Blood Glucose Monitoring Systems Market: High Prevalence of Diabetes Mellitus and Advancements in Technology to Augment Market
Blood Glucose Monitoring Systems Market: Introduction
According to the report, the global blood glucose monitoring systems market was valued at US$ 15.4 Bn in 2018 and is projected to expand at a CAGR of 5.5% from 2019 to 2027. Blood glucose monitoring is used to analyze the concentration of glucose in the blood. Diabetes management is a vital procedure once a person is diagnosed with diabetes. Healthcare professionals recommend the patients to monitor the blood glucose level and their conditions.
In terms of product, the global blood glucose monitoring systems market has been bifurcated into self-monitoring blood glucose systems and continuous glucose monitoring systems. The self-monitoring blood glucose systems segment captured the largest market share in 2018. The segment is expected to expand at the highest CAGR during the forecast period, owing to rise in prevalence of diabetes.
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The self-monitoring blood glucose systems segment has been split into blood glucose meters, testing strips, lancing devices, and lancets. The testing strips sub-segment accounted for the largest market share in 2018. The continuous glucose monitoring systems segment has been segregated into sensors, transmitters, and receivers. The sensors sub-segment held the largest market share in 2018.
Based on application, the global blood glucose monitoring systems market has been categorized into type 1 diabetes, type 2 diabetes, and gestational diabetes. In terms of testing site, the global blood glucose monitoring systems market has been divided into fingertip testing and alternate site testing. In terms of patient care setting, the global blood glucose monitoring systems market has been classified into self/home care, hospitals, and clinics.
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Blood Glucose Monitoring Systems Market: Prominent Regions
The Americas held a major share of the global blood glucose monitoring systems market in 2018. Highly structured healthcare industry, presence of key players, and growth strategies of these players are the major factors driving the market in the region. Rise in awareness about diabetes and increase in healthcare expenditure also contribute to the growth of the market in the Americas. Europe held the second-largest share of the global blood glucose monitoring systems market in 2018. Growth of the market in the region can be attributed to rise in prevalence of diabetes and well-developed healthcare infrastructure in the region.
The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Increase in the number of people with diabetes, product approvals, and rise in awareness about diabetes, which leads to regular checkup and diagnosis are anticipated to fuel the growth of the blood glucose monitoring systems market in the region.
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Blood Glucose Monitoring Systems Market: Key Players
Key players are expanding their footprint to strengthen their positions in the global blood glucose monitoring systems market. Hence, manufacturers engage in new product development, collaborations, and distribution to gain market share. Leading players operating in the global blood glucose monitoring systems market include Abbott, Medtronic, Hoffmann-La Roche Ltd., B. Braun Melsungen AG, AgaMatrix, Sanofi, SD Biosensor, Inc., LifeScan, Ascensia Diabetes Care, Prodigy Diabetes Care, LLC, Nipro, Dexcom, Inc., Ypsomed AG, Senseonics, and ACON Laboratories, Inc.
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