The GMI Research forecasts that the blood glucose monitoring devices market is witnessing an upsurge in demand over the forecast period starting from 2020 till 2027. This is mainly due to the increase in the prevalence of diabetes and the growing adoption of continuous glucose monitoring (CGM).
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Blood glucose monitoring devices are used to measure blood sugar levels and are an important step in diabetes treatment. They also help in avoiding other health-related conditions such as retinopathy, neuropathy, and cardiovascular diseases. There are several types of blood glucose monitors available in the market, varying in price, size, length of testing time, and ease of use.
Some of the major factors driving the growth of the global blood glucose monitoring devices market include rapid technological advancements and early hypo and hyperglycemic diabetes detection. Continuously changing lifestyles, such as smoking and consumption of alcohol and unhealthy foods, are some of the factors increasing the number of diabetes patients across the world. In addition to this, the significant growth in the geriatric population prone to diabetes is further growing the number of diabetes cases. As per the World Health Organization (WHO), the global aging population will increase from 12% in 2015, reaching 22% by the end of 2050. There is a growing prevalence across the globe, particularly in emerging countries such as India and China. On the other hand, inadequate reimbursement, and high cost regarding the application of CGM systems and product recalls will hinder the growth of this market. Additionally, continuous growth in the geriatric population and rapid advancement in blood glucose monitoring devices are some of the factors surging the growth of the market.
Based on region, the Asia-Pacific is expected to grow at a higher CAGR during the forecast period due to rising growth opportunities derived from the reimbursement facilities and the widespread presence of the major players of the market across the Asian countries. The rapid improvement in the healthcare sector, owing to the massive funding raised by governments and private organizations, is another factor enhancing the demand of the market in this region.
Key Players of the Global Blood Glucose Monitoring Devices Market:
• Abbott Laboratories
• ARKRAY, Inc
• F. Hoffmann-La Roche Ltd
• Terumo Corporation
• Nipro Diagnostics
• Medtronic
• Becton
• Dickinson and Company
• Dexcom, Inc.
• Sanofi Pyure Brands LLC
Market Segmentation:
Global Blood Glucose Monitoring Devices Market Report Segment by Product Type:
• Blood Glucose Monitors
o Single Point Blood Glucose Meters
o Continuous Glucose Monitoring Systems
Sensors
Transmitter and Receivers
External Monitor
• Glucose Monitoring Strips
• Lancets
Global Blood Glucose Monitoring Devices Market Report Segment by End-User:
• Hospitals and Clinics
• Diagnostic Centers
• Home Settings
Global Blood Glucose Monitoring Devices Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, be it small and medium enterprises or large organization. Our research team helps the clients to understand the importance and impact of the market dynamics. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use both internal and external databases to cull out relevant information about the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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