Newark, NJ, Sept. 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the is expected to grow from USD 11.61 billion in 2019 and to reach USD 20.96 billion by 2027, growing at a CAGR of 7.66% during the forecast period 2020-2027.
Growing levels of the diabetic community across the globe is anticipated to propel the market growth. Technological innovation and advancements in the systems are also anticipated to boost the market growth. Varying economic concentration in the emerging economies is anticipated to restrain the growth of the market as these monitoring systems can be replaced for more affordable ones. Stringent regulations and reduced lab investments are expected to restrain the market growth.
Blood glucose monitoring systems are diagnostics systems that are essential for the treatment and care of diabetes. Diabetes is recognized as a chronic condition that results in major social and economic impact. In order to avoid hypoglycaemia and hyperglycaemia, it is essential for diabetic person to monitor blood glucose level regularly as it results in serious implications such as heart attack, stroke and damage to the kidney. It is utilized in order to monitor and measure the levels of blood sugar in the patients. With the growing diabetic population and prevalence of diabetes across the globe, the benefits of the blood glucose monitoring system are increasing with the higher demand. The blood glucose monitoring systems normally take blood samples, but with growing technological innovations and advancements, even blood testing is recognized as traditional and sensors are deployed for continuous monitoring.
Changing preferences and lifestyles, such as smoking and consumption of alcohol as well as unhealthy foods, are resulting in the rising number of diabetes patients across the globe. Obesity plays a vital role that results in diabetes. Factors driving the blood glucose monitoring systems market are the increasing prevalence of diabetes and the growing geriatric population prone to diabetes. The market is further driven by supportive government initiatives, awareness about diabetes preventive care, and new product launches.
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Key players operating in the global blood glucose monitoring systems market include Abbott, Johnson & Johnson Services Inc., Dexcom Inc., B. Braun Melsungen AG, Sanofi, Prodigy Diabetes Care LLC., Nova Biomedical, BD, TERUMO Corporation, Medtronic, PHC Holdings Corporation, NIPRO, ACON Laboratories Inc., Roper Technologies Inc., F. Hoffmann-La Roche Ltd., ARKRAY Inc., Novo Nordisk A/S, Bayer AG and Ypsomed. To gain a significant market share in the global blood glucose monitoring systems market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In March 2018, the FDA approved Medtronic for its continuous glucose monitoring system called Guardian Connect in people with diabetes aged between 14-75 years.
- In September 2017, FDA approved Abbott for FreeStyle Libre Flash, its innovative blood glucose monitoring equipment that didn’t need finger pricking; instead, it required a sensor to be worn beneath the skin that could be used for continuous monitoring up to ten days.
- For instance, in 2017, Roche acquired mySugr GmbH in order to develop Roche’s product portfolio in the field of diabetes management. Roche has a strong presence in North America, Europe, and the Asia Pacific. Its reliable distribution channels are beneficial in order to cater to the growing demand for diabetes care devices across the globe.
The self-monitoring blood glucose devices segment dominated the market and held the largest market share of 54.82% in the year 2019
The product segment includes continuous blood glucose monitoring devices, self-monitoring blood glucose devices. Continuous blood glucose monitoring device segment is further classified into lancets, transmitter & receiver and sensors. Self-monitoring blood glucose device segment is further classified into testing strips and blood glucose meter. The self-monitoring blood glucose devices segment held the highest share of 54.82% in the blood glucose monitoring systems market in 2019 due to low cost and ease of use. The testing strips segment estimated for the highest share due to its affordability and high usage.
The hospital segment dominated the market and valued at USD 3.29 billion in the year 2019
The end-user segment includes diagnostic centers, home care, clinics and hospitals. The hospital segment held the highest share of UDS 3.29 billion in the blood glucose monitoring systems market in 2019. It is due to rising healthcare expenditure in hospitals and enhancing infrastructure. Further, the cost of measuring blood sugar levels in hospitals is costlier than in home care settings. Hence it is generating higher revenue for the blood glucose monitoring systems market. Hospitals have supplementary provisions to save and transfer patient data.
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Regional Segment Analysis of The Blood Glucose Monitoring Systems Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global blood glucose monitoring systems market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific had the highest share of 29.47% in the blood glucose monitoring systems market in 2019. Advancements in reimbursement policies and healthcare facilities in emerging economies are essential factors driving growth in the region. China spearheaded the Asia Pacific region due to rapid economic growth and its vast diabetic population. Moreover, rise in awareness about diabetes preventive care is further expanding market growth.
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About the report:
The global blood glucose monitoring systems market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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