Facts and Factors has authored “Blood Glucose Monitoring System Market By Product (Self-Monitoring Blood Glucose Systems and Continuous Blood Glucose Monitoring Systems), By Testing Site (Fingertip Testing and Alternate Site Testing), By Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), By End-User(Hospitals, Clinics, Homecare, and Others), and By Regions: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”. Based on our analysis, the global Blood Glucose Monitoring System market in 2019 is approximately USD9,113 Million and is anticipated to reach around USD 12,618 Million by 2026. The anticipated CAGR for the Blood Glucose Monitoring System market is around 5% from 2020 to 2026.
Blood glucose monitoring is a method used to test glucose concentration in the blood. This process is important in the case of diabetes management. In diabetes, the body’s blood sugar processing is impaired. Gestational diabetes, type 1, and type 2 are three of the commonly observed diabetes. The blood glucose monitoring helps track the blood glucose deviations in order to take remedial measures.
Drivers of global Blood Glucose Monitoring System Market:
- Increasing Occurrences of Diabetes Mellitus
As per WHOreport, in 2016, an estimated 1.6 million deaths occurred due to diabetes. In the US, there were over 30 million people diagnosed with diabetes in 2017. Thus, the increasing incidences of diabetes are propelling the global Blood Glucose Monitoring System market. In addition, severe complications like kidney failure, blindness, foot ulcer, etc.arising in uncontrolled or untreated diabetics are expected to increase the demand for Blood Glucose Monitoring System.
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- Superior clinical safety and effectiveness of blood glucose monitoring Systems
The clinical safety and accurate information provided by the blood glucose monitoring system are highly reliable. Thus, escalating the demand for blood glucose monitoring system during the forecast period. In addition, the high per capita healthcare expenditure, technological advancements, and awareness regarding clinical safety are expected to boost the requirement for blood glucose monitoring systems across the globe.
Restraints of global Blood Glucose Monitoring System Market:
- Unappealing reimbursement scenario
The frequently changing reimbursement policies in countries like the U.K., the U.S., and others are anticipated to restrain the global blood glucose monitoring systems market growth. The price erosions and uncertainties in healthcare policies will further deteriorate the market.
- Technological Developments
The advancements made by the companies in the blood glucose monitoring system and the ongoing research have opened new opportunities for the demand of blood glucose monitoring systems market.
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- Self-MonitoringBlood Glucose Systemscategory held the majority of the market share of 69.69% of the overall global Blood Glucose Monitoring System market in 2018. The ease of use and cost-effectiveness of self-monitoring systems is projected to bolster the global blood glucose monitoring system market.
- In the testing site segment, the Fingertip Testing category dominated the market in 2018 with a market share of 84.60% and it is expected to further dominate during the forecast period owing to easy usage.
- Type-II Diabetes category dominated the indication segment owing to the increasing cases of type 2 diabetes and less invasive innovative product. It held the largest market share of 67.10 % in 2018.
- Hospitals category is expected to dominate owing to increasing healthcare expenditure and improving infrastructure.
- North America held 35.09%of the market share of the global Blood Glucose Monitoring System market in 2018. This is primarily attributed to the promising reimbursements, awareness initiatives, burgeoning FDA approvals in the US, and rising incidences of diabetes in the US and Canada.
Some of the essential players operating in the global Blood Glucose Monitoring System market, but not restricted to include Hoffmann-La Roche Ltd., Abbott Laboratories, Sanofi, Nova Biomedical, Lifescan Inc., B. Braun Melsungen, Ascensia Diabetes Care, Terumo Corporation, ARKRAY Inc., Ypsomed Holding AG, Becton Dickinson and Company, Medtronic, and Others.
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The taxonomy of the Blood Glucose Monitoring System Market by its scope and segmentation is as follows:
Global Blood Glucose Monitoring System Market: By Product Segmentation Analysis
- Self-Monitoring Blood Glucose Systems
- Blood Glucose Meters Testing Strips
- Lancets & Lancing Devices
- Continuous Glucose Monitoring Systems
Global Blood Glucose Monitoring System Market: By Testing Site Segmentation Analysis
- Fingertip Testing
- Alternate Site Testing
Global Blood Glucose Monitoring System Market: By Indication Segmentation Analysis
- Product Type-I Diabetes
- Product Type-II Diabetes
- Gestational Diabetes
Global Blood Glucose Monitoring System Market: By End- User Segmentation Analysis
Global Blood Glucose Monitoring System Market: By Regional Segmentation Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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