Next-Generation Glucose Monitor Market Report – Forecasts
The International Diabetes Federation stated in 2017 that more than 400 million people across the world suffer from diabetes. The number is rising every day and was projected to be around 629 million by 2045. The mere statistic of a large number of diabetic populations, along with the reliance on blood glucose monitoring devices, has propelled a tremendous growth in the global next-generation glucose monitor market. Moreover, the expanding geriatric population, which is likely to be 22 percent by 2050, has augmented the demand for next-generation glucose monitoring.
The Glucose Monitoring devices are crucial for regular tracking of blood sugar levels for timely treatment and are also economically beneficial. These devices also help in preventing other health-related conditions including neuropathy, retinopathy, and cardiovascular diseases.
The demand for non-invasive glucose monitoring market has been on the rise of late, as opposed to the conventional invasive devices. This has boosted the investment for newer devices with the coming days. Recently, the Germany-based company DiaMonTech GmbH launched a next-generation glucose monitoring device that uses infrared light beam through the skin to diagnose the blood sugar levels.
Type-wise, the Global Next-Generation Glucose Monitor Market can be bifurcated into continuous glucose monitoring devices and self- monitoring devices. Within this, the self-glucose monitoring systems holds the largest share in the market for next-generation glucose monitor as of 2019. These devices track the blood sugar levels through a sensor implanted under the skin for continuous monitoring. Continuous glucose monitoring has proved helpful for Type 2 diabetes patients who require several shots of insulin per day. This segment is likely to record the fastest growth between 2020 and 2026.
Based on end-use, the global next-generation glucose monitor market includes hospitals, home care, and diagnostic centers. The hospital segment is leading the market owing to the developing infrastructure and mounting healthcare expenses. Hospitals have better provisions to store patient details. Moreover, the cost of testing blood sugar at hospitals is more than that at home, which drives this segment. On the other hand, the home care segment has seen a huge transformation in recent years and is anticipated to record the fastest growth of 7.7 percent. This segment has become popular for short-term monitoring of glucose across the world.
Region-wise, the Global Next-Generation Glucose Monitor Market is led by North America generating a revenue of USD 3012.6 million in 2018. North America is likely to hold its ruling position in the coming years due to the adoption of innovative wearable and continuous blood glucose meters in the United States. This is also combined with the obvious factor of the rising number of diabetic patients in this region. European market follows the North American market. The Asis-Pacific (APAC) region has gradually become lucrative for companies in this market. China is leading this region given its large diabetic populace and fast economic development. Growing awareness regarding controlling and tracking diabetes has also augmented preventive care in this region.
Some of the key players in the Global Next-Generation Glucose Monitor Market include Dexcom Inc., Medtronic, Ascensia Diabetes Care Holdings, Lifespan Inc., Sanofi, and so forth.
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