Blood Glucose Monitoring Devices Market
The global blood glucose monitoring devices market is likely to be driven by the rising prevalence of diabetes, as well as the growing elderly population, which are prone to diabetes. Increased awareness of diabetes preventative care and novel product introductions are also propelling the industry forward. Diabetes refers to a medical disorder in which the pancreas is unable to make insulin, resulting in an elevated blood glucose level. BGM or blood glucose monitoring gadgets are both cost-effective and necessary for correct diagnosis and therapy. Blood sugar levels are measured with these devices, which is an important step in diabetes management. It also aids in the avoidance of other health problems including cardiovascular disease, retinopathy, and neuropathy.
There are many different types of blood glucose monitors in the market, each comes with its own testing time, price, size, and simplicity of use. Numerous nations imposed lockdowns during the Covid-19 epidemic to prevent the disease's spread. Diabetic patients' daily routines have changed as a result, including their sedentary behavior, physical activity, and dietary habits. The demand for self-monitoring devices is rising as a result of all of these factors that cause aberrant variations in the levels of glucose. Obesity is one of the leading causes of diabetes, which is why it is likely to play an important role in the growth of the global blood glucose monitoring devices market.
Global Blood Glucose Monitoring Devices Market: Overview
Diabetes is a group of metabolic diseases in which the patient experiences high or low levels of blood sugar levels over a longer duration of time. Diabetes is one the chief diseases could result in the development of chronic cardiovascular diseases or lead to fatal risks such as heart failure and cardiac arrests. Thus, it is pivotal for a diabetic patient to keep their blood glucose levels under surveillance, and at regular time intervals. This can be easily achieved by using monitoring devices for diabetes, paving the way for the blood glucose monitoring devices market.
The rising incidence of diabetes globally is a major factor contributing to the growth of global diabetes monitoring devices market. According to the World Health Organization (WHO) in the year 2014, diabetes was considered to be one of the diseases that had dire consequences on health, and affected around 422 million individuals over the globe. Furthermore, it has caused in roughly 1.6 million deaths in the year 2015, which stresses on the urgent requirement for effective management solutions; further fuelling the blood glucose monitoring devices market.
The report offers an in-depth insight into the global blood glucose monitoring devices market, elucidating on its growth factors, opportunities, restraints, and latest market trends.
Global Blood Glucose Monitoring Devices Market: Trends and Opportunities
A key drivers of the global blood glucose monitoring device market is the introduction of favorable reimbursement options for glucose meters. Generally, glucose monitoring devices are expensive and need to be replaced every 6 to 8 months. As this isn’t an economically viable option, most people prefer investing in an all-inclusive insurance that provides cover for blood glucose monitoring devices, along with test strips and testing supplies. This is a significant factor shaping the trajectory of the blood glucose monitoring devices market.
A key trend that fortifies the growth of this market is the surge in online marketing strategies of these devices. In order to increase the brand equity and sales, vendors are expanding their online reach and promoting their products on a large scale.
Global Blood Glucose Monitoring Devices Market: Geographical Analysis
Based on region, the global blood glucose monitoring devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America and Europe are anticipated to lead the global market on account of their large population plagued with diabetes, the region’s rapidly increasing geriatric and obese population, and their high per capita expenditures on healthcare. The Asia Pacific market is expected to rise at a substantial rate during the forecast period ascribed to the populous nations of India and China. The market in Latin America and Middle East & Africa is likely to expand at moderate growth rate over the period of forecast.
Global Blood Glucose Monitoring Devices Market: Companies Mentioned
With a highly fragmented vendor landscape, the global blood glucose monitoring devices market is likely to witness with a highly competitive environment. Key players operating in the market include Novo Nordisk A/S, Medtronic plc, Abbott Laboratories, Sanofi, Dickinson and Company, Hoffmann-La Roche Ltd., LifeScan, Inc., Johnson & Johnson, ARKRAY, Inc., Becton and Terumo Corporation.
Blood Glucose Monitoring Devices Market, by Product
- Natural Fiber
- Polymer Fiber
- Acrylonitrile Butadiene Styrene Plastic
Blood Glucose Monitoring Devices Market, by End-User
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Blood Glucose Monitoring Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- 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.