As per the International Diabetes Foundation, the number of adults suffering from diabetes was around 425 million and is expected to reach 630 million by 2045. The prevalence of diabetes is primarily increasing owing to the rapid adoption of sedentary lifestyle and unhealthy food habits.
This further shows that the demand for blood glucose monitoring systems will increase, thereby driving the global blood glucose monitoring systems market.
list of key companies mentioned in blood glucose monitoring systems market report,
- Hoffmann-La Roche Ltd.
- Abbott
- Ascensia Diabetes Care Holdings AG
- Dexcom, Inc.
- Medtronic
- Braun Melsungen AG
- Lifescan Inc.
- Terumo Medical Corporation
- DiamonTech GmbH
Fortune Business Insights in a new report, titled “Blood Glucose Monitoring Systems Market Size, Share & Industry Analysis, By Device (Continuous Blood Glucose Monitoring Systems, Self-monitoring of Blood Glucose Systems), By Type (Invasive, Non-invasive), By Modality (Wearable, Non-wearable), By Distribution Channel (Institutional Sales, Retail Sales) and Regional Forecast, 2019-2026” offers an in-depth analysis of the market.
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It further provides details on the adoption of blood glucose monitoring devices across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can help stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players operating in the market.
The market information is gathered from different primary and secondary sources, helping stakeholders to understand and analyze before expanding or investing in the business.
Patients suffering from diabetes have to keep a continuous check on their blood sugar levels to avoid implications of hyperglycemia hypoglycemia. People are increasingly becoming aware of blood sugar monitoring and its importance in the life of diabetic patients. This, coupled with favorable reimbursement policies, is expected to drive the market growth in the forecast period.
As per the report, the global market was valued at USD 10.09 Billion in the year 2018 and is projected to be worth USD 17.06 Billion by 2026. In addition to this, the global market is expected to exhibit a CAGR of 6.7% during the forecast period.
“India and China to Account for 44% of the Global Diabetic Population”
The prevalence of diabetes is increasing especially in countries such as China and India. Factors such as rapid growth in urbanization and lifestyle changes are responsible for this prevalence. Moreover, China and India hold 44% of the overall diabetic population worldwide.
High cost associated with diabetes monitoring systems is expected to hamper the growth of the market especially in developing economies. This is mainly because these countries lack a good and favorable reimbursement policy.
In countries such as the U.S., the average annual cost of continuous glucose monitoring systems is estimated to be between USD 2,500 and USD 2,800. On the other hand, the annual cost of test strips, lancets meters required for self-monitoring blood glucose (SMBG) devices is likely to fall between USD 5,000 to 5,200.
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Major Segmentation includes;
By Device
- Continuous Blood Glucose Monitoring Systems
- Self-monitoring of Blood Glucose Monitoring Systems
By Type
- Non-invasive
- Invasive
By Modality
- Wearable
- Non-wearable
By Distribution Channel
- Institutional Sales
- Retail Sales
By Geography
This is a huge cost of burden for diabetic patients. However, the presence of favorable reimbursement healthcare policies plays a fundamental role in the high adoption of blood glucose monitoring systems. Increasing support from private as well as public health insurance agencies is expected to drive the market, especially in developed nations. this is not the case in developed economies.
For instance, the National Diabetes Services Scheme or NDSS in Australia offers SMBG devices to patients at subsidized rates. Furthermore, around 1.3 million people in Australia registered themselves with NDSS in the year 2018.
“North America to Emerge Dominant Owing to Increasing Adoption of Technologically Advanced Systems”
Among regions, North America is expected to maintain its dominance through the forecast years. This is ascribable to the rising awareness and expenditure about diabetes management. The rising adoption of technologically-advanced devices is another factor contributing to the growth. Some of the most recent blood sugar monitoring devices are more user-friendly, minimally-invasive, more convenient, and easy to handle.
Following North America, the market in Asia Pacific is expected to rise at a higher CAGR in the forecast years owing to the rising prevalence of diabetes. The International Diabetes Foundation found that around 7.1% of Indians suffered from diabetes in the year 2018. People in countries such as Japan, China, and Australia are continuously monitoring their blood glucose levels to maintain diabetes management.
Spurred by this factor, the market is expected to boost in this region over the projected horizon. In October 2019, G6 Pro continuous glucose monitoring (CGM) system developed by Dexcon received FDA clearance. The device can be used on diabetic patients aged two and above.
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