The Global Market for Glucose Monitoring Devices and Systems is Forecast to Exceed US$17.5 Billion by 2024
Growing
Popularity of Smart, Compact, Digital, Ergonomic, and Wireless Glucose
Monitoring Devices Drives Healthy Market Growth, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Glucose Monitoring
Devices market. The global market for Glucose
Monitoring Devices and Systems is forecast to exceed US$17.5 billion by 2024, driven by the epidemic
nature of diabetes incidence globally and the resulting need for easier,
economic, and efficient monitoring and management of the disease, and rising
demand for minimally invasive, smart, connected, and intelligent glucose
monitoring solutions.
Blood
glucose levels can be monitored with three kinds of devices - traditional blood
glucose monitoring devices (BGM), continuous glucose monitoring devices (CGM),
and non-invasive glucose monitoring devices (NIGM). BGM devices are considered
painful and invasive as they require obtaining the blood sample by injection,
while CGM devices comprise wearable technologies that are designed to
automatically and continuously measure glucose levels based on interstitial
fluid between cells that are present underneath the skin surface. Non-invasive
glucose monitoring devices (NIGM) measure glucose levels by transdermal,
optical, and other methods that do not compromise the skin barrier and do not
require blood sampling. With diabetes patients becoming increasingly aware that
high post-prandial blood glucose levels lead to glycosylation of hemoglobin and
other proteins, subsequently triggering complications such as neuropathy,
retinopathy, and cardiovascular diseases, the propensity of increased post-prandial
testing will continue to fuel demand for glucose monitoring devices and
systems. Added to this is the emergence of diabetes as one of the largest
health emergencies of the modern world, with diabetes prevalence reaching
epidemic proportions the world over driving the requirement for pre-diabetics
testing and post-prandial glucose-level monitoring.
Healthy
growth is projected for the market in the coming years driven by alarming
increase in diabetic population as well as the fast increase in the uptake of smart,
intelligent, compact, digital, ergonomic, and wireless glucose monitors. In
addition to blood glucose reading, future glucose monitors are
expected to offer greater accuracy, be more user friendly, perform complex
calculations, identify trends, support insulin calculations, offer data
relating to improved management of diabetes, and also connect and interact with
other devices. Development of devices that interact with each other directly or
through transmission of data to the cloud will facilitate better management of
diabetes as transfer of data to the central cloud will enable advanced
algorithms to review the combined data and identify new relationships and
patterns. Increasing
obesity levels globally coupled with growing requirements of aging patients at
both facility-based geriatric care as well as home-based managed care
facilities is also expected to benefit demand for various glucose monitoring
devices. Although traditional self-glucose monitoring will continue to dominate
the global market, continuous glucose
monitoring (CGM) devices are expected to generate robust demand supported by the
benefits of 24/7 tracking of blood glucose levels; and averting “Hypoglycemic Unawareness” condition
where the patient becomes unconscious when the blood glucose level reaches
dangerous lows, among numerous other benefits.
As
stated by the new market research report on Glucose Monitoring Devices, the
United States represents the largest market worldwide, followed by Europe. 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 9.5% over
the analysis period. Low product
penetration, rapidly graying population, undiagnosed and high risk
population attributable to rapid urbanization, less physically demanding
lifestyles, heavy consumption of refined carbohydrates, and lack of exercise in
addition to increasing awareness about the
disease and its morbid complications represent key growth drivers in the
region.
Key
players in the market include Abbott Diabetes Care Inc., ACON Laboratories Inc.,
AgaMatrix Inc., Alive Technologies Pty. Ltd., ARKRAY Inc., Ascensia Diabetes
Care Holdings AG, B. Braun Melsungen AG, Beurer GmbH, Dexcom Inc., GlySens
Incorporated, LifeScan Inc., Medtronic plc, Nova Biomedical Corporation, Omron
Healthcare Co. Ltd., Roche Diagnostics, Senseonics Holdings Inc., Terumo
Corporation, Trividia Health Inc., and Ypsomed Holding AG, among others.
The
research report titled “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 Self Glucose Monitoring (Blood Glucose Strips, Blood
Glucose Meters and Lancets), and Continuous Glucose Monitoring.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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