The global glucose monitoring device market demand is expected to witness considerable growth over the forecast period. The glucose monitoring device is expected to witness a rising demand on account of increasing prevalence of diabetes on a global level. Technological advancements and excessive research and development are expected to boost the global market for diabetes rugs and devices. Constant improvements in the self-monitoring blood glucose (SMBG) devices are sailing the market growth high owing to its ability to provide accurate results, durability, functionality, portability, and easy usage quality. Physiological factors including genetic predisposition and obesity are the key factors causing diabetes which are expected to drive the glucose monitoring device industry.
Healthcare is shifting towards an accuracy based model of personal care. Self-care medical devices help the patients to manage irregular chronic and acute illnesses. Increasing diabetic patient population coupled with rising awareness is expected to accelerate the progress of the self-care medical devices industry shortly. Increasing demand for home-based treatment and self-medication on account of being self-sufficient will propel growth. Chronic illness including blood pressure, diabetes asthma, and cardiovascular diseases require regular and continuous monitoring for a lifetime which will increase the demand for the product. Rapid customer adoption on a daily basis as it saves time and reduce the medical costs will promote industry growth. However, factors including unfavorable reimbursement policies and standardization issues will hinder trade expansion shortly. Rise in demand for point of care testing (POCT) is anticipated to generate new development openings for the glucose monitoring device market over the forecast period.
The diabetes devices market is segmented into diabetes monitoring devices and insulin delivery devices. Key diabetes diagnostic and monitoring devices include an analog glucose meter, lancets and lancing devices, glucose test strips and continuous glucose monitoring devices. Test strips are expected to be the leading segment coupled with continuous glucose monitoring devices. Insulin delivery devices include insulin pumps, insulin pens, and insulin syringes. Insulin pens, followed by syringes are expected to grow which in turn will stimulate the demand for the product in the next seven years. Segmentation for these continuous glucose monitoring systems (CGMS) includes major brands and devices, FreeStyle Navigator, Guardian Real Time CGM System, MiniMed Paradigm Revel Veo System and Dexcom G4 Platinum Dexcom Seven Plus CGM System. Guardian real-time CGM and Dexcom seven plus CGM systems are observed to be leading the CGM sector on a global level from the last few years.
Based on device and brand, the overall continuous glucose monitoring market is analyzed by factors including commercial launch, sales revenue, usage, technical developments, and geographical presence. Demand for the Dexcom G4 Platinum CGM system also is predicted to expand rapidly over the forecast period.
By geography, the glucose monitoring device market is classified into North America, Europe, Asia-Pacific, and Rest of the World. North America led the global CGM industry. The North America CGM market is accelerated by increasing technical advancements in medical equipment and growing aging population.
North America is expected to dominate the market over the forecast period on account of increasing prevalence of diabetes which will account for the growth in demand for self-care medical devices. In addition, poor dietary habits, sedentary lifestyle, and development of new technologies are expected to stimulate the product demand over the forecast period.
The key market participants operating in the industry include Roche, DexCom, Inc., Johnson & Johnson, AstraZeneca plc, Insulet Corporation, Becton, Merck & Co., Inc., GlaxoSmithKline plc, Nova Biomedical Corporation, Dickinson & Company, Eli Lilly and Company, Lupin Limited, B. Braun Melsungen AG, Takeda Pharmaceutical Company Limited, Bayer HealthCare AG, Abbott Diabetes Care, Inc., Boehringer Ingelheim GmbH, F. Hoffmann-La Roche Ltd., Bayer AG, and Senseonics, Novartis International AG, Omron Healthcare, Philips Healthcare, GE Healthcare, Johnson and Johnson, Medtronic, Inc., ResMed Inc., Medtronic, Inc., Novo Nordisk A/S, GlySens, Inc., Sanofi, Abbott Laboratories, Inc., and Medtronic, Inc.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.