May 18, 2020
As per the report titled ‘Global Blood Glucose Monitoring Systems Market Size study, by Device (Continuous Blood Glucose Monitoring Systems, Self-Monitoring Blood Glucose Monitoring Systems), by Type (Invasive, Non-Invasive), by Modality (Wearable, Non-Wearable), by Distribution Channel (Institutional Sales, Retail Sales) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global blood glucose monitoring systems market was valued at USD 10.8 billion in 2019 and is projected to expand at 6.8% CAGR over 2020-2026.
Blood glucose monitoring systems are primarily used to measure and monitor the level of blood sugar in patients suffering from diabetes. These devices also aid in preventing other health-related conditions such as retinopathy, neuropathy, and cardiovascular diseases.
Increased pervasiveness of diabetes and cardiovascular diseases is the primary growth driver of global blood glucose monitoring systems market. As per International Agency for Research on Cancer (IARC), around 17 million new cancer cases and 9.5 million cancer deaths were recorded across the globe in 2018. Moreover, global burden of cancer is estimated to cross 27.5 million new cancer cases and 16.3 million cancer deaths by the year 2040. Similarly, according to American Heart Association, the number deaths associated with cardiovascular diseases was about 17.6 million in 2016 and is expected to grow to over 23.6 million by 2030.
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Introduction of reimbursement policies and growing number of awareness programs for diabetes preventive care are enhancing the market outlook. However, high cost and poor reimbursement scenario in some nations will impede the market growth over the forecast period.
As per the regional analysis, blood glucose monitoring market in North America is expected to see prominent gains over the analysis period. High prevalence of diabetes, improving population cognizance, and increasing FDA approvals for blood glucose monitoring systems along with favorable reimbursements policies are driving the regional market growth.
Meanwhile, Asia Pacific blood glucose monitoring market is expected to grow rapidly in the coming years, on account of factors such as existence of huge diabetic patient pool in the region, alongside improving economy and healthcare infrastructure in countries like India and China.
Key players in global blood glucose monitoring systems market are Abbott Laboratories, F. Hoffman-La Roche Ltd., Ascensia Diabetes Care Holdings AG, Medtronic, Dexcom Inc., LifeScan Inc., B. Braun Melsungen AG, DiaMonTech GmbH, Terumo Medical Corporation, and Nova Biomedical.