The rising cases of diabetes in patients will create new growth opportunities for the global diabetes monitoring devices market, says Fortune Business Insights in a report, “Diabetes Monitoring Devices Market Size, Share and Industry Analysis by Product (Blood Glucose Meters, Test Strips, Lancets), Distribution Channel (Institutional Sales, Retail Sales) & Regional Forecast, 2019 – 2026.” The global diabetes monitoring devices market was valued at USD 21,614.7 Million in 2018, is expected to reach USD 32,881.9 Million by 2026, exhibiting a CAGR of 5.4%.
As per the report, the increasing prevalence of diabetes among geriatric patients is expected to propel growth of the global diabetes monitoring devices market. For instance, according to statistics by the International Diabetes Federation (IDF), more than 80% of the population was suffering from type 2 diabetes. In addition, surge in the sedentary lifestyle is expected to further enable the growth of the global diabetes monitoring devices. For instance, According to the International Diabetes Federation (IDF), an estimated 422 million adults were suffering from diabetes in 2016 and the prevalence is projected to be doubled by 2030.
- Blood Glucose Meters
- Test Strips
By Distribution Channel
- Institutional Sales
- Retail Sales
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Rising Adoption Of The Technologically Advanced Blood Glucose Meters Will Boost Growth In Aisa Pacific
As per the report, the global diabetes monitoring devices on the basis of geography is categorized into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. The global diabetes monitoring devices market in Europe was valued at US$ 10,029.7 Mn in 2018 and is expected to dominate the market during the forecast period. According to the World Health Organization, in 2015, 60 million people were suffering from diabetes in Europe. Furthermore, the increasing diabetic population in Europe and comparatively low prices of insulin and insulin delivery devices along with increasing demand and sales of insulin delivery devices are some of the major factors predicted to boost the market in Europe. The diabetes devices market in Asia Pacific is expected to grow at significantly higher CAGR during the forecast period due to the increasing diabetic population. The rising adoption of the technologically advanced blood glucose meters and higher demand for insulin delivery devices will further boost the growth in the region.
The Prominent Companies Operating In The Global Diabetes Monitoring Devices Market Are:
- Hoffmann-La Roche Ltd
- Tandem Diabetes Care, Inc.
- Braun Melsungen AG
- PHC Holdings Corporation
- Novo Nordisk A/S
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Availability of Alternatives to Hinder the Growth of the Market by 2026
Especially in rural areas, lack of awareness about the diabetes management is hampering the growth of the diabetes monitoring devices market. Also, increasing number of insulin pumps, supplements, drugs, and other alternatives are likely to pose a serious threat to the market. People prefer to use alternatives owing to the mounting cost associated with diabetic monitoring devices. Nonetheless, technological advancements are expected to push growth in the market by introducing cost-effective diabetes monitoring solutions.
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