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Diabetes Monitoring Devices Market Expands at 5.4% CAGR, Emergence of Minimally-invasive Blood Glucose Monitors Fosters Growth

June 14, 2019 | Healthcare

Increasing cases of diabetes across the globe are anticipated to propel growth in the Global Diabetes Monitoring Devices Market. Fortune Business Insights in a new study, titled “Diabetes Monitoring Devices: Global Market Analysis, Insights and Forecast, 2019-2026” predicts that the preference towards minimally-invasive surgery fuels demand for diabetes monitoring devices. The global market was valued at US$ 21,614.7 Mn in the year 2018 and is anticipated to reach US$ 32,881.9 Mn by 2026. Furthermore, the global market is projected to exhibit a CAGR of 5.4% during the forecast period.

As per a study conducted by the International Diabetes Foundation (IDF), around 425 million adults aged between 20 and 79 years were diagnosed with diabetes in the year 2017. Furthermore, the number is expected to reach 629 million by 2025. Among different types of diabetes such as gestational diabetes, type1, and type 2, proportion of people suffering from type-2 diabetes is rising in most countries, as per IDF. This rise is mainly attributable to high consumption of alcohol, high stress levels, and adoption of sedentary lifestyle.

Strong Product Portfolio of F. Hoffmann-La Roche Ltd Catapults it to the Fore of the Global Market

Currently, F. Hoffmann-La Roche Ltd., leads the global diabetes monitoring devices market on account of its robust distribution network. Also, the company offers integrated solutions for monitoring glucose levels with its strong product portfolio especially in blood glucose meters. Furthermore, F. Hoffmann-La Roche Ltd., Medtronic, and Abbott are planning to strengthen their market position by introducing minimally-invasive and non-invasive blood glucose meters in the market. As per the report, these three companies dominated the global market in the year 2018.

Some of the other players operating in the global diabetes monitoring devices market are DiaMonTech GmbH, Ascensia Diabetes Care Holdings AG., Lifespan Inc., Sanofi, and Terumo Medical Corporation.

Rising Awareness About Diabetes Management in Developing Nations Fosters Growth

With the emergence of minimally-invasive blood glucose monitors, the demand for diabetes monitoring devices is expected to grow in the coming years. Furthermore, the adoption of wearable continuous blood glucose monitors is increasing as they offer a user-friendly interface. The report further suggests that such new blood glucose monitoring devices drive the market.

In emerging countries, people are increasingly becoming aware about diabetes management, which in turn, is enabling growth in the market. Initiatives by the regional and national governments on the early diagnosis of diabetes is likely to increase the adoption of diabetes monitoring system by 2026. Companies are developing diabetes monitoring app to help people monitor their blood glucose levels. The app allows people to log information on their glucose levels, medication doses, and carb intake. As a result, emergence of apps is expected to increase the awareness on the usage of diabetes diagnostic devices by 2026. 

Among products, the demand for test strips is likely to grow during the forecast period. In addition to this, this segment covered a share of 58.1% in the global market in 2018.

Asia Pacific to Grow with a Higher CAGR Owing to its Large Patient Population

In 2018, North America was valued at US$ 7,092.0 Mn and continues to dominate the global diabetes monitoring devices market throughout the forecast years. The U.S. witnesses the highest adoption of advanced blood glucose monitoring devices, which in turn, encourages the market to grow in North America. Besides North America, Asia Pacific is expected to register a higher CAGR during the forecast period. This is primarily attributable to the rising incidence of diabetes in Asia Pacific. Another factor likely to drive the market in this region is the large patient population especially in developing countries.  

Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/diabetes-monitoring-devices-market-100529

The global diabetes monitoring devices market can be segmented into the following categories:

 SEGMENTATION

 DETAILS

By Product

·         Blood Glucose Meters

·         Test Strips

·         Lancets

·         Others

By Distribution Channel

·         Institutional Sales

o   Hospitals

o   Clinics

o   Others

·         Retail Sales

o   Hospital Pharmacies

o   Retail Pharmacies

o   Online Pharmacies

By Geography

·      North America (USA and Canada)

·      Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

·      Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·      Latin America (Brazil, Mexico and Rest of Latin America)

·      Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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