According to our new research study on “Glucose Monitoring Devices Market Forecast to 2027 – Global Analysis – by Product, End User, and Geography,” the market size is expected to reach US$ 21,850.9 million by 2027 from US$ 12,628.3 million in 2018; it is estimated to grow at a CAGR of 6.4% during 2019–2027. The report highlights trends prevailing in the market and factors driving its growth. The glucose monitoring devices market growth is attributed to the increasing prevalence of obesity globally and rapid technological advancements in glucose monitoring devices. However, lower diagnosis and treatment rates in emerging countries restrict the adoption of devices, thereby hindering the market growth.
The market for glucose monitoring devices in North America is majorly contributed by the US. The market in the region is experiencing robust growth owing to the significantly rising prevalence of diabetes across the countries. The market is also driven by the awareness programs and initiatives to prevent the growth of diabetes; moreover, the changes in reimbursement scenarios are likely to add up to the growth during the forecast period. Diabetes is commonly seen in the elderly. However, the prevalence of diabetes is also seen among the overweight and obese population. According to the data published by the Center for Disease Control and Prevention in 2017, it stated that ~30.3 million people, which represents 94% of the population, are suffering from diabetes. Among these, nearly 23.1 million people are diagnosed with diabetes and around 7.2 million people are not diagnosed with proper procedures.
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The global glucose monitoring devices market, based on product, is segmented into glucometers, lancets, testing strips, and other glucose monitoring devices. The testing strips segment was the largest among the product subsegments in the market in 2018 and is expected to witness growth in its demand at the fastest CAGR of 7.0% during 2019–2027. The global glucose monitoring devices industry, based on end user, is segmented into home care and hospitals & clinics. The homecare segment held a larger share of the market in 2018 and is expected to witness growth in its demand at a faster CAGR during 2019–2027.
Increasing Prevalence of Obesity Worldwide Fueling Glucose Monitoring Devices Market Growth
Obesity is one of the significant concerns globally. It is one of the major issues that affect people of all ages. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. Lack of exercise, unhealthy diet, and rapid growth in the obese population are expected to increase the susceptibility of diabetes among the population globally. Hence, this is expected to increase the demand for insulin delivery devices in the coming years.
Glucose Monitoring Devices Market: Segmental Overview
The global glucose monitoring devices market, based on product, is segmented into glucometers, lancets, testing strips, and other glucose monitoring devices. The testing strips segment is the largest among the product subsegments in the market in 2018; it is also expected to witness growth in its demand at the fastest CAGR of 7.0% during 2019–2027.
End User-Based Insights
The global glucose monitoring devices market, based on end user, is segmented into home care and hospitals & clinics. The homecare segment held a larger share in 2018 and is expected to witness growth in its demand at a faster CAGR during 2019–2027
Glucose Monitoring Devices Market: Competitive Landscape and Key Developments
F. Hoffmann-La Roche LTD.; B.Braun Melsungen AG; Medtronic; Abbott; Lifescan, Inc; Ascensia Diabetes Care Holdings AF; YPSOMED AG; Omron Corporation; GE Healthcare; and Nipro Corporation are among the leading companies in the glucose monitoring devices industry. Following are among the key developments of market players operating in the market under study:
- In April 2019, LifeScan Inc. received Health Canada’s authorization for sale for its new OneTouch Verio Reflect system, and it will be available in stores from mid?May 2019. It is the only blood glucose monitoring system with the new blood sugar mentor messages.
- In April 2018, F. Hoffmann-La Roche LTD. launched its latest technology in blood glucose self-monitoring: the Simply Smart Accu-Chek Guide system and its unique spill-resistant SmartPack vial. The new pocket-friendly SmartPack is specially designed to reduce everyday blood glucose testing hassle.
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