It is estimated that Diabetes Monitoring Device Market is expected to grow at a CAGR 8.3% during the forecast period 2017-2023.
Diabetes is a metabolic disease that occurs when blood glucose level is too high either due to inadequate insulin production or because of low response towards insulin. The three most common type of diabetes are Type 1, Type 2, and gestational diabetes. Other less common type includes cystic fibrosis-related diabetes, and monogenic diabetes. The frequent blood glucose monitoring is critical for diabetic management, as the maintenance of standard glucose level, i.e. 4–8 mM, is the only way that a diabetic person can lead a healthy lifestyle. According to WHO, global prevalence of diabetes has risen from 4.7% to 8.5% in 2014. It is also estimated that around 1.6 million deaths have occurred in 2015 due to diabetes worldwide.
Rise in technological innovations, huge research funding for diabetes diagnosis and treatment, increasing prevalence and incidence of diabetes, rising approval from regulatory bodies, and increasing global obesity population. However, high cost associated with diagnosis and treatment of diabetes, and stringent reimbursement policies may hinder the growth of market to an extent.
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Major Key Players in Global Diabetes Monitors Market
Some of key the players in the market are Panasonic, Abbott Laboratories, Dexcom, Inc., F. Hoffmann-La Roche Ltd , Medtronic, LifeScan, Inc., Sanofi, and others.
The global diabetes monitors market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas is the leading market across the globe on account of increasing patient population. As per the National Diabetes Statistics Report suggested by Centers for Disease Control and Prevention, it is found that 9.4% of the U.S. population i.e. 30.3 million people had diabetes in 2015.
Europe accounts for the second largest market in the world. Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe holds the major share of the market, which is majorly contributed by Germany, the U.K., and France. The increasing government support for development of the healthcare domain drives the European market.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing need for cost-effective glucose monitoring devices, rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa holds the least share of the global market owing to the presence of poor and slow developing countries, especially, in African region.
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The global diabetes monitors market is segmented on the basis of sample, type, component, and end-users.
On the basis of sample, the market is segmented into blood samples, sweat samples, urine samples, and others.
On the basis of type, the market is classified into point sample test based glucose monitors, continuous glucose monitors, and enzyme free sensor based glucose monitors. Continuous glucose monitors are further segmented into disposable sensor based CGM, and re-usable sensor based CGM.
On the basis of components, the market is classified into lancet, glucose test strips, and sensors. Sensors are further segmented into enzyme-based sensors, and enzyme-free sensors
On the basis of end -users, the market is segmented into diagnostic clinics, hospitals, and home.