Blood Glucose Monitoring Devices Market Witnessing Rapid Growth
Global prevalence and increasing cost of diabetes diagnosis and treatment has created an alarming condition. Diabetes prevalence is not only increasing in developed regions, but also in developing and under developed regions. India is considered as the diabetes capital and has highest diabetes prevalence. Currently more than 50 million individuals in the country are diagnosed with type 2 diabetes. Statistics published by the World health Organization (WHO) also state that over 80% of the diabetes mortalities occur in low and middle income economies. However age wise distribution reveals that North America and Europe region has higher density of childhood diabetes (age group 0-14 years). Finland has highest childhood diabetes prevalence of 62% per 100,000 children. International Diabetes Federation states that low and middle income economies also have higher percentage of undiagnosed diabetes cases. 67% diabetes patients in Africa and 52% patients in South East Asia remain undiagnosed.
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Considering such wide spread prevalence of diabetes across varied age groups, various companies have introduced blood glucose monitoring products. Continuous glucose monitoring (CGM) consists of a sensor that checks glucose levels in tissue fluids. This information is sent through wireless technology to an external device or a smartphone for data visualization and analysis. Although these devices are more expensive than conventional blood glucose monitoring devices, the device is becoming popular among patients with severe diabetes. Results produced by CGM devices are less accurate and the patient must confirm accurate glucose level using other methods. This adds to patient inconvenience and to cost of overall diagnosis.
Asia Pacific stands out as the most prominent market from the geography point of view. High diabetes population, increasing awareness about blood glucose monitoring devices, and adoption of active life style by diabetes patients are some of the key drivers for the blood glucose monitoring devices market in this region. The global blood glucose monitoring devices market is segmented into conventional blood glucose monitors, continuous blood glucose monitors, strips and lancets. Key players identified in the market include Abbott, Dexcom, Medtronic, AgaMatric, Ascensia Diabetes Care, B. Braun, LifeScan, Nipro Diagnostics, Roche, Sanofi, and various others.
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