The Blood Glucose Monitoring Market is estimated to experience a striking CAGR in the coming years owing to several factors. With the growing prevalence of diabetes, early detection of diabetes, developing technology for diagnosis and monitoring of diabetes, along with the augmenting demand for continuous glucose monitoring devices, the Global Blood Glucose Monitoring Market is estimated to flourish during the estimated period.
Moreover, physical inactiveness and unhealthy diet has further contributed to the market growth. Increasing awareness of diabetes, development of new technologies, and rising investment in research and development activities have fueled the market growth during the appraisal period. Huge surge in the geriatric population and rising product launch and approvals are further influencing the market growth.
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On the flip side, high cost associated with the monitoring and diagnosis of diseases is one of the major concerns considered to impede the market growth in the coming years. Moreover, product recalls coupled with inadequate reimbursements are some of the factors presumed to dampen the market growth to an extent.
Global Blood Glucose Monitoring Market predicts the market growth with 7.1 % CAGR (Compound Annual Growth Rate) between 2017 and 2023. Devices known as blood glucose meter are designed to apply to the different type of diabetes.
Blood Glucose Monitoring Market – Key Players
Some of key the players in the market are
- Abbott Laboratories (U.S.)
- Arkay, Inc. (U.S.)
- Bayer Healthcare AG (Germany)
- Hoffmann-La Roche Ltd (Switzerland)
- Goldsite Diagnostics Inc.
- GlySure Ltd (U.K)
- Sphere Medical Holding plc. (U.K)
- Dexcom, Inc. (U.S.)
- LifeScan, Inc. (U.S.)
Blood Glucose Monitoring Market – Segmentation
Global Blood Glucose Monitoring Devices Market is segmented on the basis of product type, application, and end user
On the basis of the product type, it is segmented into invasive glucose monitoring devices, continuous glucose monitoring devices (CGM), flash glucose monitoring devices, and others.
On the basis of the application, it is segmented into type 1 diabetes, type 2 diabetes, and others.
On the basis of the end user, it is segmented into diagnostic centers, hospitals, clinics, research centers, and home care diagnostics.
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Blood Glucose Monitoring Market – Regional Analysis
Geographically, Global Blood Glucose Monitoring Market is segmented into America, Europe, Asia Pacific and the Middle East & Africa.
The Americas commands the largest blood glucose monitoring market due to the presence of a well-developed healthcare sector and large patient population. Americas dominate the global blood glucose monitoring market owing to high healthcare spending, increasing population, increased research & development activities and the concentration of major companies have fueled the growth of the market in this region.
Europe holds the second position in the global blood glucose monitoring market owing to the government support for research & development and availability of funds for research. According to WHO, Globally, around 3.4 million people died annually owing to high blood glucose and almost 80% of these deaths occur in lower and middle-income countries, and this statistic is coupled with the fact that almost 50% were people aged under 70 years.
Asia Pacific is the fastest growing blood glucose monitoring market owing to the presence of rapidly developing healthcare technology, huge patient population, high healthcare expenditure, and increase in prevalence of nerve injuries or disorder related to nerve. Moreover, increasing demand for new treatment methods in countries like India and China are likely to emerge as the fastest growing market across the globe.
On the other hand, in the Middle East and Africa has the lowest Blood Glucose Monitoring Market due to lack of technical knowledge and poor medical facilities.
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