Blood glucose monitoring devices are used to measure the amount of glucose in blood. Blood glucose monitoring devices are widely utilized by diabetic patients in order to keep the level of glucose in the blood within desired range. Blood glucose monitoring devices help diabetic patients determine the levels of glucose in their blood, in order to maintain the proper glucose levels and thereby prevents the chances of developing further complications arising from high or low glucose levels. Different types of blood glucose monitoring devices such as continuous glucose monitoring devices, glucose meters, glucose monitoring strips, and lancets are available. Most devices have inbuilt software systems to record glucose levels in different formats such as graphs and charts.
The rising prevalence and incidences of diabetes patients worldwide is likely to be a key driving factor for the global blood glucose monitoring devices market during the forecast period. Rapidly increasing geriatric population in developed countries such as the U.S., Germany, France, the U.K. and Japan is projected to fuel the demand for blood glucose monitoring devices in the near future. Increasing risk of developing diabetes in the obese population has led to the adoption blood glucose monitoring devices. Moreover, increased awareness and concern about blood glucose levels among diabetic patients has led to the significant increase in demand for blood glucose monitoring devices in homecare settings and diagnostics laboratories. Technological advancements in the continuous glucose device monitoring devices, consisting of disposable sensors and ease of use by means of wireless touchscreen display, is projected to drive the demand for blood glucose monitoring devices. However the high cost of continuous glucose monitoring devices is likely to hamper the market during the forecast period. New product launch and approvals by the FDA and other healthcare regulatory institutes represents significant opportunities for global players operating in this market.
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The global blood glucose monitoring devices can be segmented based on product type, end-user, and region. In terms of product type, the market can be classified into continuous glucose monitoring systems, blood glucose meters, glucose monitoring strips, and lancets. The glucose monitoring strips segment accounted for a key share of the global blood glucose monitoring devices in 2016. The blood glucose meters segment is projected expand at a significant growth rate during the forecast period. Based on end-user, the global blood glucose monitoring devices can be segmented into hospitals and clinics, diagnostics centers, and home care settings. The hospital segment is projected to account for a leading share of the global blood glucose monitoring devices market by the end of 2025.
In terms of region, the global blood glucose monitoring devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to dominate the global market owing to the large population with diabetes, rapidly increasing geriatric and obese population, and high per capita healthcare expenditure in these regions. The market in Asia pacific is anticipated to expand at a significant growth rate during the forecast period due to the large number population of India and China. According to the International Diabetes Federation, more than 60% of world’s diabetic population lives in Asia, with more than half of it in China and India together. The market in Latin America and Middle East & Africa is likely to expand at moderate growth rate during the forecast period.
Key players operating in the global blood glucose monitoring devices include Abbott Laboratories, ARKRAY, Inc., Medtronic plc, Novo Nordisk A/S, Sanofi, F. Hoffmann-La Roche Ltd., Terumo Corporation, Novo Nordisk A/S, LifeScan, Inc., Johnson & Johnson, Becton, Dickinson and Company. A key trend of new product development and approval is observed among global players.
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