Glucose Monitoring Device Market is very fast growing market and expected to reach $2.3 billion by 2021 from 1.72 billion in 2016 at a CAGR of 6.24% from 2016-2021.
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Glucose monitoring devices are used to detect the level of sugar in our blood and are of several kinds which includes glucose meter, testing strips and lancets. The device offers the facility of self-testing by using the single glucose meter and different strips.
The usage of these devices consumes less time, as compared to the glucose testing by customary methods in laboratories.
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These devices can be handled easily are potable so convenient to carry, these devices allow the test to be performed by the patient as per their convenience at their home, which makes them popular.
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The glucose monitoring strip devices dominate the market with xx% share and also has the highest growth rate.
The increase in number of diabetes patients is one of the key drivers, supporting the growth of the global SMBG devices market. The increasing prevalence of diabetes cases are due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity.
Also the healthcare expenditure is increasing which leads to increase in spending on self-monitoring blood glucose devices. However, this market faces certain loss due to some manufacturing defect or error in results.
In addition, the accessibility of Continuous Glucose Monitors (CGM) also hinders the growth of the market.
This market can be broadly segmented into continuous wearable devices (Sensors, Transmitters and Activators) and self-monitoring devices (Blood Glucose Meters, Blood Glucose Strips, Lancets, and Haemoglobin A1C testing Kits). Based on Application they can be divided into hospitals, clinics and diagnostic centers, home setting and ambulatory settings.
The continuous glucose monitoring results help patients regulate their food intake, exercise, and medications. The device contains sensors for checking glucose level from the interstitial fluid.
The sensor has a time span where it can be used at one place and then needs to be replaced. This device monitors the glucose levels over time, allowing the patients to identify low and high sugar levels which are more dangerous.
Whereas for the self-monitoring devices people have to test and it monitors the level at that particular time and not before that.
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The market has also been geologically divided into North America, Europe, Asia-Pacific, Latin America and Middle-east & Africa. US occupies the largest consumer base in the world and Asia pacific has become the fastest growing market in 2014.
In many evolving markets, such as China & India, the governmental funding for health care & health insurance is improving and becoming more prevalent.
The major companies dominating this market for its products, services, and continuous product developments are Roche Diagnostics, LifeScan, Bayer Health care, Abbott Diabetes care Inc, AgaMatrix Inc, Arkray Inc, Medtronic, DexCom Inc, Nova Biomedical Corporation and Terumo Europe NV.
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