The global blood glucose monitoring (BGM) market is anticipated to grow at a significant rate in the forecast period owing to rising prevalence of diabetes and increase in adoption of continuous sugar surveillance systems.Regular monitoring of blood sugar levels is both clinically and economically beneficial and vital for proper diabetes diagnosis and treatment. It also helps in preventing related health conditions including diabetic retinopathy, neuropathy, and cardiovascular diseases. There are various types of monitors available in the market which is ranging in price, size, ease of use, the length of testing time and portability.
The glucose monitoring devices market is a very profitable market with a tremendous development potential owing to continuous technological advancement in these devices, the rapid increase in aging population, the convenience of continuous sugar monitoring over conventional monitoring, increasing the number of diabetic patients and early detection of hypo and hyperglycemic diabetes. Growth in this segment is expected to owe to rising use such devices by healthcare professionals to monitor real-time blood sugar levels for better management of diabetes. Increased patient awareness and concern about the sugar level has increased the number of self-monitoring blood sugar users.
However, various factors challenging industry growth such as high cost associated with the diagnosis of diabetes, patent expiry issue and inadequate reimbursement related to the application of CGM systems and product recalls are some of the key factors hindering market growth. Emerging economies despite having the large patient have low penetration of such systems especially innovation technologies due to lack of disease understanding, non-existence of reimbursement, urban-rural divide reduces the prospects of progress, despite having a massive potential.
Patients having Type 1 and Type 2 diabetes can lead longer, fuller and healthier lifestyle by cautiously controlling their blood glucose levels. However, blood glucose level monitoring with such devices is both costly and painful. The pain arises due to the usage of a lancet which pricks on the tip of the finger to get the required drop of the blood for testing purposes. As a result of the same, many diabetic patients do not check their sugar level as frequently as they should.
Easy availability and increasing use of insulin pens in India have contributed to the growth of this segment. Continuous glucose monitoring systems are the fastest growing sub-segment.
These systems can be segmented into blood glucose meters, continuous glucose monitoring devices, lancets and blood glucose testing strips. On the other hand, insulin drug delivery devices are sub-segmented into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors. Test strips are expected to be the most successful product owing to the declining prices and ease of use.
The U.S. market is projected to dominate the strip test segment due to the rise in the patient population, innovation in technology and health care spending while China has the highest number of self-monitoring system users. Asia Pacific and Europe are anticipated to grow over the forecast period owing to increase in some diabetic patients, lifestyle changes, increasing the prevalence of diabetes, and increasing research on diabetes and continuous innovation in technologies and its management. China is expected to witness significant growth for the BRIC diabetes device market followed by other countries such as India, Russia and Brazil.
Key industry players include Life scan Inc. and Roche Diagnostic. New players are encouraged owing to innovative technologies and clinically beneficial CGM technology. Though these new players currently occupy a small share of the overall market, uptake of CGM technology is expected to cause a significant shift in market share.
Key players include Becton, Dickinson and Co., Terumo Corporation, Acon Laboratories Inc., Roche Diagnostics Ltd., Johnson & Johnson, ARKRAY Inc., Novo Nordisk A/S, Medtronic, Abbott Laboratories, Bayer AG, Ypsomed AG and Sanofi.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
