Blood glucose monitoring system is the type of diagnostics system, used for the care & treatment of diabetes. It is used to measure & monitor the levels of blood sugar in the patients. These systems help in preventing other health-related conditions for instance retinopathy, neuropathy, and cardiovascular diseases. There are numerous types of blood glucose monitoring systems available in the market, which is known as blood glucose meter that are varying in price, size, duration of testing time, and ease of utilization.
According to study, “Global Blood Glucose Monitoring Systems Market to reach USD 17.1 billion by 2026” the key companies operating in the global blood glucose monitoring system market are F. Hoffman-La Roche Ltd., Ascencia Diabetes Care Holdings AG, Abbott Laboratories, Terumo Medical Corporation, Dexcom Inc., B. Braun Melsungen AG, Medtronic, Diamon Tech GmbH, Lifescan Inc. and Nova Biomedical. Major players are primarily concentrating on research & development (R&D) initiatives and innovative product developments to cater the needs of customers.
Based on product type, blood glucose monitoring system market is segmented as continuous glucose monitoring systems and self-monitoring blood glucose monitoring systems. Continuous glucose monitoring systems include transmitters, sensors and receivers. Continuous glucose monitoring system segment dominates the global market owing to rise in adoption of minimally invasive procedures. Self-monitoring blood glucose monitoring systems include testing strips, blood glucose meters and lancets & lancing devices. Based on testing site, market is segmented as alternate site testing and fingertip testing. Based on patient care setting, market is segmented as hospitals/clinics and self/home care. Self/home care segment is anticipated to witness higher CAGR due to growth in diabetic population, increase in product launches enhancing patient comfort when used at home and rise in awareness about regular monitoring of glucose levels during the forecast period. In addition, based on application, market is segmented as diabetes and others. Diabetes includes Type 1 diabetes, Type 2 diabetes and gestational diabetes.
The blood glucose monitoring system market is driven by rise in prevalence of diabetic population, followed by increase in preference for less invasive technologies and growth in number of product launches. However, inadequate reimbursement and high cost of monitoring systems may impact the market. Moreover, growth in technological advancement in products and surge in online marketing strategies are key opportunities for market.
Based on geography, the North-American region holds major share in global blood glucose monitoring system market owing to favorable reimbursements policies, increase in FDA approvals for these systems & supplies in the region. Whereas, the Asian-Pacific and European regions are anticipated to exhibit highest growth rate due to large number of diabetic patients coupled with rapid economic growth in countries such as China and India over the forecast period. In upcoming years, it is estimated that future of the global market will be optimistic on account of rise in awareness programs for diabetes owing to its high prevalence during the forecast period. The global blood glucose monitoring systems market is valued approximately at US $10.8 billion in 2019 and is expected to grow with a healthy growth rate of more than 6.8% over the forecast period 2020 to 2026.
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Ankur Gupta, Head Marketing & Communications