Market Research Future (MRFR) asserts that the Global Blood Glucose Monitoring Market is predicted to garner 7.1% CAGR during the forecast period (2017-2023). Global Blood Glucose Monitoring Market Information: By Product Type (Invasive Glucose Monitoring, CGM, Flash Glucose Monitoring), Application (Type 1 Diabetes, Type 2 Diabetes), & End User (Diagnostic Centers, Hospitals, Clinics) - Forecast till 2023
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Market Potential and Pitfalls
The Blood Glucose Monitoring Market is expanding at breakneck speed due to the rising prevalence of diabetes, early detection of diabetes, continuously developing technology for diagnosis and monitoring, and surging demand for constant monitoring devices. Several blood glucose monitoring equipment are present in the market known as blood glucose meter. Such devices are specifically designed to apply to several types of diabetes like Type 1, Type 2, and gestational diabetes.
As per the International Diabetes Federation, the number of diabetic population is estimated to touch 642 million by the end of 2040 across the globe. Therefore, one out of every ten adult is estimated to suffer from diabetes by 2040. The management and treatment of diabetes is likely to be the prime focus area of the healthcare stakeholders and department. The surging incidences of diabetes will offer the market huge growth opportunities which will compel and attract market players to develop product line extensions.
On the contrary, the high cost of diagnosis and monitoring of the diseases is considered as a top factor vitiating the market growth across the globe.
Global Blood Glucose Monitoring Market: Segmental Analysis
The Global Blood Glucose Monitoring Market has been segmented on the basis of application, product type, and end user.
By mode of product type, the global blood glucose monitoring market has been segmented into continuous glucose monitoring devices (CGM), invasive glucose monitoring devices, flash glucose monitoring devices, and others. Among these, the continuous glucose monitoring devices is likely to gain prominence in the coming years owing to the increased adoption of minimally invasive procedures.
Geographically, the blood glucose monitoring market span across regions namely, Asia Pacific, America, Europe, and the Middle East & Africa.
Considering the global scenario, the American region is estimated to command the largest market share and is likely to maintain its pole position in the coming years. The growth has been ascribed to the surging incidences of obesity, physical inactivity, and unhealthy diet. As per the D, in 2015 the incidences of diagnosed as well as undiagnosed diabetes population were 30.3 million of the total US population. Owing to the presence of high healthcare spending, presence of a well developed technology, concentration of prominent market players, and rising R&D activities, the market is experiencing an upsurge.
The Asia Pacific region is estimated to expand at the fastest rate due to surging geriatric population, changing lifestyle, and urbanization. The rapidly developing healthcare technology, increasing expenditure on healthcare, high concentration of prominent companies, and surging R&D activities are some of the top factors likely to offer the market a boom. The surging demand for new treatment technologies especially in the economies like South Korea and India is further estimated to contribute to the market growth. As per the International diabetes federation, there were approximately 69.1 million suffering from diabetes.
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