Global Blood Glucose Monitoring Devices Market is Valued at $8.9 billion in 2010

Wednesday 22 February 2012, Amsterdam

The report presents market landscape, competitive landscape and market trends information on the blood glucose monitoring devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content concerning the market’s dynamics. The report also reviews the competitive landscape and technological offerings.

Global Blood Glucose Monitoring Devices Market is Valued at $8.9 billion in 2010

See figure: Blood Glucose Monitoring Devices Market, Global, Revenue ($bn), 2003-2017

The global blood glucose monitoring market was estimated to be worth $8.9 billion in 2010. The market value has risen from $6.2 billion in 2003, at a Compound Annual Growth Rate (CAGR) of 5.2%. The blood glucose test strips market segment was the largest segment, valued at $7.9 billion in 2010, and has registered a CAGR of 5.3% since 2003.

The global blood glucose monitoring devices market is expected to reach a value of $12.2 billion in 2017, with a predicted CAGR of 4.5% between 2010 and 2017. The blood glucose test strips market segment is expected to be valued at $10.9 billion in 2017 and is forecast to exhibit a CAGR of 4.6% between 2010 and 2017.

High Prevalence of Diabetes is Leading to Patients Opting for Blood Glucose Monitoring Devices

The International Diabetes Federation (IDF) estimates that about 366 million people around the world were suffering from diabetes in 2011, representing 8.3% of the global population. This is expected to increase to 9.9% by 2030. Developed countries tend to have a high prevalence of diabetes. For example, 10.9% of people in the US suffer from diabetes, the highest rate in the world. China, however, has the largest total number of diabetics, with an estimated 90 million suffering from the disease. In India, diabetes affects over 61 million inhabitants.

In the US, the popularity of blood glucose monitoring devices is high. With the increase in the prevalence of diabetes, particularly amongst the younger generation, it is predicted that diabetes care will become a priority. Blood glucose monitoring is essential in determining the body’s need for insulin, and therefore the use of these devices is expected to increase.

The availability of glucose monitoring devices in India and China has increased but they are still expensive. For such countries, where affordability is an important consideration, the market potential of blood glucose monitoring devices is very high.

Increasing Costs of Healthcare will Help in the Sales of Blood Glucose Monitoring Devices

The direct and indirect costs of diabetes care are increasing with the rise in prevalence and the development of various complications due to the disease. According to IDF estimates about $465 billion was spent in healthcare expenditure that was directly or indirectly caused by diabetes. In 2007, the economic costs of diabetes were estimated at $174 billion in the US. In the European Union, about £93 billion was lost due to various direct and indirect costs linked to diabetes. This increased spending is putting pressure on governments to take essential steps to keep the disease in check and avoid complications in order to ensure that these losses are kept to a minimum. This is expected to help boost the sales of blood glucose meters, as keeping a check on blood glucose will help patients to manage their diabetes, thereby reducing the risks of them developing complications.

The US is the Largest Blood Glucose Monitoring Devices Market Worth Around $4 billion

The US was estimated to be the largest blood glucose monitoring device market globally in 2010, when the market was valued at $3.97 billion, registering a CAGR of 3.8% since 2003. The blood glucose test strips market segment was the largest segment, with revenues of about $3.46 billion, comprising about 87% of the total revenues. The blood glucose meters market was estimated at $390m and comprised about 10% of the entire market. The lancets market was estimated to be worth $124m.

The IDF estimates about 23.7 million adults in the US, representing 10.9% of the population, suffer from diabetes in 2011. It has predicted that about 29.6 million people in the US will suffer from diabetes by 2030. It has estimated that about 27% of people with diabetes and about 90% of people with pre-diabetes are unaware of their condition. The IDF estimates that about 180,000 people died due to diabetes in the US in 2011. An estimated 94,700 children with type 1 diabetes live in the North American and Caribbean region. The US accounts for 90% of children with type 1 diabetes in this region.

Medical expenditure is increasing, due to improper diagnosis of the disease: the ADA estimates that about 27% people with diabetes are unaware of their condition. The US is under threat of putting a burden on the healthcare system, as a large number of people will be affected by the disease in the future.

F. Hoffmann-La Roche and LifeScan Lead the Global Blood Glucose Monitoring Devices Market with a Combined Share of More than 50%

In 2010, F. Hoffmann-La Roche (Roche) and LifeScan Inc. (LifeScan) lead the global blood glucose monitoring devices market with a combined share of more than 50%. Roche was the market leader in the global blood glucose monitoring devices market with a share of 29%. Its success is due to the large product offering and popularity of the Accu-Chek brand. A robust financial performance, strong R&D and a number of products in the pipeline will help Roche to continue to maintain its leadership position in the future.

LifeScan, a subsidiary of Johnson and Johnson (J&J), was second to Roche in the blood glucose monitoring devices market with a market share of 27%. The popularity of the OneTouch brand has enabled LifeScan to compete strongly in the blood glucose monitoring devices market. Under the diabetes care division, J&J offers a number of diabetes management products and solutions such as blood glucose meters and insulin pumps. LifeScan may in the future collaborate jointly with other J&J subsidiaries in developing complete diabetes management solutions, which would enable the company to gain a stronger position in the market