Worldwide Industry for Blood Glucose Monitoring Devices to 2026 - Increase in the Diabetic Population Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2020--
The “Blood Glucose Monitoring Devices Market - Global Outlook and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Blood Glucose Monitoring Devices Market Report
The global blood glucose monitoring devices market by revenue is expected to grow at a CAGR of 12% during the period 2021-2026.
The diabetes monitoring industry is growing at a steady rate because of the increasing prevalence of diabetes and the rise in chronic diseases. Globally, the incidence of diabetes has been increasing at an alarming rate due to changing lifestyles, growing alcohol consumption, and an increasing number of smokers. In emerging markets and newly industrializing countries, the number of new diabetes cases is expected to grow in the coming years significantly. Therefore, monitoring of blood glucose levels has proven to be essential for the management of the disease. The increasing awareness of diabetes is likely to increase the blood glucose monitoring devices market demand.
The following factors are likely to contribute to the growth of the blood glucose monitoring devices market during the forecast period:
- Increase in Diabetic Population
- Increased Demand for Self-Monitoring Devices due to Covid-19 Pandemic
- Emergence of Non-invasive Blood Glucose Monitoring Devices
The study considers the present scenario of the blood glucose monitoring devices market and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Blood Glucose Monitoring Devices Market Segmentation
The global blood glucose monitoring devices market research report includes a detailed segmentation by product, end-users, usage, distribution channels, geography. The conventional blood glucose monitoring devices market accounted for a share of over 78%. One of the major factors contributing to conventional blood glucose monitoring devices’ growth is the increasing diabetic population globally, which is expected to reach over 578 million by 2030. The rise in obesity and the increase in the aging population in developed countries are other major factors that are obliquely influencing blood glucose monitoring devices market growth. Test strips, lancets and lancing devices, and meters & software are the major components that have been covered under the conventional blood glucose monitoring devices market.
A high prevalence of diabetes and changes in lifestyles have increased the usage of personal glucose monitoring devices. The need to monitor blood sugar levels is increasing the usage of these devices. Advances in technology have been playing an important role in the proliferation of BGM devices. The introduction of wireless glucose monitoring systems, which can be operated on a smartphone using Wi-Fi protocols, helps patients remotely monitor their sugar levels. In developed countries such as the UK, Spain, Germany, Italy, and the UK, self-monitoring glucose meter and CGM devices are completely reimbursed, making these devices cost-efficient, thereby driving patient usage.
The online channel is growing significantly in developing countries such as India and China. The increased competition among online vendors has affected the device cost, with high discounts driving consumers to opt for online stores. With the increasing smartphone usage in developing countries, the online distribution channel is likely to emerge as an important distribution channel. Hence, the high preference for online channels is likely to augur well for medical devices’ growth, especially blood glucometers.
The individual segment accounted for the largest glucose monitoring devices market share due to the wide acceptance of self-monitoring devices worldwide. These devices are majorly covered by insurance companies in several developed and developing countries. Morbidity and mortality from diabetes are extremely high in underdeveloped countries due to poor adherence to global diabetic guidelines. Therefore, the scope of self-testing is likely to increase among diabetic patients. Furthermore, the introduction of advanced devices with remote monitoring features has encouraged patients to use personal blood glucose monitoring devices.
Key Questions Answered
Opportunities & Trends
- Increase In Diabetic Population
- Covid-19 Pandemic Boosts Demand For Self-Monitoring Glucose Devices
- Emergency Of Non-Invasive Blood Glucose Monitoring Devices
- Technological Advances In Blood Glucose Monitoring
- New Product Launches
- Availability Of Mobile Applications & Data Integration Platforms
- Limitations Associated With BGM Devices
- Large Pool Of Undiagnosed People
- High Cost Of Blood Glucose Monitoring Devices
- Hoffmann-La Roche
- Ascensia Diabetes Care Holdings
Other Prominent Vendors
- 77 Elektronika Kft
- Menarini Diagnostics
- Alliance International
- Andon Health
- Braun Melsungen
- Hannox International
- Integrity Applications
- MED TRUST
- Nova Biomedical
- OK Biotech
- OSANG Healthcare
- Trividia Health
- Rossmax International
For more information about this report visit https://www.researchandmarkets.com/r/ag6q1v
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INDUSTRY KEYWORD: DIABETES HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 12/23/2020 06:26 AM/DISC: 12/23/2020 06:26 AM