New York, NY, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Blood Glucose Monitoring System Market by Product (Self-Monitoring and Continuous Glucose Monitoring Devices), by Testing Site (Fingertip Testing and Alternate Site Testing), by Indication (Type-I Diabetes, Type-II Diabetes, and Others), and by End-User (Hospitals, Clinics, and Homecare): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global blood glucose monitoring system market was valued at approximately USD 12.23 billion in 2017 and is expected to generate around USD 18.87 billion in revenue by the end of 2024, growing at a CAGR of around 5.1% between 2018 and 2024.
Blood glucose monitoring is a part of the standardized care for diabetes patients. It helps in monitoring and controlling the glucose level in diabetic individuals and impaired glucose tolerance. The demand for blood glucose monitoring systems is increasing due to a rapid increase in the prevalence of diabetes and rapid adoption of sugar surveillance system to control diabetes.
Browse through 122 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Blood Glucose Monitoring System Market Size & Share 2017: Industry Type, Trends, Analysis, and Forecast to 2024”.
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The blood glucose monitoring system market is segmented on the basis of product type, testing site, indication, and end-user. Based on product type, the blood glucose monitoring system market is segmented into self-monitoring devices and continuous glucose monitoring devices. Self-monitoring devices segment is further sub-segmented into blood glucose meters, lancets & lancets devices, and testing strips. The self-monitoring devices segment is dominating the global market for blood glucose monitoring system, owing to the rapid product development, the requirement of less blood sample, and enhancement in its accuracy. The rising adoption of minimally invasive surgeries is expected to fuel the growth of continuous glucose monitoring devices segment.
On the basis of testing site, this market is segmented into fingertip testing and alternate testing site. The fingertip testing segment is anticipated to dominate the market due to site accuracy and high reliability on the fingertip testing results.
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Based on the indication, the blood glucose monitoring system market is segmented into type-I diabetes, gestational diabetes, and type-II diabetes. Type-I and type-II diabetes are further sub-segmented into adult and pediatrics. The increase in the prevalence of type-II diabetes among the three types of applications is fueling the growth of the use of a blood glucose monitoring system for monitoring type-II diabetes. Therefore, type-II diabetes segment is anticipated to dominate the application segment of blood glucose monitoring devices market.
The end-user segment includes hospitals, clinics, and homecare. Homecare segment is anticipated to dominate the market due to an increase in diabetic population and increasing preference for less or minimally invasive technologies that can be used at home.
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In terms of revenue, North America accounted for the highest share of global blood glucose monitoring system market. This is due to the rise in the initiatives undertaken by the government for prevention and treatment of diabetes with the help of leading players of the region. For instance, in 2017, the CDC (Centers for Disease Control and Prevention) announced a five-year funding opportunity in the country’s underserved areas, to scale up the National Diabetes Prevention Program. Additionally, the rapid use of well-developed technology, increase in R&D activities, high spending on healthcare, and the presence of major companies have fuelled the growth of blood glucose monitoring system market in this region. The rise in the number of people suffering from diabetes in Canada and the U.S. and favorable reimbursement policies has also increased the demand for blood glucose monitoring system market in North America.
Europe is the second most lucrative market after North America. In 2016, according to a report by the WHO, approximately 60 million people in Europe were suffering from diabetes. This rise in the number of people, from all age groups, suffering from diabetes is mainly driving the demand for blood glucose monitoring systems in Europe. The increase in support by the government for research & development in blood glucose monitoring systems and an increase in funding for research are among the key factors fuelling the growth of blood glucose monitoring system market in Europe.
Browse the full "Blood Glucose Monitoring System Market by Product (Self-Monitoring and Continuous Glucose Monitoring Devices), by Testing Site (Fingertip Testing and Alternate Site Testing), by Indication (Type-I Diabetes, Type-II Diabetes, and Others), and by End-User (Hospitals, Clinics, and Homecare): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/blood-glucose-monitoring-system-market
Asia Pacific is the fastest growing region in blood glucose monitoring system market, owing to the increase in the population suffering from diabetes. In the Asia Pacific region, the occurrence of diabetes, from 1980 to 2014, has increased from 4.1% to 8.6%. It is evident from the WHO’s statistics that in Asia Pacific, there is a rapid increase in the diabetic population. Also, according to WHO in 2017, about 96 million people in the South-East Asian region were suffering from diabetes, which created a high demand for blood glucose monitoring devices. The increase in the aging population, lifestyle-associated changes, rising awareness related to diabetes, and rapid urbanization are some of the factors fueling the growth of the blood glucose monitoring system market in the Asia Pacific region.
Latin America is expected to show better growth as compared to the Middle East & Africa in the forecast period. The increase in the prevalence of diabetes, the rapid increase in investment in disease treatment, and development of the healthcare facilities are expected to fuel the growth of the blood glucose monitoring system market in these regions.
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The main players in the global market for blood glucose monitoring system are Abbott Laboratories, Novo Nordisk A/S, Hoffmann-La Roche Ltd., Sanofi, Medtronic, Nova Biomedical, B. Braun Melsungen, Terumo Corporation, ARKRAY Inc., and Becton, Dickinson, and Company. The major companies focus on the introduction of new innovative technologies. In 2016, Roche launched the innovative Accu-Chek that monitors the blood glucose level with ease.
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This report segments the global blood glucose monitoring system market as follows:
Global Blood Glucose Monitoring System Market: Product Segment Analysis
- Self-Monitoring
- Blood Glucose Meters
- Testing Strips
- Lancets & Lancing Devices
- Continuous Glucose Monitoring Devices
Global Blood Glucose Monitoring System Market: Testing Site Segment Analysis
- Fingertip Testing
- Alternate Site Testing
Global Blood Glucose Monitoring System Market: Indication Segment Analysis
- Type-I Diabetes
- Adult
- Pediatrics
- Type-II Diabetes
- Adult
- Pediatrics
- Gestational Diabetes
Global Blood Glucose Monitoring System Market: End-User Segment Analysis
- Hospitals
- Clinics
- Homecare
Global Blood Glucose Monitoring System Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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