According to The Insight Partners, “Glucose Monitoring Devices Market Size, Share, Growth and Global Forecasts to 2027 – Global Analysis and Forecasts by Product (Glucometers, Lancets, Testing Strips, and Other Glucose Monitoring Devices) and End User (Homecare and Hospitals & Clinics)”; The glucose monitoring devices market size is estimated to reach USD 21.85 billion by 2027 from USD 12.62 billion in 2018; it is expected to grow at a CAGR of 6.4% during 2019-2027.
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Glucose Monitoring Devices Market: Competitive Landscape and Key Developments
- Hoffmann-La Roche LTD.; B.Braun Melsungen AG; Medtronic; Abbott; Lifescan, Inc; Ascensia Diabetes Care Holdings AF; YPSOMED AG; Omron Corporation; GE Healthcare; and Nipro Corporation are among the leading companies in the glucose monitoring devices industry. Following are among the key developments of market players operating in the market under study:
- In April 2019, LifeScan Inc. received Health Canada’s authorization for sale for its new OneTouch Verio Reflect system, and it will be available in stores from mid?May 2019. It is the only blood glucose monitoring system with the new blood sugar mentor messages.
- In April 2018, F. Hoffmann-La Roche LTD. launched its latest technology in blood glucose self-monitoring: the Simply Smart Accu-Chek Guide system and its unique spill-resistant SmartPack vial. The new pocket-friendly SmartPack is specially designed to reduce everyday blood glucose testing hassle.
Increasing Prevalence of Obesity Worldwide Fuelling Global Glucose Monitoring Devices Market Growth:
Obesity is one of the significant concerns globally. It is one of the major issues that affect people of all ages. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. Lack of exercise, unhealthy diet, and rapid growth in the obese population are expected to increase the susceptibility of diabetes among the population globally. Hence, this is expected to increase the demand for insulin delivery devices in the coming years.
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Rising Incidence of Diabetes Drives Glucose Monitoring Devices Market
Diabetes is a disease that occurs when blood glucose, also called blood sugar, is too high. Blood glucose is the main source of energy and comes from the food we eat. Insulin, a hormone made by the pancreas, aids glucose from food getting into your cells to be used for energy. Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes diabetes type-I (also known as diabetes insipidus) and diabetes type-II (also termed as diabetes mellitus). Incidences and prevalence of diabetes are steadily increasing across the globe. Type 2 diabetes is the most prevalent form of diabetes and has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017and it is expected to reach 629 million by 2045 across the globe.
Diabetes of all types can lead to various complications in many parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with this disease. Patients suffering from diabetes require frequent monitoring and external administration of insulin. The rising prevalence of diabetes across the globe is expected to drive the growth of the insulin delivery devices market worldwide during the forecast period.
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