Europe Glucose Monitoring Device Market is expected to reach $552.02 million by 2021
The Europe Glucose Monitoring Device Market is very fast growing market and expected to reach $552.02 million by 2021 from $413.52 million in 2016, at a CAGR of 5.95% from 2016-2021. Europe is the 2nd largest market for glucose monitoring devices in the world, this can be linked to the rapidly aging population in this region.
Germany is leading the European Glucose Monitoring Devices market.
Blood glucose level can be tested through glucose monitoring devices of several kinds which include glucose meter, testing strips and lancets.
The device offers the facility of self-testing by using the single glucose meter and different strips. These devices consume less time, as compared to the glucose testing by customary methods in laboratories.
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The devices allow the test to be performed by the patient as per their convenience at their home, which makes them popular. It offers the services of monitoring glucose level in our blood as it tests quantitatively.
The market is dominated by the glucose monitoring strip devices with xx% share in the year 2015 and also has the highest growth rate.
The increase in a number of diabetes patients is one of the key drivers, supporting the growth of the global SMBG devices market. the healthcare expenditure is increasing which is the direct cause for the increase in growth of the market of 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.
Key players in the market are Roche Diagnostics, LifeScan, Bayer Health care, Abbott Diabetes care Inc, AgaMatrix Inc, Arkray Inc, Medtronic, DexCom Inc, Nova Biomedical Corporation and Teruma Europe NV.
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