Global Diabetes Monitors Market Predicted to Grow with a CAGR of 8.13% During the Forecast Period
According to Market Research Future (MRFR), the global diabetes monitors market is estimated to grow at a CAGR of 8.3% from 2017 to 2023 (forecast period). The report presents an in-depth description of the present scenario, the economic condition and COVID-19 analysis of the overall industry.
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Diabetes mellitus is a chronic condition caused by the inadequacy of insulin in the body. The condition induces either high blood glucose concentrations, called hyperglycemia, or low glucose levels, known as hypoglycemia. Monitoring glucose levels is expected to improve life expectancy by allowing hypoglycemia or hyperglycemia to be managed. The self-monitoring method is most commonly used to check blood glucose levels. The method involves collecting blood from a finger or other part of the body to be examined with the aid of test strips and a glucometer.
While the blood remains the most widely used sample, other biological fluids such as ocular fluid, sweat, breath, interstitial fluid, saliva, or urine can also be used as substitute samples for continuous non-invasive monitoring. Since a cure for diabetes has yet to be developed, managing this condition is the most effective way to control it. Glucose monitoring is used to improve treatment strategies and provide insight into the impact of diet, medication, and exercise on the patient.
Diabetes Monitors Market Dynamics
Rising prevalence of diabetes is the key factor driving the demand for diabetes monitors. According to the National Diabetes Statistics Report stated by the Centers for Disease Control and Prevention, 9.4% of the U.S. population, i.e., 30.3 million people, had diabetes in 2015. The rising prevalence of diabetes in low-and middle-income countries appears to be fuelled by the nutritional transition, rapid urbanization, and growing sedentary lifestyles indicated by a study published in the journal Pharmacoeconomics in 2015.
Certain factors such as increased technological innovations, massive support for diabetes diagnosis and treatment research, increased acceptance by regulators, and an increase in the global prevalence of obesity is also spurring market growth. As per the Fogarty International Center, the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) and two renowned Indian research agencies took the initiative to fund a collaborative diabetes research agenda in 2013.
However, strict reimbursement policies and high costs associated with diagnosing and treating diabetes can impede market growth over the forecast period. As per a research report published in the Journal of Diabetes Science and Technology in 2015, it has been found that only a few patients in Germany, i.e., < 2000, use continuous glucose monitors (CGM) due to high costs.
Diabetes Monitors Market Segmentation
The global market for diabetes monitors has been segmented based on sample, type, component, and end-users.
Based on the sample, the global market for diabetes monitors has been segmented into blood samples, sweat samples, urine samples, and others.
Based on type, the global market for diabetes monitors has been classified into point sample test based glucose monitors, continuous glucose monitors, and enzyme-free sensor-based glucose monitors. Continuous glucose monitors are further divided into disposable sensor-based CGM and re-usable sensor based CGM.
Based on components, the global diabetes monitors Market has been segmented into lancet, glucose test strips, and sensors. Sensors are further divided into enzyme-based sensors and enzyme-free sensors
Based on end-users, the global market for diabetes monitors has been segmented into diagnostic clinics, hospitals, and homes.
Diabetes Monitors Regional Analysis
Region-wise, the global market for diabetes monitors has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas dominate the market for diabetes monitors due to the size of the patient population, well-developed infrastructure, high healthcare expenditure, and the strong presence of leading players. Owing to the high prevalence of the condition, companies, private entities, and government agencies are actively interested in improving diabetes care. For example, the Merck Foundation provided USD 10,000,000 to support programs designed to expand access to diabetes care and minimize health disparities for disadvantaged people with type 2 diabetes in the United States.
Europe is second in the market for diabetes monitors. The funding given by government bodies for research and development, along with well-developed technology, is expected to propel the European region's market. As per the German Maternity Guidelines, every pregnant woman should undergo a glucose challenge test for early diagnosis of Gestational Diabetes Mellitus (GDM). Women's health insurance entirely covers charges for the test.
The Asia Pacific region is expected to be the fastest-growing region in the forecast period. Growing need for cost-effective glucose monitoring devices, rapidly evolving technology, and the existence of a wide patient pool is boosting the growth of this market in the Asia Pacific region.
The Middle East and Africa has the least market share due to weak and slow developing countries, especially in the African region.
Diabetes Monitors Market Studied by Key Players
Some of the key participants identified by MRFR in this market are Panasonic, Abbott Laboratories, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Medtronic, LifeScan, Inc., Sanofi, and others.
Intended Audience
- Medical Devices Companies
- Hospitals & Clinics
- Research and Development (R&D) Companies
- Government Research Institute
- Academic Institutes and Universities
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List Of Tables:
TABLE 1 GLOBAL DIABETES MONITORS MARKET,BY SAMPLE USD MILLION 2014-2023 41
TABLE 2 GLOBAL DIABETES MONITOR MARKET FOR BLOOD SAMPLE USD MILLION 2014 – 2023 42
TABLE 3 GLOBAL DIABETES MONITOR MARKET FOR SWEAT SAMPLE USD MILLION 2014 – 2023 43
TABLE 4 GLOBAL DIABETES MONITORS MARKET BY TYPE USD MILLION 2014 - 2023 45
TABLE 5 GLOBAL CONTINUOUS GLUCOSE MONITORS MARKET BY TYPE USD MILLION 2014 – 2023 46
TABLE 6 GLOBAL DIABETES MONITOR MARKET FOR POINT SAMPLE TEST BASED GLUCOSE MONITORS
USD MILLION 2014 – 2023 47
TABLE 7 GLOBAL DIABETES MONITOR MARKET FOR CONTINUOUS GLUCOSE MONITORS
USD MILLION 2014 – 2023 47
TABLE 8 GLOBAL DIABETES MONITOR MARKET FOR ENZYME FREE SENSOR BASED GLUCOSE MONITORS
USD MILLION 2014 – 2023 48
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