The glucose monitoring device market is projected to grow significantly by the end of 2019. Prevalence of diabetes is a major factor driving market demand. Adopting latest technology and consumer self-awareness of the technology are other key driving factors of the market.
Diabetes, also known as diabetes mellitus, results in high blood sugar due to the inadequacy of insulin or due to the body’s inability to produce insulin, or both. Common symptoms are frequent urination, hunger, and thirst. Serious complications of diabetes can lead to kidney failure, heart disease, stroke, foot failure, and eye damage.
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Blood glucose monitor (BGM) detects and monitor glucose levels. This can be done by pricking blood from a finger and reanalyzing the result on a reagent strip. BGM will witness a significant growth rate on account of rising diabetes cases in children and aging population. A continuous glucose monitor (CGM) monitors glucose levels every minute. Use of these devices in homes and clinics are expected to boost demand for the glucose monitoring device market. Non-invasive blood monitoring, regulations, and intense rivalry are challenges restricting market growth. Integrated CGM (continuous glucose monitors) – insulin pump systems are the newest trend.
Products of the glucose monitoring device market comprise lancets, blood glucose testing strips, and blood glucose meters. Lancets are used to prick the skin for blood to determine glucose levels. Blood glucose testing strips work with conjunction with a blood glucose monitor, while a blood glucose meter monitors approximate glucose level. Blood glucose strip are the fastest growing product owing to its consumable nature and increased application in homes and clinics.
Regions pertaining market interest are US, Japan, Germany, India, France, UK, Canada, Spain, Italy, China, Brazil, and Australia. North America has captured 40% of the global glucose monitoring device market in 2012 owing to its reimbursement policies. US had a large share in blood glucose testing strips segment in the same year. India and China are major markets for BGM devices on account of changing consumer lifestyle and diet in the region.
Notable players of the glucose monitoring device market include Bayer Healthcare, F. Hoffman-La Roche, Abbott Laboratories, LifeScan, and Arkay.
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