JUN 2020 | Report Format: Electronic (PDF)
Blood Glucose Monitoring Devices Market Growth & Trends
The global blood glucose monitoring devices market size is expected to reach USD 17.8 billion by 2026, according to a new report by Grand View research, Inc., registering a 7.1% CAGR over the forecast period. The market is propelled by rising prevalence of diabetes worldwide and increasing geriatric population. Moreover, growing awareness about diabetes preventive care and new product launches are expected to boost the market.
Blood glucose monitoring devices (BGMD) are used to measure blood glucose levels in diabetes patients. These devices help in analyzing glucose level patterns by providing continuous and real-time readings. This guides patients in deciding food intake and insulin dosage. Furthermore, factors such as sedentary lifestyle, unhealthy habits like consumption of junk food and alcohol as well as smoking, and need for safer and faster diagnosis will propel market growth over the forecast period.
Obesity is also one of the major factors attributed to the growing prevalence of diabetes. According to WHO, over 650 million people were obese in 2016 and this number is expected to grow further during the course of the forecast period. The market is also expected to be fueled by continuous efforts for diabetes control by governments and healthcare organizations such as the International Diabetes Federation (IDF). Such organizations provide required expertise and support diabetes awareness campaigns through a network of stakeholders and partners. Increasing healthcare funding for research and development of effective and affordable devices will also contribute to market growth.
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Blood Glucose Monitoring Devices Market Report Highlights
Based on product, the self-monitoring devices segment held the largest market share in 2018 and was valued at just under USD 7.0 billion that year. Test strips for self-monitoring of blood glucose held the largest market share of more than 40.0% in 2018
Continuous blood glucose monitors are expected to register the highest CAGR of 7.7% over the forecast period. These devices are used by patients that require frequent blood sugar reading
By end use, the home care segment is likely to emerge as the fast growing segment, registering a CAGR of 7.6% during the forecast period. Advancements in home healthcare management have made self-monitoring of glucose levels easy, convenient, and affordable
North America held the largest market share owing to favorable reimbursement policies, strong presence of key players, and supportive government initiatives. Increasing prevalence of obesity and diabetes also contributes to regional growth
Some of the prominent players in the market are Abbott Laboratories; Medtronic plc; F. Hoffmann-La Roche Ltd; Bayer AG; Lifescan, Inc.; Dexcom, Inc.; Sanofi; Eli Lilly and Company; and B Braun Melsungen AG.