The Global Blood Glucose Monitoring Market is predicted to register 7.1% CAGR during the forecast period (2017-2023) owing to the increased diabetic population across the globe, asserts Market Research Future (MRFR).
Blood Glucose Monitoring is referred to as the process of testing diabetes level in the blood which helps to identify the glucose level in the blood within a specific target range.
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The various blood glucose monitoring devices available in the market are termed as blood glucose meter. These devices offer useful insights to manage diabetes and helps in tracking the progress of treatment goal. It also helps to observe the effect of medication on the blood sugar level besides understanding how the will ailment effect the glucose level in blood.
Drivers and Constraints Impacting the Market
The Blood Glucose Monitoring Market is estimated to experience a striking CAGR in the coming years owing to several factors. With the growing prevalence of diabetes, early detection of diabetes, developing technology for diagnosis and monitoring of diabetes, along with the augmenting demand for continuous glucose monitoring devices, the global blood glucose monitoring market is estimated to flourish during the estimated period. Moreover, physical inactiveness and unhealthy diet has further contributed to the market growth.Increasing awareness of diabetes, development of new technologies, and rising investment in research and development activities have fueled the market growth during the appraisal period. Huge surge in the geriatric population and rising product launch and approvals are further influencing the market growth.
On the flip side, high cost associated with the monitoring and diagnosis of diseases is one of the major concerns considered to impede the market growth in the coming years.Moreover, product recalls coupled with inadequate reimbursements are some of the factors presumed to dampen the market growth to an extent.
Global Blood Glucose Monitoring Market: Segmental Analysis
The Global Blood Glucose Monitoring Market has been segmented on the basis of application, product type, end-user, and region.
By mode of product type, the global blood glucose monitoring market has been segmented into continuous glucose monitoring devices (CGM), invasive glucose monitoring devices, flash glucose monitoring devices, and others.
By mode of application, the global blood glucose monitoring market has been segmented intotype 1 diabetes, type 2 diabetes, and others.Type-I and type-II diabetes are further sub-segmented into pediatrics and adult. The rising prevalence of type-II diabetes is fueling the growth of the use of blood glucose monitoring system.
By mode of end-users, the global blood glucose monitoring market has been segmented intohospitals, diagnostic centers, research centers, clinics,and home care diagnostics. Among these, the homecare segment is considered to dominate the global market owing to an increased diabetic population coupled with the growing preference for minimally invasive technologies which can be used at home.
Geographically, the Blood Glucose Monitoring Market span across regions namely, Europe, America. Asia Pacific, and the Middle East & Africa.
Among these, the Americas is considered to command the largest market share due to notable increasing prevalence of obesity, physical inactivity, and unhealthy diet. As per the Centers for Disease Control and Prevention, in 2015, the incidence of both diagnosed and undiagnosed diabetes population was approximately 30.3 million people of all ages. With the presence of well-developed technology, increased R&D activities, high healthcare spending, and the concentration of key market players, the market in this region is considered to propel.
The European region is estimated tooccupy the second position owing to increasing smoking population, psychosocial factors, environmental pollutants, and socioeconomic deprivation. Government support for research & development activities coupled with the availability of funds for research has further contributed to the market growth in this region.
Asia Pacific, on the other handis presumed to be the fastest growing blood glucose monitoring market. The growth is due to the increasing geriatric population, changing lifestyle, and urbanization. Additionally, the presence of developing healthcare technology, R&D activities, high healthcare expenditure, andconcentration of major companies are further influencing the market growth to a great extent.
January 03, 2019: A team of researchers at KTH Royal Institute of Technology, Stockholm have recently developed a promising alternativefor people with diabetes. A microneedle patch with 50 times smaller than the needles used in the CGM systems, this glucose monitor is a reliable and comfortable blood-sugar monitoring system which has proven to be virtually painless and more accurate.
The prominent players operating the global blood glucose monitoring market are Dexcom Inc. (U.S.),Sphere Medical Holding plc. (U.K), GlySure Ltd (U.K), F. Hoffmann-La Roche Ltd (Switzerland), Arkay Inc. (U.S.), LifeScan Inc. (U.S.),Bayer Healthcare AG (Germany), Goldsite Diagnostics Inc., and Abbott Laboratories (U.S.).
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