Global blood glucose monitoring system market expected to generate around USD 18.87 billion in revenue by the end of 2024, growing at a CAGR of around 5.1% between 2018 and 2024. Blood glucose monitoring is a part of the standardized care for diabetes patients. It helps in monitoring and controlling the glucose level in diabetic individuals and impaired glucose tolerance.
The report covers forecast and analysis for the blood glucose monitoring system market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the blood glucose monitoring system market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the blood glucose monitoring system market on a global level.
In order to give the users of this report a comprehensive view of the blood glucose monitoring system market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new service type launch, agreements, partnerships, collaborations & joint ventures, research & development, service type and regional expansion of major participants involved in the market.
The study provides a decisive view of the blood glucose monitoring system market by segmenting it based on product type, testing site, indications, end-user, and region. All the segments have been analyzed based on present and future trends and the market is forecasted from 2018 to 2024. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and The Middle East & Africa. This segmentation includes demand for blood glucose monitoring system market based on all segments in all the regions and countries.
The key players in the global blood glucose monitoring system market are Abbott Laboratories, Novo Nordisk, Hoffmann-La Roche Ltd., Sanofi, Medtronic, Nova Biomedical, B. Braun Melsungen, Terumo Corporation, ARKRAY Inc., and Becton Dickinson.
This report segments the global blood glucose monitoring system market as follows:
Global Blood Glucose Monitoring System Market: Product Segment Analysis
Global Blood Glucose Monitoring System Market: Testing Site Segment Analysis
Global Blood Glucose Monitoring System Market: Indication Segment Analysis
Global Blood Glucose Monitoring System Market: End-User Segment Analysis
Global Blood Glucose Monitoring System Market: Regional Segment Analysis
Blood glucose monitoring devices are used to detect the glucose level in the blood. Glucose is a type of sugar present at a certain level in a human body. When this glucose level drops, a person suffers from diabetes. Blood glucose monitoring devices are used to monitor the glucose levels of diabetic patients.
The occurrence of diabetes is increasing at an exponential pace worldwide and has become one of the serious health concerns. WHO (World Health Organization) declared it a global epidemic due to its rapidly increasing prevalence. Approximately 30.3 million, i.e., 9.4% of the U.S. population is suffering from diabetes. The global incidence of diabetes has risen from 4.7% to 8.5%, i.e., doubled since the 1980s in adults. Increased prevalence of diabetes is mainly driving the growth of the blood glucose monitoring system market. Additionally, the increase in adoption of sugar surveillance system, increase in adoption of minimally invasive techniques, growing the aging population, technological advancements in the blood glucose monitoring systems, and rising awareness about the use of these systems in developing regions is anticipated to fuel the growth of the global blood glucose monitoring system market.
The blood glucose monitoring system market is segmented on the basis of product type, testing site, indication, and end-user. Based on product type, the market for the blood glucose monitoring system is further segmented into self-monitoring devices and continuous glucose monitoring devices. Self-monitoring devices segment is further sub-segmented into blood glucose meters, lancets & lancets devices, and testing strips. The self-monitoring devices segment is dominating the global market for blood glucose monitoring system, owing to the rapid product development. On the basis of testing site, this market is further segmented into fingertip testing and alternate testing site. Fingertip testing is anticipated to dominate the market due to its accuracy. Based on the indication, the blood glucose monitoring system market is segmented into type-I diabetes, type-II diabetes, and gestational diabetes. Type-I and type-II diabetes are further sub-segmented into adult and pediatrics. Type-II diabetes segment is anticipated to dominate the application segment of blood glucose monitoring devices, due to the increase in the prevalence of this diabetes type. The end-user segment includes hospitals, clinics, and homecare. Homecare segment is anticipated to dominate the market.
North America is anticipated to dominate the market in the forecast period, due to rise in the initiatives undertaken by the government for prevention and treatment of diabetes with the help of leading players of the region, the rapid use of well-developed technology, and increase in R&D activities. The Asia Pacific is expected to show the highest growth due to an increase in the population suffering from diabetes. The increase in the aging population, lifestyle-associated changes, rising awareness regarding diabetes, and rapid urbanization are some of the factors fueling the growth of the blood glucose monitoring system market in the Asia Pacific region.
The key players operating in the global blood glucose monitoring system market are Abbott Laboratories, Novo Nordisk A/S, Hoffmann-La Roche Ltd., Sanofi, Medtronic, Nova Biomedical, B. Braun Melsungen, Terumo Corporation, ARKRAY Inc., and Becton, Dickinson, and Company. These companies focus on developing new technologies and getting it FDA approved so that they can launch it. For instance, in 2018, Medtronic received approval from FDA for smart continuous glucose monitor. In 2017, Abbott received approval from FDA for the first continuous glucose monitoring system that does not require blood sample calibration.
Request the coronavirus impact analysis across industries and markets