Glucose Monitoring Devices Market to Worth Over $6 Billion by 2023
Arizton’s recent market research report on the glucose monitoring devices market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (self-monitoring blood glucose devices and continuous glucose monitoring devices), by end-users (hospitals and clinics, diagnostic centers, and home healthcare), by distribution channel (retail and online), and by geography (APAC, Europe, Latin America, MEA, and North America).
The glucose monitoring devices market is anticipated to generate revenues of more than $6 billion and is projected to grow at a CAGR of over 8% during the forecast period.
The introduction of user-friendly glucose monitoring devices that help to efficiently monitor the glucose levels and the growing demand for lancets will propel the growth of this market. The growing disease awareness in developing countries of China and India will boost the demand for glucose monitoring devices in the global market.
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The top 3 drivers and trends attributing to the growth of the glucose monitoring devices market are discussed below:
Growing Adoption of Smartphones and Gadgets
The increasing adoption of smartphones and wearable gadgets is promoting the growth of the global glucose monitoring devices market. The wide variety of smart gadgets that are available in the market offer easy detection of blood glucose level in an individual. The introduction of smart watches and gadgets such as Fitbit allow continuous monitoring of glucose level and is boosting the demand for innovative medical devices in the global market. These wearable devices help track specific parameters such as blood pressure, glucose level, sleep activity, and others. The rising number of health-conscious population is driving the growth of the glucose monitoring devices in the global market. The vendors in the market are focusing on developing new products on the basis of the high popularity of smart gadgets such as Fitbit devices, smart watches, and others. Such product innovations will propel the development of the glucose monitoring devices market during the forecast period.
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Increasing Adoption of Home Healthcare Concept
The growing adoption of home healthcare products for the monitoring of vital signs such as blood pressure, glucose level, and cholesterol level are driving the growth of the global market. The rising demand for better healthcare infrastructure and superior patient care facilities is attributing to the growth of the home healthcare concept across the world. Home healthcare settings help to reduce the length of hospital stay, the chances of re-admissions, and the economic burden in the emerging countries. The integration of information technology and healthcare services will revolutionize the healthcare industry and create a market for home healthcare services over the next few years. Furthermore, home healthcare devices help track activities in real-time with the use of fitness trackers and mobile applications. Such development of the home healthcare concept will drive the growth of the glucose monitoring devices market.
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Growing Promotional and Marketing Activities
The leading vendors in the global glucose monitoring devices market are focusing on choosing appropriate distribution channels for product distribution and devising effective advertising strategies to attract the maximum number of consumers. The implementation of aggressive pricing strategies will help players to sustain the intense competition in the global market. The increasing internet penetration and use of smartphones will enable companies to use online distribution channels to reach a wider group of audiences in the global glucose monitoring devices market. The increasing use of e-commerce portals to offer heavy discounts on various products will fuel the demand for glucose monitoring devices in the global market.
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The leading vendors in the glucose monitoring devices market are Abbott, Medtronic, LifeScan, and Roche.
The complete overview of the latest market research report on glucose monitoring devices market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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