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Glucose Monitoring Devices Market Size is Thriving Worldwide- Demand and Analysis 2020-2027 Abbott, LifeScan, Ascensia Diabetes Care, Ypsomed AG, Nipro

05-28-2020 03:47 PM CET | Health & Medicine

Press release from: The Insight Partners

Glucose Monitoring Devices

Glucose Monitoring Devices

The glucose monitoring devices market by product is segmented into testing strips, glucometers, lancets and other. In 2018, the testing strips segment held a largest market share of 35.9% of the glucose monitoring devices market, by product. This segment is also expected to dominate the market in 2027 owing to rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced testing strips. Moreover, the testing strips segment is also anticipated to witness the fastest growth rate of 7% during the forecast period, 2019 to 2027 owing to the rising demand for the glucose monitoring devices.

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The glucose monitoring devices market accounted to US$ 12,628.3 Mn in 2018 and is expected to grow at a CAGR of 6.4% during the forecast period 2019 - 2027, to account to US$ 21,850.9 Mn by 2027.

Some of the prominent players operating in glucose monitoring devices market are, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Medtronic, Abbott, LifeScan, Inc., Ascensia Diabetes Care Holdings AG, Ypsomed AG, Omron Corporation, GE Healthcare and Nipro Corporation.

The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, , In February, 2017, Roche and Medtronic entered into an agreement to develop a next-gen BG meter that will intertwine glucose monitoring technology into a future Medtronic pump system. This agreement is expected to enhance the growth of Medtronic in glucose monitoring market. The developments performed by the companies are helping the market to grow in the coming years.

The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of glucose monitoring devices in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades. In India the diabetes treatment has become so popular and common that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country. Health travelers who visit developing countries for medical reasons save 65% to 80% on health cost compared to the cost in the US. Thus, the factors are likely to create growth opportunities for the growth of the market in coming years.

Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major problem and the biggest concern in all the communities across the globe. Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issue affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Therefore, owing to the above mentioned factors the market is likely to fuel its growth during the forecast period.

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Product launches and up gradation were observed as the most adopted strategy in global glucose monitoring devices industry. For instance, In February, 2017, Roche and Medtronic entered into an agreement to develop a next-gen BG meter that will intertwine glucose monitoring technology into a future Medtronic pump system. This agreement is expected to enhance the growth of Medtronic in glucose monitoring market. Thus, such development is likely to boost up the growth of its own and is likely to contribute to the market in the coming future.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.

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