The global glucose monitoring devices market accounted for USD XX million in 2016 and is projected to reach USD XX million in 2021, growing at a CAGR of XX% during the forecast period.
With the rise in the number of cases of diabetes being recorded worldwide, it is necessary for patients around the world to have their blood glucose level continuously monitored to avoid the consequences of high glucose level like cardiovascular diseases, a blood disorder, blindness, kidney disorder and many other conditions. WHO estimates the prevalence of diabetes among adults over 18 years of age to have risen from 4.7% in 2012 to 8.5% by 2014. It also projects high blood glucose level and diabetes to be the 7th leading cause of death in 2030.
Blood glucose monitoring devices are used to monitor the blood glucose in patients suffering from diabetes or other glucose-related diseases like glucose intolerance. The rapid increase in diabetes has shown a steady growth in the overall blood glucose monitoring market. Moreover, such patients are at a potential risk of having long-term and fatal ailments like cardiovascular diseases, retinal detachment leading to blindness, kidney failure and other retinal ailments, stroke, and many such life-threatening conditions. This has led to the spread of awareness about continuous monitoring of blood glucose level.
Global Glucose Monitoring Devices- Market Segmentation
The glucose monitoring market has been segmented based on self-monitoring devices, continuous monitoring devices and on the application in various areas. Self-monitoring devices are the conventional methods of blood glucose monitoring and have been used for decades. They have found their utilization in homes, hospitals and clinic setups. The self-monitoring devices market has been further segmented into blood glucose meters, blood glucose strips, lancets, and others. The glucose monitoring strip market has the largest market size. However, recent technological innovations have seen the growth of the continuous glucose monitoring (CGM) devices. These are small wearable devices that track glucose throughout the day and night, notifying of the highs and lows of sugar levels. They are real-time monitoring devices that have helped in better diabetes management. The continuous glucose monitoring devices market is segmented into sensors, transmitters and activators, insulin pumps and others. The sensors, owing to their small life cycle, have the highest demand and also account for the highest market share.
Based on applications, the market is segmented into hospitals, clinics and diagnostic centers, home setting and ambulatory settings. The hospital segment accounted for the largest market share, owing to the huge surge in patients it witnesses.
Geographically, the market is segmented into North America (USA, Canada, Mexico), Europe (UK, Germany, Italy, France, Spain, Scandinavia and BENELUX), Asia-Pacific (India, Japan, China, Australia, South Korea, Others), Middle East and Africa (Egypt, South Africa, Others) and Latin America (Argentina, Brazil and others). The North American glucose monitoring device accounts for the highest market value. However, it is estimated that the Asia-Pacific market will grow at the highest CAGR during the forecast period.
Global Glucose Monitoring Devices Market- Competitive Landscape
The glucose monitoring market is one of the growing markets and is dominated by many market players. The top 4 market players in the domain are Abbott, Roche, LifeScan and Bayer Healthcare. They constitute more than 80% of the global glucose device market. Apart from this major players, the market has also many potential players that are present. These include:
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