The glucose monitoring global market is valued at approximately US$10 billion in the year 2018. The market is expected to witness a compounded annual growth rate of approximately 7% in the coming years. More population becoming prone to diabetes is the key factor which drives this market. The market is further propelled by awareness about diabetes and the preventive care associated with it with the help of supportive government measures and initiatives.
The glucose monitoring devices are very much beneficial for the diagnosis as well as treatment of issues like diabetes. These devices can be very effectively used to measure the blood sugar levels which is the most important step in the treatment of diabetes.
Other health conditions like neuropathy and cardiovascular diseases can also be treated with the help of this device. The technological advancement has affected a lot and because of rapidly changing lifestyles and healthy food habits and consumption of alcohol among the people has also increased which contributes to the rising number of cases of diabetes worldwide. Obesity is another issue associated with this.
Following are some of the insights related to this market:
-The end user-based insights: According to this segmentation, the market can be divided into home care, hospitals and the diagnostic centres. The hospital segment leads the market because of better infrastructure and more capacity for incurring the expenditure. The home care segment is expected to grow at proximately 7% CAGR. Patients can check the effects of the treatment with the help of these devices. The treatments may include exercise as well as managing the stress.
– The product-based insights: Based on this classification, the market can be segmented into self-monitoring and continuous monitoring devices. Self-monitoring occupies the major space in this market and can be further segmented into glucose meters, lancets and testing strips. The continuous monitoring helps in analysing several patterns of glucose with the help of continuous delivery and real-time reading. It further includes a transmitter, insulin pumps and the receiver. This segment is expected to have 7.5% CAGR in the coming years.
-The regionally based insights: Based upon this category, the market can be segmented into Asia Pacific, Latin America, Middle East, Europe and North America and Africa. North America is the leading market in this healthcare sector. With the help of technological advancements and the launching of new products, the sector has gained a lot. Asia-Pacific can also be referred to as a lucrative region because of the improvements in health care facilities and support from governments.
– The devices based insights: Several companies are formulating various strategies to launch various products in this market. This has helped them to expand the business portfolio so their presence can be strengthened. This has provided the companies with opportunities to diversify and expand their existing customer base.
The diabetes monitoring market covers several segments under it. The broad classification and market insights have been mentioned above. Hence, according to the data from WHO, this market is expected to have great growth potential.
The glucose monitoring devices are very much beneficial for the diagnosis as well as treatment of issues like diabetes. These devices can be very effectively used to measure the blood sugar levels which is the most important step in the treatment of diabetes.
