The Global Market for Blood Glucose Monitoring (BGM) Devices is Projected to Exceed US$12 Billion by 2020

Epidemic Nature of Global Diabetes Prevalence Drives Demand for Blood Glucose Monitoring Devices, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Blood Glucose Monitoring Devices. The global market for Blood Glucose Monitoring (BGM) Devices is projected to exceed US$12 billion by 2020, driven by the expanding diabetic population and rising demand for minimally invasive glucose monitoring solutions.

Diabetes is the seventh leading cause of death globally with around 387 million people affected with the disease in 2014 and expected to reach 592 million by 2035. Diabetes was responsible for an estimated 4.9 million deaths in 2014. Fast paced lifestyles with sedentary modes of livelihood and poor dietary habits and the rapidly aging population are resulting in the steady increase in the number of individuals suffering from diabetes. Physiological factors, obesity and genetic predisposition are few of the other factors that cause diabetes. Improper management of diabetes results in increased risk of developing complications such as stroke, heart disease, kidney disease, and glaucoma, among others. Diabetes also increases the risk of lower-extremity amputations. With no effective cure for diabetes mellitus, effective disease management is growing in importance as the only means to live a healthy life with diabetes. Against this backdrop, blood glucose monitoring (BGM) devices including BGM meters, strips and lancets are witnessing strong growth.  

Technological advancements in monitoring devices are benefiting growth in the market. Rise in home healthcare represents another major factor driving market expansion. Continuous technology developments are giving rise to newer self-monitoring blood glucose (SMBG) devices with enhanced accuracy, portability, durability, functionality and user-friendliness. Manufacturers are launching SMBG devices that are compatible with smartphones, tablets and other portable computing devices. Continuous glucose monitoring (CGM), one of the cutting-edge BGM technologies, is poised to gain traction driven by the growing acceptance of CGM devices and improving reimbursement scenario. Artificial Pancreas, a technology that addresses the age-old demand for entirely eliminating reliance on ‘exogenous’ insulin, is expected to become a game changer for diabetes care and BGM devices markets in the next few years.

As stated by the new market research report on Blood Glucose Monitoring Devices, the United States represents the largest market worldwide. With China and India topping the global charts in terms of diabetic population, Asia-Pacific is emerging as the most promising market with a CAGR of 9.1% over the analysis period. Surging incidence, undiagnosed population, low product penetration, rapidly graying population, and increasing awareness about the disease and its morbid complications, represent key growth drivers in the region. Blood Glucose Strips comprises the largest as well as the fastest growing market, primarily due to the consumable nature of the product as well as its ubiquitous use in institutional and homecare settings.

Key players covered in the report include Roche Diagnostics, LifeScan, Bayer Healthcare, Abbott Diabetes Care Inc., AgaMatrix, Inc., Arkray Inc., Bionime Corp., B. Braun Melsungen AG, DexCom Inc., Medtronic, Nipro Diagnostics Inc., Nova Biomedical Corporation, and Terumo Europe NV, among others. 

The research report titled “Blood Glucose Monitoring Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US dollars for the global and major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed in the report include Blood Glucose Strips, Blood Glucose Meters and Lancets.