Global Statistics Representing Glucose Monitoring Devices Market Scenario
As per the WHO, rising incidences of diabetes is one of the important driver’s for glucose monitoring devices market. According to International Diabetes Federation (IDF), in 2015, it was estimated approximately 415 million people suffered from diabetes globally, with 90% of the cases of type 2 diabetes, representing 8.3% of the adult population. In 2014, global economic cost of diabetes was estimated to be USD 612 billion. In addition, research & development initiatives, technological advancements, and improved healthcare facilities are key factors fueling the growth of the market. Changing lifestyle and increasing adoption of fast food has resulted in the high prevalence of obesity is expected to fuel the growth of the market on account of increasing prevalence of diabetic patient.
Global glucose monitoring devices market was valued at around 10.5 billion and expected to register CAGR of 9.8% in the forecast period.
The global glucose monitoring devices market is segmented by product and application.
On the basis of product, the market is segmented into blood glucose monitors, glucose monitoring Strips and Lancets. Blood glucose monitors are the leading segment in the forecast period. Testing of blood sugar level used to calculate percentage of the sugar in the body. Furthermore, it is also used to check the effects of the medication different foods.
Based on the application, the market is segmented into hospitals and clinics, diagnostic centers and home settings.
Depending upon the geographical analysis, the market includes major four regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).
North America is expected to hold the largest market share. This is attributed to, increasing number of diabetes patient. Furthermore, increasing obsess population is leading cause of diabetes is driving the growth. For instance, according to Center for Diseases Control and Prevention (CDC), approximately 100 million U.S population has been suffering from diabetes.
Europe is expected to be the second leading region for global glucose monitoring devices market. High prevalence of diabetes diseases on account of increasing environmental pollution and genetic disorders. For instance, according to British Diabetic Association, in 2017, approximately 3.1 million population had been suffering from diabetes. Apart from this, increasing government support to diabetes treatment is supporting the growth of the glucose monitoring devices market.
Asia Pacific is expected to be the fastest growing market for glucose monitoring devices. This is attributed to increasing prevalence of genetic diseases in the region. Additionally, government initiative for prevention and control of diabetes is supporting the growth of the market.
On the other hand, the Middle East & Africa is expected to hold the least share in the market due to the limited availability of funds, poor healthcare infrastructure, low spending power in the region.
In 2015, Abbott launched the professional version of its flash glucose monitoring system for monitoring glucose.
In 2017, ARKRAY USA, Inc. launched glucocard shine XL which provides highly accurate readings and easy to use.
The prominent players in glucose monitoring devices market include Life scan Inc., Becton, Dickinson and Co., Terumo Corporation, Acon Laboratories Inc., Roche Diagnostics Ltd., Johnson & Johnson, ARKRAY Inc., Novo Nordisk A/S, Medtronic, Abbott Laboratories, Bayer AG, Ypsomed AG, and Sanofi.
Blood Glucose Monitoring Devices Market Segmentation
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