The Blood Glucose Monitoring Market is expected to register a CAGR of 5.6% during the forecast period of 2018–2023. Blood glucose monitoring devices are used for effective diabetes diagnosis and treatment.
Diabetes is a chronic disorder, which occurs when the pancreas is unable to produce insulin required for the body or when the body fails to use the insulin which is produced by the pancreas. Diabetes is caused by several factors, such as sedentary lifestyle, obesity, unhealthy diets, pollution, and others. The incidence and prevalence of diabetes is increasing rapidly. Once diabetes is diagnosed, it is a life time treatment. According to WHO statistics, the prevalence of diabetes in the African region has increased from 3.1% in 1980 to 7.1% in 2014. In North America, the prevalence of diabetes has increased from 5% in 1980 to 8.3% in 2014. In Europe, the prevalence of diabetes has increased from 5.3% in 1980 to 7.3% in 2014. In Asia-Pacific, the prevalence of diabetes has increased from 4.1% in 1980 to 8.6% in 2014. It is evident from WHO’s diabetes statistics that the diabetic population is increasing rapidly. There is a huge requirement of glucose monitoring devices for diagnosis and treatment of diabetes. Hence, a rise in the diabetic population drives the market by increasing the use of blood glucose monitoring devices. The other factors, such as technological innovations, the convenience of Conventional Glucose Monitoring over conventional monitoring, early detection of hypo and hyperglycaemic diabetes are the major drivers for the market.
Laboratories are a crucial part of glucose monitoring. Planned cuts in reimbursement rates are being made to the Centre for Medicare & Medicaid Services (CMS) that are responsible for healthcare insurance programs. Under the last law of Protecting Access to Medicare Act, 2014 (PAMA), the applicable labs must report their test volumes and private payer rates to CMS. As a result, the labs will receive less revenue for the same volume of tests. This applies to tests that exist now and has already obtained Medicare coverage.
The cuts in reimbursement rates have led to uncertainties in lab investments, which is a major restraining factor for the growth of glucose monitoring devices market. The other factors such as reimbursement issues and patent expiry depleted profit of market are the major restraints for the blood glucose monitoring market.
In 2017, Asia Pacific held the largest share in the blood glucose monitoring market due to the large patient pool and wide acceptance of advanced technologies.
Blood Glucose Monitoring Market Major Players : Abbott Laboratories, Arkay Inc , B. Braun Melsungen AG, Bayer Healthcare AG, Becton Dickinson, F. Hoffmann-La Roche, LifeScan, Medtronic, Novel Biomedical Corporation, Terumo Europe N.V.
Covering 3 categories, 8 segments across 25 countries - offering over 8,600 data points
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