Global Blood Glucose Monitoring Devices Market by Product Types (Self-monitoring Blood Glucose and Continuous Blood Glucose Monitoring), Components (glucometer devices, test strips, lancets, sensors, and receivers), Applications (Hospitals, Home care, and
The Global Blood Glucose Monitoring Devices Market was valued at USD 8 billion in 2019 and is expected to reach USD 13.7 billion by 2026, expanding at a CAGR of around 10% during the forecast period, 2020 – 2026. As per International Diabetes Federation, diabetic count across the globe is set to reach a whopping 629 million by 2045. The rising geriatric population is the major reason behind the rising demand of the prevalence of diabetes and hence blood glucose monitoring devices play a crucial role.
Market Drivers, Restraints, Opportunities, and Trends:
- Rising diabetic population increases the usage of blood glucose monitoring devices which will be effective in diabetic treatments.
- Technological advancements and innovations have proved vital in measuring the blood glucose levels due to the continuous establishments of the measuring devices.
- Growing awareness of diabetes preventive care and constant support through government initiatives are the driving factors responsible for boosting the growth of the global market.
- Rapidly changing consumer lifestyles such as smoking, use of alcohol, and consumption of unhealthy food has resulting in providing opportunity in the prevention of the ongoing number and tackle the situation with the advancements in monitoring devices.
- Healthcare industry requires heavy production of products and hence heavy investments are needed to drive the market. Lack of sufficient funds and government regulatory policies can be the restraining factors hampering the growth of the market.
Scope of the Report
The report on the global blood glucose monitoring devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2015–2018Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, the Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Global Blood Glucose Monitoring Devices Market Report Segment Insights:
Based on product types, the global blood glucose monitoring devices market is divided into self-monitoring blood glucose and continuous blood glucose monitoring. The self-monitoring blood glucose (SMBG) is further divided into blood glucose meter, testing strips, and lancets. The continuous blood glucose monitoring (CBGM) is further sub divided into sensors, transmitter & receiver, and lancets. SMBG has been the dominating segment due to its effective usage and economical cost. CBGM is expected to have a rapid growth in the forecasted period as it helps in analyzing glucose level patterns in patients by providing continuous and real-time blood sugar reading. It helps patients who require frequent blood sugar reading. These devices work through tiny sensor inserted under the skin which measures the sugar level the information is sent to a monitor through the transmitter wirelessly. In terms of components, the market is categorized as glucometer devices, test strips, lancets, sensors, and receivers. Glucometer consumables are expected to have a higher market share in the segment due to its high preference and widely used application. However disposable consumables including test strips and lancets are expected to have a higher market growth in the forecasted period. In terms of applications, the market is fragmented into hospitals, home care, and diagnostic centers. The hospital segment is anticipated to be the dominating force in this segment. Improvement in infrastructure and heavy investments by the government have proven beneficial in boosting the growth of this segment. Cost of measuring blood sugar levels in homecare settings is much lower than that of hospital, hence larger revenue is generated from this segment. On the basis of regions, the global blood glucose monitoring devices market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. North America is leading the market segment as technological advancements and innovations have proved vital in measuring the blood glucose levels due to the continuous establishments of the measuring devices. Improvements in the healthcare infrastructure and rising occurrence of diabetes in the Asia Pacific region are the propelling growth factors of this region.
Competitive Landscape:
Major companies in the global blood glucose monitoring devices market include Novo Nordisk A/S, Medtronic plc, Abbott Laboratories, Sanofi, Dickinson and Company, Hoffmann-La Roche Ltd., LifeScan, Inc., Johnson & Johnson, ARKRAY, Inc., and Becton and Terumo Corporation. The market position is close to be a fragmented one. It is a highly competitive market with not many dominant players. There have been many mergers & acquisitions which has propelled the company’s growth in the blood glucose monitoring devices market. Dexcom, one of the leading marketeers have acquired Julphar to proclaim its dominance in the Middle Eastern region. Many companies have been constantly innovating to create strategies to penetrate the market and become a dominating force. Roche launched blood glucose monitoring system, Accu-Chek Guide. This device plays a vital role in making daily usage glucose monitoring easy.
The global blood glucose monitoring devices market has been segmented on the basis of
Product Types
- Self-monitoring Devices
- Blood glucose meter
- Testing Strips
- Lancets
- Continuous blood glucose monitoring devices
- Sensors
- Transmitter & Receiver
- Lancets
Components
- Glucometer devices
- Test strips
- Lancets
- Sensors
- Receivers
Applications
- Hospitals
- Home care
- Diagnostic centers
Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America