Market Research Report
Blood Glucose Monitoring Market - Growth, Trends, and Forecast (2012 - 2024)
|Published by||Mordor Intelligence LLP||Product code||808261|
|Published||Content info||105 Pages
Delivery time: 2-3 business days
|Blood Glucose Monitoring Market - Growth, Trends, and Forecast (2012 - 2024)|
|Published: February 1, 2019||Content info: 105 Pages||
The global blood glucose monitoring market is expected to register a CAGR of 11.88% during the forecast period of 2019 - 2024; the market is estimated to reach USD 12.8 billion by 2019.
Blood glucose monitoring devices are used for effective diabetes diagnosis and treatment. A rise in the diabetic population drives the market by increasing the use of blood glucose monitoring devices.
Obesity is also considered as one of the major factors contributing to the disease, primarily Type 2 diabetes.
Also, other factors, such as technological innovations and advancements, give much convenience in measuring the blood glucose levels. One such advancement in monitoring the blood glucose level is established with continuous glucose monitoring devices.
These devices help in the early detection of hypo and hyperglycemic conditions, which tend to drive the market for glucose monitoring.
There are two main types of blood glucose monitoring devices included in this study, namely the self monitoring blood glucose devices and the continuous glucose monitoring devices. The devices are further categorized by components, i.e. the self-monitoring blood glucose (SMBG) devices are segmented into glucometer devices, test strips, and lancets (which are further studied by their usage in hospital and home individually) and continuous glucose monitoring (CGM) devices are segmented into sensors and receivers.
Key Market Trends - Glucometer consumables (test strips and lancets) occupy the highest market share
Although CGM is an advanced way for people living with diabetes to check glucose readings in real-time, SMBG is the most preferred device by the patients due to its economic affordability and less sophisticated usage when compared to CGM. The SBGM occupies more than 87% of the share in the blood glucose monitoring market. The further segmented market of SBGM gives an understanding that the disposable consumables - test strips and lancets, occupy the larger market share when compared to glucometer devices. However, the CAGR for glucometer devices is high.
CGM, though it provides real-time data of blood glucose levels for patients, has low adaptability in the emerging markets. However, CGM's adaptability is high in developed markets. The cost factor is a major concern for the low growth of CGM in emerging markets.
North America is leading the market
In 2018, North America, especially the United States, held the largest share in the blood glucose monitoring market, due to the large patient pool and wide acceptance of advanced technologies followed by Europe, which showed moderate growth. Asia-Pacific, Latin America, and the Middle East & Africa showed low growth due to economic affordability.
The blood glucose monitoring market is highly fragmented with few major manufacturers boasting a global market presence, while the remaining manufacturers confining to the other local or region-specific manufacturers.
Mergers and acquisitions that happened between the players in the recent past helped the companies to strengthen their market presence. For example, Dexcom has partnered with Julphar to have its market presence in the Middle Eastern region.