Diabetes is one of the leading causes of increasing mortality rate across the world. Growing incidences of diabetes worldwide have made governments, institutions, and market players to work toward reducing the prevalence of diabetes by creating awareness about the use of home-care products for blood sugar monitoring.  This has opened up the glucose monitoring devices market across the globe.

Global Glucose Monitoring Devices Market: Insight

According to a market research report, Glucose Monitoring Devices Market – Global Outlook and Forecast 2018 – 2023 by Arizton, the major drivers for the growth of the global glucose monitoring devices market are the increasing incidence of diabetes across the globe, growing adoption of smart gadgets to monitor blood sugar level, and rising acceptance of sugar monitoring devices among women.

The market for both self-monitoring blood glucose (SMBG) devices that are used to monitor blood sugar levels without the assistance of medical professional and continuous glucose monitoring (CGM) devices, which automatically track blood sugar level with the help of a sensor fitted under the skin and controlled using mobile applications and smart gadgets is on the rise across the world.

According to the report, the demand is expected to show a considerable increase over the next few years, growing at an impressive CAGR of 8.38% over 2017-2023 and crossing $6 billion by 2023.

Global Glucose Monitoring Devices Market: Vendor Dynamics

The competitive scenario in the global glucose monitoring devices market is currently intensifying, riding on the rapidly changing technological environment and high investment in R&D by market vendors. The market is fragmented with many global players providing monitoring devices with high accuracy and compatible with mobile applications. Analysts at Arizton believe that the global players would grow by the acquisition of regional or local players during the forecast period. Abbott, F. Hoffmann-La Roche, LifeScan, and Medtronic are the major vendors in the market. Other prominent vendors include Mediwise, Medisana, Ascensia Diabetes Care, International Biomedical, Integrity Applications, Hemocue, Philosys, B. Braun, Terumo Europe, Acon Laboratories, A. Menarini Diagnostics, Bioptik Systems, Dexcom, AgaMatrix, Wama Diagnostica, 77 Elektronika, National Diagnostic Products, Beurer, Alere, Senseonics, Taidoc Technology, Echo Therapeutics, Panasonic Healthcare, BD, Bionime, Nova Biomedical, Arkray, Animas, Dariohealth, Integrity Applications, International Biomedical, Menarini Diagnostics, Nemaura, Nipro Diagnostics, Nova Biomedical, Omnis Health, Owen Mumford, Novo Nordisk, Innovus Pharmaceuticals, and Glysens.