Vendors are focusing on developing innovative devices to sustain the competition in the global glucose monitoring devices market.
Arizton’s recent market research report on the glucose monitoring devices market provides a comprehensive study, trend forecasts, and competitive analysis. This research report segments the market by product types (conventional BGM devices and continuous BGM devices), usage types (personal BGM devices and professional BGM devices), distribution channels (retail stores and online), end-user types (individuals, hospitals and clinics, and others), and geography (North America, APAC, Europe, Latin America, and MEA). F. Hoffmann-La Roche, Abbott, Dexcom, LifeScan, Medtronic, and Ascensia Diabetes Care are identified as the leading vendors that are likely to dominate the market during the forecast period.
The glucose monitoring devices market is expected to reach more than $25 billion by 2024, growing at a CAGR of over 9% during 2018–2024.
Glucose monitoring devices are largely used to monitor blood glucose levels among diabetic patients regularly at home. Advancements in technology have led to the development of highly innovative glucose monitoring devices. Manufacturers are offering a wide range of advanced and innovative blood glucose monitoring devices with features such as inbuilt alert systems, wireless connectivity, data storage, and messaging options to evaluate the patient’s blood glucose levels on a regular basis.
The leading drivers and trends propelling the growth of the glucose monitoring devices market are discussed below:
Growing Prevalence of Diabetes
Diabetes is a chronic health disease that is affecting a high number of people worldwide. Several factors are responsible for the rise of this disorder, however, lack of physical activities, changes in lifestyle, and rise in stress and obesity among people globally are the major ones. According to the IDF 2017 estimates, around 425 million people had diabetes in 2017, and the number of people is expected to reach almost 939 million by 2045. Controlling glycemic levels has proved to be an essential part of managing the disease and helps in reducing the risk of co-morbidities. The prevalence of increasing diabetes across the world is contributing to the growth of the glucose blood monitoring (BGM) devices market.
Glucose monitoring devices can be categorized into conventional and continuous blood glucose monitoring devices. Conventional/traditional BGM involves the usage of a blood glucometer for measuring blood glucose levels in the person.CGM measures glucose concentration in the interstitial fluid of people with diabetes continuously and shows the glucose reading and rate of changes/fluctuations.
Increasing Advancements in Technology
The demand for glucose monitoring devices is growing at a significant rate. Therefore, vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving existing ones to enhance overall diabetes management. The continuous focus of vendors on technological advancements and improvements has led to the development of highly advanced and innovative features to measure the patient’s blood glucose levels regularly. Wireless BGM technologies, miniaturization, Bluetooth-enabled monitoring platforms, and the usage of software platforms for data recording and integration with other compatible patient monitoring platforms are gaining widespread recognition and adoption among people with diabetes globally. Gmate Health’s Gmate SMART system allows end-users to plug the blood glucose meter into a smartphone and insert a test strip to begin the test.
Emergence of Non-invasive Glucose Monitoring Devices
People with diabetes need to regularly check their glucose levels to keep track of fluctuating glucose levels for effective management of the disease. In the present scenario, BGM is majorly performed using finger prick blood tests with a blood glucose meter. However, they are invasive, inconvenient, and expensive. CGM is another type of BGM, which is superior and effective than finger prick tests. The demand for CGM is increasing at a significant rate than finger prick tests. However, CGM is also an invasive procedure and has limitations. Several companies and research groups are working on non-invasive methods to monitor blood glucose levels in people with diabetes. Non-invasive blood glucose monitoring is fast, painless, risk-free, and cost-effective.
Nemaura Medical is the first company, which is expected to receive the CE mark approval for its device, SugarBEAT.
The device consists of a daily disposable adhesive skin-patch, which is connected to a rechargeable transmitter displaying glucose readings for every five minutes for a period of 24 hours. Due to the complexity of human anatomy and physiological processes, there has been no single non-invasive blood glucose monitoring method that can achieve superior clinical test results. Therefore, researchers are focusing on the integration of multiple methods, which have become a positive trend for research on non-invasive glucose monitoring.
Menarini Diagnostics, ACON Laboratories, AgaMatrix, Alliance International, Andon Health (Tianjin Jiu'an Medical Electronics), ARKRAY, ApexBio, B. Braun Melsungen, Bionime, BioTelemetry, DarioHealth, Terumo, Trividia Health, BTNX, Bioptik, Beurer, Biotest Medical Corp., Medtrum Technologies, Nova Biomedical, Sanofi, 77 ElektronikaKft., Integrity Applications, Medisana, Philosys, TaiDoc Technology, Omnis Health, Ypsomed, and Rossmax International are the other prominent vendors in the glucose monitoring devices market.
The complete overview of the latest market research report on the glucose monitoring devices market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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