Smart glucose meters are tools that are technology-oriented and can even detect hypoglycemic and hyperglycemic situations. The factors driving market growth include the increasing prevalence of diabetes, a rise in the demand for non-invasive blood glucose meters, unhealthy eating habits, and more creative product innovations and launches. The prevalence of diabetes has been increasing considerably in recent years which has spurred the demand for glucose meters.
According to the World Health Organization (WHO) 2019, diabetes was the ninth leading cause of mortalities with around 1.5 million mortalities directly caused by it. Due to its ease of use and flexibility, continuous glucose monitoring has surpassed the previous invasive method in terms of popularity. New applications that monitor blood glucose levels have been deployed on mobile devices such as smartphones.
Governments in developing countries are investing heavily in modernizing health-care infrastructure in their countries, which will likely positively impact sales of smart glucose meters as well. However, lack of awareness and high costs associated with the product are some of the factors hindering market growth.
Type 2 diabetes is projected to witness substantial growth due to soaring obesity problems
Type 2 diabetes is more prevalent due to unhealthy eating habits which in turn leads to obesity. Obesity is on the rise all across the globe as a result of changing lifestyles, increased alcohol consumption, physical inactivity, and unhealthy eating habits. This rise in obesity at a substantial rate is causing a sharp increase in the demand for smart glucose meters. These devices are considerably used in home care along with other end users.
Technological advancements, increasing desire for minimally invasive treatment, and new product launches for home care use are supporting the growth of smart glucose meters. A wireless network connection and multi-parameter versions available in the smart glucose meters make them easier to use, thereby, driving their demand.
Asia Pacific region is a prominent region due to an increase in the diabetic population
The Asia Pacific is expected to garner significant revenue over the forecast period. Pivotal growth factors facilitating the regional market growth include a rapid increase in the number of diabetic patients, increasing health awareness, reimbursement policies, and the significant presence of industry players offering a variety of smart glucose meters.
As per the WHO, diabetes prevalence has been rising more rapidly in low-and middle-income countries than in high-income countries. Almost 10% of all adults in China currently live with diabetes. Without urgent action to reduce lifestyle risk factors like unhealthy diet and lack of physical activity, diabetic patients in the country are expected to surge to 150 million by 2040 – with major health, social and economic consequences.
Furthermore, the US and the UK have significant cases of obesity due to unhealthy eating habits, thereby it is anticipated to boost market demand for smart glucose meters in these countries. North America is projected to be a lucrative region due to its well-developed healthcare infrastructure coupled with the huge investments in the healthcare sector.
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Market Structure and Competitive Landscape
The smart glucose meter market is characterized by the presence of a significant number of players operating in the market. Some of the prominent players include Novo Nordisk, Medtronic plc, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer AG, LifeScan IP Holdings LLC, Dexcom Inc., Sanofi SA, Eli Lilly and Company, and B Braun Melsungen AG among others.
These companies use several tactics to reinforce their market share and acquire a competitive advantage over their competitors. Mergers & acquisitions, partnerships and collaborations, expansions, and product launches are some of the strategies followed by industry players. Some of the key developments in the smart glucose meter market include,
- In April 2022, DexCom, Inc launched the new Dexcom ONE Continuous Glucose Monitoring System, which will be available in the UK. The Dexcom ONE system is a simple-to-use real-time CGM (rt-CGM) that will be more inexpensive and accessible for diabetics in the UK and it will be evaluated for inclusion in drug tariffs in the United Kingdom.
- In December 2021, Medtronic plc announced that the US Centers for Medicare & Medicaid Services (CMS) will expand into all forms of continuous glucose monitors (CGMs), including adjunctive and non-adjunctive CGMs, and would be covered by Medicare. CGMs that work with Medtronic insulin pumps are included in this category.
Key Market Segmentation
RationalStat has segmented the smart glucose meter market based on product type, application, measurement technology, end use, and region.
- By Product Type
- Self-Monitoring Blood Glucose (SMBG) Systems
- Continuous Glucose Monitoring (CGM) Systems
- By Application
- Type 2 Diabetes
- Type 1 Diabetes
- Gestational Diabetes
- By Distribution Channel
- Institutional Sales
- Retail Pharmacies
- Hospital Pharmacies
- By End Use
- Home Care
- Diagnostic Centre
- Others (Clinics)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents.
- Industry and market-related documents available in the public domain like IEA.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for smart glucose meter manufacturers and sellers, glucose monitoring device manufacturers, pharmaceutical companies, medical companies, government organizations, healthcare facilities, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global smart glucose meter market is expected to grow at a CAGR of approximately 8.4% during the forecast period 2022-2028.
Asia Pacific holds a prominent share of the market.
The global market for smart glucose meters was US$ 5 Billion in 2021.
The emergence of Type 2 diabetes patients and soaring obesity problems are the key trends driving the growth of the global smart glucose meter market.
Major companies operating in the global smart meter market are Novo Nordisk, Medtronic plc, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer AG, LifeScan IP Holdings LLC, Dexcom Inc., Sanofi SA, Elly Lilly and Company, and B Braun Melsungen AG among others.