Glucometer Market Analysis

The market by product type is categorized into self-monitoring blood glucose meters, and continuous glucose monitors. The continuous glucose monitors are further bifurcated into wearable, and non-wearable. The segment garnered USD 8.9 billion revenue in 2023.

• Continuous glucose monitors (CGMs) dominate the market due to their real-time monitoring capabilities, providing comprehensive insights into glycemic status and enabling prompt decision-making for diabetes management.
  
• Moreover, the convenience of wearable sensors and reduced invasiveness further positions CGMs as a user-friendly alternative to traditional self-monitoring blood glucose meters.

Based on application, the glucometer market is segmented into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment accounted for over 92.7% business share in 2023 and is anticipated to witness significant growth during the forecast period. Type 2 diabetes is a widespread and chronic condition, representing a substantial portion of the diabetic population globally.

• For instance, as projected by the National Institute of Health (NIH), the expected global prevalence of type 2 diabetes is anticipated to reach 7,079 individuals per 100,000 by 2030, demonstrating a continuous upward trend across all regions globally.
  
• Thus, as the incidence of type 2 diabetes continues to rise, the demand for glucometers in this segment is anticipated to witness significant growth throughout the forecast period.
  

Based on distribution channel, the glucometer market is segmented into hospital pharmacies, retail pharmacies, online sales, and diabetes clinics & centers. The hospital pharmacies segment accounted for over 29.5% business share in 2023 and is anticipated to witness significant growth during the forecast period.

• Hospital pharmacies serve as crucial distribution channels for glucometers due to their direct association with healthcare facilities. The prevalence of diabetes often leads to patients seeking medical attention in hospitals, where glucometers are not only utilized for diagnosis but also recommended for monitoring blood glucose levels during treatment.
  
• Furthermore, the convenience of obtaining glucometers directly from hospital pharmacies ensures immediate access for patients under medical care.
  
• Additionally, healthcare professionals in hospitals play a pivotal role in guiding patients on proper glucometer usage and providing necessary education on diabetes management.
  

Thus, as the demand for glucometers aligns with the increasing prevalence of diabetes-related hospital visits, the hospital pharmacies segment is poised to witness significant growth throughout the forecast period.

North America glucometer market accounted for USD 6.2 billion revenue in 2023 and is predicted to witness substantial market progress.

• The growth is majorly owing to the region's relatively high prevalence of diabetes, prompting a significant demand for glucometers in the region. Furthermore, according to the Centers for Disease Control and Prevention (CDC), as of 2023 in the U.S., around 38 million people are living with diabetes, representing about 1 in 10 individuals, with approximately 90-95% of these cases attributed to type 2 diabetes.
  

• Furthermore, the well-established healthcare infrastructure, coupled with a proactive approach towards adopting advanced medical technologies, further fuels the market growth.
  
• Additionally, increased awareness about diabetes management and the availability of technologically advanced glucometers contribute to their widespread adoption in North America.