Blood Glucose Monitoring Market
During the 2019-2024 forecast period, the global blood glucose monitoring market is expected to record a CAGR of 11.88 percent; the market is estimated to reach USD 12.8 billion by 2019.
• Monitoring equipment for blood glucose are used to effectively diagnose and treat diabetes. By enhancing the use of blood glucose monitoring machines, an increase in the diabetic population drives the market.
• Also regarded to be one of the main contributing variables to the disease is obesity, mainly type 2 diabetes.
• Other factors, such as technological innovations and advances, also make the measurement of blood glucose levels much convenient. With constant glucose surveillance instruments, such progress in tracking blood glucose levels is created.
• These instruments assist to detect hypo and hyperglycemic conditions at an early stage, which tend to drive the glucose surveillance industry.
The Reports Scope:
This study includes two main types of blood glucose monitoring devices, namely the blood glucose self-monitoring devices and the continuous glucose monitoring devices. The systems are further classified by parts, i.e. the blood glucose self-monitoring SMBG devices are segmented into glucometer systems, test strips, and lancets which are further investigated separately by their use in hospital and home and ongoing glucose monitoring CGM systems are segmented into detectors and receivers.
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Key Market Trends: –
Glucometer consumables test strips and lancets occupy highest market share:
Although CGM is an efficient way for individuals living with diabetes to check glucose measurements in real time, owing to its financial affordability and less sophisticated use compared to CGM, SMBG is the most preferred tool for patients. The SBGM holds over 87 percent of the market share of blood glucose monitoring. SBGMs further segmented market provides an idea that, when compared to glucometer systems, disposable consumables – test strips and lancets – occupy the bigger market share. The CAGR for glucometer systems, however, is large.
CGM has low adaptability in emerging markets, although it offers real-time information on blood glucose concentrations for patients. Adaptability of CGM, however, is high in developed markets. The cost factor is a significant problem in emerging economies for the low development of CGM.
North America is leading the market:
Due to the large patient pool and wide acceptance of advanced technologies followed by Europe, which showed moderate growth, North America, particularly the United States, held the largest share of the blood glucose monitoring market in 2018. Because of financial affordability, Asia-Pacific, Latin America, and Middle East & Africa showed low development.
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The blood glucose surveillance industry is extremely fragmented with few significant companies boasting a worldwide market presence, while the remaining producers are confined to other producers locally or region-specific.
In the latest past, mergers and acquisitions that have occurred between players have helped firms reinforce their market presence. Dexcom partnered with Julphar, for instance, to have its market presence in the Middle East region.
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