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.

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