Non-invasive Blood Glucose Monitoring Devices Market Eminent Players - Abbott Laboratories, Cnoga, DexCom, Hoffmann-La Roche Ltd., Integrity Applications, Inc., MediWise, Medtronic, Nemaura, OrSense, Taiwan Biophotonic Corporation., Tech4Life Enterprises
Technological advancement in non-invasive blood glucose monitoring devices such as detection of glucose level by monitoring pH level of patient's sweat or tears will favor business growth. Increasing R&D investments and focus of industry players on development of advanced and cost-effective devices will drive the business growth. However, high cost associated with the non-invasive blood glucose monitoring devices as well as product recalls are some of the factors impeding industry growth.
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Raman spectroscopy segment is projected to witness lucrative growth over the forthcoming years owing to increased usage of this technology blood glucose monitoring. Moreover, benefits of spectroscopy tool such as rapid diagnosis, cost effectiveness, simplicity and user-friendliness, help to eliminate invasion and pain leading to its growing adoption during the analysis period.
Wearable segment accounted for significant market share in 2018 and is anticipated to show similar trend over the forecast period. Availability of advanced wearable non-invasive blood glucose monitoring devices such as devices that measure glucose in hair follicles beneath the skin will surge the demand for such non-invasive devices. Increasing patient inclination towards wearables for use in diabetes management will prove beneficial for segment growth.
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Home care settings segment held significant market share in 2018 and will show considerable growth during the forecast timeframe. High convenience, remote monitoring, portability and considerable precision are some of the major drivers augmenting home care settings segment growth over the forecast timeframe. Non-invasive blood glucose monitoring devices facilitate amplified care and diabetes management with greater affordability. Availability of user-friendly devices for use in homes will accelerate the segment growth.
Asia Pacific non-invasive blood glucose monitoring devices market will exhibit enormous growth over the coming years. According to International Diabetes Federation, around 82 million people in South East Asia had diabetes in 2017. The number is estimated to exceed 150 million by 2045. Large diabetic patient pool in the region and focus of industry players on development of advanced and cost-effective blood glucose monitoring devices should spur regional market size over the coming years.
Some of the major industry players operating in the non-invasive blood glucose monitoring devices industry includes Abbott Laboratories, Cnoga, DexCom, Hoffmann-La Roche Ltd., Integrity Applications, Inc., MediWise, Medtronic, Nemaura, OrSense ,Taiwan Biophotonic Corporation, Tech4Life Enterprises. Acquisition, partnership and new product launch are some of the major strategies adopted by industry players to strengthen their market position and sustain competition.
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