Blood Glucose Meters Market- Introduction
- Blood glucose meters are electronic devices that are used to analyze blood through a minute blood drop, which is drawn using a lancet and a corresponding lancing device
- The blood is placed on a small disposable test strip that is inserted into the blood glucose meter, which reads the level of glucose in the blood
- The blood glucose meter is portable, powered by a battery, and it is small enough to fit in the palm of the hand
- After placing the blood on the strip, it is passed through a tube. The blood glucose concentration is then determined by the electrochemical reaction between the test strip and the blood.
Key Drivers of Global Blood Glucose Meters Market
Surge in Number of Diabetic Patients
- The blood glucose meters market is being driven by a surge in the number of diabetic patients globally
- For instance, as per data provided by the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014
- Furthermore, in 2016, an estimated 1.6 million deaths were directly caused by diabetes. Such instances have fueled the demand for blood glucose meters.
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Technological Advancements to Offer Significant Opportunities
- Conventional blood glucose meters adopt invasive techniques for diagnosis, most common of which involves taking blood samples with the help of needle pricks to the fingers.
- This method was painful for several users, while it caused discomfort to some. Therefore, there was always a need for a substitute to these invasive devices for continuous glucose monitoring.
- In 2018, DiaMonTech announced the launch of a compact blood glucose meter that functions on an infra-red technology, which is used to count the glucose molecules
- This product is expected to transform existing blood glucose monitoring techniques and is likely to witness high demand globally
- The arrival of non-invasive devices is likely to boost the global blood glucose meters market
Asia Pacific to Dominate Global Blood Glucose Meters Market
- North America accounts for a majority share of the global blood glucose meters market due to advancements in health care facilities and surgical equipment in the region. Moreover, expansion of the blood glucose meters market in North America can be attributed to a large diabetes population, rise in number of diabetes cases in the younger population, and technological advancements in the region.
- The dominant share held by North America is also attributed to the availability of advanced healthcare infrastructure and high government funding for advanced healthcare facilities in the region
- The blood glucose meters market in Asia Pacific is estimated to expand at a significant growth rate during the forecast period due to a surge in the number of diabetes cases in India and China
- The market in Latin America and Middle East & Africa is likely to expand at a moderate growth rate during the forecast period
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Key Players Operating in Global Market
- The global blood glucose meters market is highly fragmented due to the presence of several key players accounting for a major share of the market, resulting in a highly competitive environment.
- Demand for blood glucose meters has increased in both emerging and developed markets. Market players are also appointing third-party distributors to expand their presence in the market. This has resulted in a surge in the number of distributors and suppliers in emerging markets. Some of the key players operating in the global market are:
- Hoffmann-La Roche Ltd.
- Braun Melsungen AG
- Lifespan Inc.
- Ascensia Diabetes Care Holdings AG.
- Terumo Medical Corporation
- DiaMonTech GmbH
Global Blood Glucose Meters Market- Research Scope
- The global blood glucose meters market can be segmented based on product, usage-type, end-use, distribution channel, ergonomics, and region
Global Blood Glucose Meters Market, by Product
- Blood Glucose Meters
- Glucose Meter Strips
Global Blood Glucose Meters Market, by Usage-Type
- Professional Blood Glucose Meters
- Personal Blood Glucose Meters
Global Blood Glucose Meters Market, by End-use
Global Blood Glucose Meters Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Blood Glucose Meters Market, by Ergonomics
Global Blood Glucose Meters Market, by Region
- North America
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.