Testing strips segment is expected to drive the growth of the global glucose monitoring devices market by product
According to a new market research study titled ‘Glucose monitoring devices market - Global Analysis and Forecasts by Product, and End User.’ The global glucose monitoring devices market is expected to reach US$ 21.8 Bn in 2027 from US$ 12.6 Bn in 2018. The market is estimated to grow with a CAGR of 6.4% from 2019-2027. The report highlights the trends prevalent in the global glucose monitoring devices market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to due to rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in glucose monitoring devices.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes namely diabetes type-I also known as diabetes insipidus and diabetes type-II also termed as diabetes mellitus. Incidences and prevalence of diabetes is steadily increasing across the globe. Type 2 diabetes is the most prevalent form of diabetes and has increased alongside cultural and societal changes. In high-income countries up to 91% of adults with the disease have type 2 diabetes. According to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017and it is expected to reach 629 million by 2045 across the globe. Owing to the rising cases of diabetes across various countries, the need and demand for the glucose monitoring devices is expected to increase in the coming years.
Global glucose monitoring devices market, based on the product was segmented into testing strips, glucometers, lancets and other. Testing strips segment led the market for glucose monitoring devices in 2018, contributing a market share of 35.9% and is expected to retain its dominance during the forecast period from 2019 to 2027. In the market, various market players have introduced their devices for the glucose monitoring for instance, Contour Net EZ, Accu-Check Aviva, Abbott FreeStyle, One Touch Verio, are some of the key products that are offed by the players such as Abbott, F. Hoffman-La Roche Ltd, and others.
Some of the prominent players operating in glucose monitoring devices market are, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Medtronic, Abbott, LifeScan, Inc., Ascensia Diabetes Care Holdings AG, Ypsomed AG, Omron Corporation, GE Healthcare and Nipro Corporation. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, In February, 2017, Roche and Medtronic entered into an agreement to develop a next-gen BG meter that will intertwine glucose monitoring technology into a future Medtronic pump system. This agreement is expected to enhance the growth of Medtronic in glucose monitoring market. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global glucose monitoring devices market as follows:
Global Glucose Monitoring Devices Market – By Product
Global Glucose Monitoring Devices Market – By End User
Global Glucose Monitoring Devices Market – By Geography
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