Blood Glucose Monitoring System Market 2024, Analysis of Top Manufacturers
Posted by Yash Chauhan on February 26th, 2019
Diabetes mellitus is a group of chronic endocrine gland disorder due to the insufficient level of insulin supply. Prolonged hyperglycemia (high blood sugar) can lead to severe complications including cardiovascular disease, kidney failure, diabetic retinopathy or nephropathy, and ulcers. Blood glucose monitoring systems help patents to the testing of blood glucose level in the body. The global blood glucose monitoring system market is growing at a significant pace due to the increasing prevalence of diabetes cases globally. The market is expected to grow at a significant rate for continuous blood glucose monitoring products in the coming years due to the growing adoption of minimally invasive procedure.
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Currently, there are two types of blood glucose monitoring system, self-monitoring blood glucose systems, and continuous monitoring blood glucose system. As both the types the continuous monitoring blood glucose system market is expected to grow at the higher growth rate, as in increasing adoption of minimally invasive procedure.
By the basis of the testing site, the blood glucose monitoring system market is segmented into fingertip testing and alternate site testing. Among the most common technique used for measurement of blood glucose level is Fingertip testing. Globally Fingertip testing segment has a larger share and is also expected to grow at a faster rate due to high reliability and accuracy of fingertip testing.
The worldwide blood glucose monitoring system market has also been further segmented by application into type I, type II and gestational diabetes. Type I diabetes accounts for about 5 to 10 percent of the diabetes cases and type II accounts for approximately 90 percent of the diabetic cases. Many patients with type II diabetes are asymptomatic. The type II diabetes segment is estimated to have the biggest share in the market due to the growing incidence of type II diabetes and increasing innovative product launches with less invasive technologies. According to the International Diabetes Federation (IDF) in 2017 approximately 352 million people were at risk of developing type II diabetes.
The end-applicant of the blood glucose monitoring system market are hospitals and clinics, and home care. The home care segment has the biggest share and likely to grow at the fastest rate due to a rising diabetic population, increasing innovative product launches enhancing patient comfort and increasing awareness of regular monitoring of glucose levels.
The growing prevalence of diabetes, speedy increase in the aging population and the increasing number of product launches are the primary growth drivers for blood glucose monitoring system market. As per the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In pipeline products, developments and ongoing researches and increasing adoption of the continuous sugar surveillance system are also driving the global market. Due to technological advancement in glucose monitoring is making device smaller, smarter and more convenient.
The high cost of blood glucose monitoring products, invasiveness of blood glucose monitors and poor reimbursement of blood glucose monitoring devices and supplies are the major challenges for the growth of blood glucose monitoring system market. In developing countries like Africa and some Asian countries, it is difficult to bear the cost of the testing strips and blood glucose monitors due to poor reimbursement policies. However, in some of the developed countries like Europe and in Canada, the limitation on the supply of testing strips per patient hinder the growth of the market.
The robust distribution channel for blood glucose monitoring products helps to cater to the increasing demand for diabetic care device. The main challenge for the new entrants is the survival in capital intensive and highly regulated blood glucose monitoring system market.
Globally, North America is the largest blood glucose monitoring system market as the region has favorable reimbursement policies, increasing awareness program and rising FDA approvals. An increasing prevalence of diabetes has powered the growth of the North American blood glucose monitoring system market. According to the Centers for Disease Control and Prevention (CDC), in 2015, approximately 23.1 million people in the U.S. had diabetes.
Asia-Pacific, especially in countries like India, Japan, China, Korea, Thailand, is observed to witness the fastest growth in demand for blood glucose monitoring products. The increasing prevalence of diabetes, growing awareness of diabetes, increasing healthcare expenditure, and the huge population base is creating a positive impact on the blood glucose monitoring systems market growth in the region.
Main players in the blood glucose monitoring system market are investing in the development of innovative and advanced products, which is strengthening their position in the market. In September 2016, Abbott gained FDA approval for the FreeStyle Libre Pro continuous glucose monitoring (CGM) device, a professional-use device to provide better diabetes management to a diabetes patient. In addition, in August 2016, Roche launched the Accu-Chek Guide, the next-generation blood glucose monitoring system. Abbott Laboratories, B. Braun Melsungen, F. Hoffmann-La Roche, Ypsomed, LifeScan, Medtronic, Ascensia Diabetes Care, Dexcom, Nipro and Sanofi are the key players offering blood glucose monitoring products.
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About the AuthorYash Chauhan
Joined: February 25th, 2019
Articles Posted: 106
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