supporting growth of the glucose monitoring devices market are supportive healthcare policies, increasing government funding and awareness programs, and ongoing research and development to develop more accurate and affordable devices to cater to a broader consumer base. 

Adoption of glucose monitoring devices, including traditional glucose monitoring devices or Blood Glucose Monitors (BGMs) and Continuous Glucose Monitoring Devices (CGMs), Flash Glucose Monitoring (FGM) systems, and other wearable sensors and devices has been rising significantly in developed and developing economies. Use of these devices for gestational diabetes is also gaining traction to reduce hypoglycemia and improve perinatal outcomes in patients. Development and introduction of newer and more advanced devices and systems for glucose monitoring is also having a positive impact on market growth. Devices based on non-invasive monitoring techniques, with new applications like the sugarBEAT patch, which uses electric currents to measure glucose levels without skin punctures has been gaining major traction. Major companies in the glucose monitoring devices market such as Dexcom, Abbott, and Medtronic are leading in the market, with major focus on innovation and development of advanced systems to offer improved accuracy and user experience.

Some Key Takeaways:

• North America glucose monitoring devices market accounted for largest revenue share in 2023, and this is attributed to presence of advanced healthcare infrastructure, high prevalence of diabetes, aging population, high obesity rate, and favorable reimbursement policies. 
• The Asia Pacific glucose monitoring devices market is expected to register fastest revenue growth rate, with China and India emerging as significant markets due to large populations and rising prevalence of diabetes.
• Europe glucose monitoring devices market is also registering significantly steady demand for various devices, with Germany leading in terms of revenue share contribution, followed by the UK.
• Latin America glucose monitoring devices market growth is driven majorly by Brazil and Mexico, where healthcare expenditure is rising number and the number of individuals requiring solutions for management of diabetes is high.
• The Type 2 diabetes segment is expected to account for the largest revenue share among the diabetes type segments over the forecast period. 
• The Continuous Glucose Monitoring (CGM) systems segment among the product segments is projected to account for largest revenue share over the forecast period.
• The hospital segment is expected to account for largest revenue share among the end-user segments in the glucose monitoring devices market over the forecast period.
• Among the distribution channel segments, the retail sales segment is expected to account for largest revenue share over the forecast period. 
• The competitive landscape in the global glucose monitoring devices market is characterized by rapid technological advancements and significant activities and initiatives.
• Dexcom, Abbott Laboratories, Medtronic, and Roche are companies at the forefront of innovation, continually enhancing product offerings and focusing on ease of use, convenience, accuracy, and user experience with regard to solutions they offer and intend to introduce.   

Company List:

• Novo Nordisk
• Sanofi
• Bristol Myers Squibb
• Eli Lilly and Company
• AstraZeneca
• Merck & Co.
• Johnson & Johnson
• Pfizer
• Novartis
• Boehringer Ingelheim
• AbbVie
• Teva Pharmaceuticals
• Glenmark Pharmaceuticals
• Lupin Pharmaceuticals
• Mylan N.V. (now part of Viatris)

Recent Developments:

• September 17, 2024: Senseonics Holdings, Inc., which is a medical technology company focused on development and manufacturing of long-term, implantable CGM systems for diabetes and Ascensia Diabetes Care, announced securing clearance from the U.S. Food and Drug Administration (FDA) for it’s next-generation Eversense 365 CGM system for persons with Type 1 and Type 2 diabetes aged 18 years and older. This new system is the first in the world One Year CGM or 365-day system, which represents a significant breakthrough in diabetes technology and management.
• August 7, 2024: Abbott announced entering into a unique global partnership with Medtronic to collaborate on an integrated continuous glucose monitoring system based on Abbott’s most advanced, world-leading FreeStyle Libre technology that will connect with Medtronic's Automated Insulin Delivery (AID) and smart insulin pen systems. Integration of Abbott’s CGM sensor with Medtronic’s AID algorithms will enable automatic adjustments of insulin to keep glucose in range. The CGM sensor, designed to work exclusively with Medtronic devices, will be developed by Abbott and sold by Medtronic. AID systems can benefit individuals with both Type 1 and Type 2 diabetes and those who need multiple daily injections of rapid-acting insulin.
• February 6, 2024: DexCom, Inc. is a global leader in real-time continuous glucose monitoring solutions for persons with diabetes, and announced launch of its latest CGM system, Dexcom ONE+. This system is now available in Poland, Belgium, and Spain, and will shortly also be available in the Netherlands. The Dexcom ONE+ offers multiple possibilities for personalization and customization, and caters to specific settings, alert options, delay settings, as well as is waterproof and can be used while showering and exercising. 

Glucose Monitoring Devices Market Segmentation:

By Diabetes Type:

• Type 1 Diabetes
• Type 2 Diabetes
• Gestational Diabetes

By Product:

• Self-Monitoring Blood Glucose Devices
• Continuous Glucose Monitoring Systems
• Flash Glucose Monitoring Systems
• Smartphone Apps
• Wearables

By End-Use:

• Hospitals
• Clinics
• Home Care Settings
• Diagnostic Centers

By Distribution Channel:

• Retail Sales
• Institutional Sales

Regional Segmentation: 

North America

•  United States

•  Canada

•  Mexico

Europe

•  Germany

•  United Kingdom

•  France

•  Italy

•  Spain

•  Rest of Europe

Asia Pacific

•  China

•  Japan

•  India

•  Rest of Asia Pacific

Latin America

•  Brazil

•  Argentina

•  Rest of Latin America 

Middle East & Africa

•  Saudi Arabia

•  South Africa

•  United Arab Emirates

•  Israel

•  Rest of MEA