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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Key Takeaways from the report:
- 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.
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Grand View Research has segmented the global blood glucose monitoring devices market on the basis of product, end use, and region:
Blood Glucose Monitoring Devices Product Outlook (Revenue, USD Million, 2015 – 2026)
- Self-Monitoring Blood Glucose Devices
- Blood Glucose meter
- Testing Strips
- Continuous Monitoring Blood Glucose Devices
- Transmitter & Receiver
Blood Glucose Monitoring Devices End-use Outlook (Revenue, USD Million, 2015 – 2026)
- Diagnostic centers
Blood Glucose Monitoring Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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