LONDON, March 26, 2019 /PRNewswire/ -- The global blood glucose monitoring devices market is expected to reach revenues of more than $25 billion by 2024, growing at a CAGR of over 9% during 2018-2024.
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The rapidly changing lifestyle, high alcohol consumption, and smoking habits are contributing to an increasing number of diabetic patients in the global market. The introduction of innovative BGM devices and increased marketing of these products online will add to the growth of the market worldwide.The global blood glucose monitoring devices market is driven by the increasing number of vendors collaborating with healthcare providers to promote and encourage patients to use BGM devices at their homes. The exponential growth of China and India will boost the demand for these devices in the global market. The market research report provides in-depth market analysis and segmental analysis of the global blood glucose monitoring devices market by product type, usage type, distribution channel, end-user type, and geography.
The report considers the present scenario of the global blood glucose monitoring devices market and its market dynamics for the period 2019?2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the global market.
Blood Glucose Monitoring Devices Market – Dynamics
The global blood glucose monitoring devices market has been witnessing a broad range of technological innovations and improvements. As the demand for BGM is growing at a significant rate, 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 BGM devices. As the usage of BGM in managing diabetes has become increasingly popular globally, the demand for technically advanced devices is likely to be increased at a significant rate in coming years globally.A simple, pain-free, easy-to-use, non-invasive method would mark a major improvement in diabetes care. Various 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, and cost-effective compared to existing fingerstick and CGM tests. As non-invasive blood glucose monitoring offers 100% pain free blood glucose testing, development of a non-invasive blood glucose monitor has become a major area research among researchers and vendors.The global blood glucose monitoring devices market is growing at a significant rate and offers tremendous growth opportunities both for existing and upcoming players, especially who are developing smart/connected glucose meters and CGM systems. Vendors are exclusively focusing improving patient convenience and integration of BGM devices with other diabetes care devices like insulin pumps and remote patient monitoring platforms. Many vendors are investigating high capital on R&D activities to develop and commercialize innovative and breakthrough BGM devices enhancing diabetes management.
Blood Glucose Monitoring Devices Market – Segmentation
This market research report includes a detailed segmentation of the market by product type, usage type, distribution channel, end-user type, and geography.The global blood glucose monitoring devices market by product type is classified into conventional BGM devices and continuous BGM devices. Conventional devices dominated more than 2/3rd of the total market share in 2018, growing at a CAGR of around 5% during the forecast period. Conventional BGM devices are also known as self-blood glucose testing meters and consumables in the global market.Continuous BGM devices provide the direction and rate of glucose change/fluctuation with the push of a button and alert patients when glucose levels are too high or too low. Medtronic, Dexcom, and Abbott are top manufacturers of these products in the global blood glucose monitoring devices market.
The usage type segment in the blood glucose monitoring devices market is categorized into personal BGM devices and professional BGM devices. The personal devices segment dominated more than half of the total market share in 2018, growing at a CAGR of over 10% during the forecast period. The emergence of latest-generation BGM devices with advanced features, rising prevalence diabetes, and a shift in focus towards self-monitoring/home care are significant factors contributing to the growth of the personal devices segment in the global market.The growing demand for POC testing and healthcare shifting towards patient-centric models will boost the adoption of various professional blood glucose meters in the market. The availability of highly advanced and innovative prescription-based BGM devices will drive the growth of the global blood glucose monitoring devices market.
The global blood glucose monitoring devices market by distribution channel is segmented into retail stores and online. Retail sector occupied the largest market share in 2018, growing at a CAGR of more than 6% during the forecast period. The influx of retail stores such as standalone/independent pharmacies and hospital-affiliated pharmacy stores is fueling the growth of this segment in the global market.The emergence of exclusive online marketplaces for home care and self-testing products is resulting in the evolution of the global market. Several online retailers offer BGM products at discounted prices rather than list prices to gain a larger global blood glucose monitoring devices market share.The end-user type segment in the global blood glucose monitoring devices market is divided into individuals, hospitals & clinics, and others. Individual end-users is the fastest growing segment in the global market, at a CAGR of more than 10% during the forecast period. The paradigm shift in the healthcare industry with the increasing preference toward self-monitoring of blood glucose levels over hospital-based testing is fueling the growth of this segment in the global market.The increasing number of geriatric care centers, acute and chronic care centers, community care centers and nursing homes will drive the demand in the global blood glucose monitoring devices market.
Market Segmentation by Product Type
• Conventional BGM Devices
• Continuous BGM Devices
Market Segmentation by Usage Type
• Personal BGM Devices
• Professional BGM Devices
Market Segmentation by Distribution Channel
Market Segmentation by End-users
• Hospitals & Clinics
Blood Glucose Monitoring Devices Market – Geography
The global blood glucose monitoring devices market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. North America dominated more than one-third of the global market in 2018, growing at a CAGR of approximately 11% during the forecast period. The high prevalence of diabetes and high patient adoption for self-testing and home care services will boost the demand in the North American market.Germany, France, Spain, the UK, and Italy accounted for a significant share of nearly 80% of the European region in the market. The advancements in healthcare infrastructure, the rise in healthcare expenditure, and favorable public and private initiatives for an increase in the healthcare access in APAC will contribute to the revenues in the global blood glucose monitoring devices market.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
o Saudi Arabia
Key Vendor Analysis
The global blood glucose monitoring devices market is highly dynamic due to the presence of several global, regional, and local players. The leading vendors are offering a diverse range of BG meters, test strips, sensors, lancets, and lancing devices for enhancing/improving diabetes management to sustain the intense competition in the market. The top manufacturers are focusing on commercializing both personal and professional devices across emerging nations to expand their business and distribution network in the global blood glucose monitoring devices market.
The major vendors in the global market are:
• F. Hoffmann-La Roche
• Ascensia Diabetes Care
Other prominent vendors include A. 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, Sanofi, 77 ElektronikaKft., Integrity Applications, Medisana, Philosys, TaiDoc Technology, Omnis Health, Ypsomed, Nova Biomedical and Rossmax International.
Key market insights include
1. The analysis of global blood glucose monitoring devices market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global blood glucose monitoring devices market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global blood glucose monitoring devices market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.
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