Advancement in Technology Promotes Blood Glucose Monitoring Devices…
The global blood
glucose monitoring devices market
size is expected to reach USD 17.8
billion by 2026, according to a new report by Grand View research, Inc.,
registering a 7.1% CAGR over the
forecast period. The market is propelled by rising prevalence of diabetes
worldwide and increasing geriatric population. Moreover, growing awareness
about diabetes preventive care and new product launches are expected to boost
the market.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Blood glucose monitoring devices
(BGMD) are used to measure blood glucose levels in diabetes patients. These
devices help in analyzing glucose level patterns by providing continuous and
real-time readings. This guides patients in deciding food intake and insulin
dosage. Furthermore, factors such as sedentary lifestyle, unhealthy habits like
consumption of junk food and alcohol as well as smoking, and need for safer and
faster diagnosis will propel market growth over the forecast period.
Obesity is also one of the major
factors attributed to the growing prevalence of diabetes. According to WHO,
over 650 million people were obese in 2016 and this number is expected to grow
further during the course of the forecast period. The market is also expected
to be fueled by continuous efforts for diabetes control by governments and
healthcare organizations such as the International Diabetes Federation (IDF).
Such organizations provide required expertise and support diabetes awareness
campaigns through a network of stakeholders and partners. Increasing healthcare
funding for research and development of effective and affordable devices will
also contribute to market growth.
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Blood
Glucose Monitoring Devices Market Report Highlights
·
Based on product, the
self-monitoring devices segment held the largest market share in 2018 and was
valued at just under USD 7.0 billion that year. Test strips for self-monitoring
of blood glucose held the largest market share of more than 40.0% in 2018
·
Continuous blood glucose
monitors are expected to register the highest CAGR of 7.7% over the forecast
period. These devices are used by patients that require frequent blood sugar
reading
·
By end use, the home care
segment is likely to emerge as the fast growing segment, registering a CAGR of
7.6% during the forecast period. Advancements in home healthcare management
have made self-monitoring of glucose levels easy, convenient, and affordable
·
North America held the largest
market share owing to favorable reimbursement policies, strong presence of key
players, and supportive government initiatives. Increasing prevalence of
obesity and diabetes also contributes to regional growth
·
Some of the prominent players
in the market are Abbott Laboratories; Medtronic plc; F. Hoffmann-La Roche Ltd;
Bayer AG; Lifescan, Inc.; Dexcom, Inc.; Sanofi; Eli Lilly and Company; and B
Braun Melsungen AG.
The global blood glucose monitoring
devices market size was valued at USD 10.4 billion in 2018 and is projected to
exhibit a CAGR of 7.1% during the forecast period. Key factors driving this
market are rising incidence of diabetes, coupled with increasing geriatric
population prone to diabetes. The market is further propelled by growing
awareness about diabetes preventive care, new product launches, and supportive
government initiatives.
According
to the International Diabetes Federation, approximately 424 million people were
living with diabetes in 2017 and this number is expected to reach 629 million
by 2045. Increasing geriatric population is also propelling the market.
According to the World Health Organization (WHO), the global aging population
will rise from 12% in 2015 to 22% by 2050. This translates into significant
development potential.
Blood
glucose monitoring devices are economically beneficial and vital for proper
diagnosis and treatment. These devices are used to measure blood sugar levels
and is an essential step in diabetes treatment. They also help in preventing
other related health conditions such as neuropathy, retinopathy, and
cardiovascular diseases. There are various types of blood glucose monitors
available in the market varying in size, price, length of testing time, and
ease of use.
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Grand View Research has segmented the
global blood glucose monitoring devices market on the basis of product, end
use, and region:
Blood Glucose Monitoring Devices Product Outlook
(Revenue, USD Million, 2015 - 2026)
·
Self-Monitoring Blood Glucose
Devices
o Blood Glucose meter
o Testing Strips
o Lancets
·
Continuous Monitoring Blood
Glucose Devices
o Sensors
o Transmitter & Receiver
o Lancets
Blood Glucose Monitoring Devices End-use Outlook
(Revenue, USD Million, 2015 - 2026)
·
Hospitals
·
Clinics
·
Diagnostic centers
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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