High Prevalence of Diabetes Mellitus and Advancements in Technology to Augment Market

Within the blood glucose monitoring systems market, at present, companies are increasingly focusing on the development of advanced next-generation glucose monitoring systems to gain an edge in the current market landscape. Non-invasive glucose monitoring techniques have gained noteworthy popularity over the past couple of decades, and the trend is set to continue to gain momentum during the forecast period. Technological advancements continue to drive innovations in the blood glucose monitoring systems market and improve diagnostic techniques and equipment. Research and development activities continue to explore and discover new non-invasive glucose monitoring techniques.

Over the past few years, research and development activities have put forward infrared spectroscopy– a novel technology that is expected to offer tremendous scope in the blood glucose monitoring systems market. Rapid advancements in technology and improvement in the reliability and calibrating methods of non-invasive devices are some of the factors that are expected to augment the growth of the market for blood glucose monitoring systems in the coming years. The high prevalence of diabetes worldwide is one of the major causes of morbidity and mortality in most regions around the world. Surge in the aging population worldwide, unhealthy dietary patterns, an increase in the number of individuals leading a sedentary lifestyle and obesity are expected to increase the prevalence of diabetes mellitus in the coming years which in turn is expected to propel the demand for advanced blood glucose monitoring systems. At the back of these factors coupled with favorable government policies, the global blood glucose monitoring systems market is expected to reach ~US$ 25 Bn by the end of 2027.

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High Adoption of Non-invasive Monitoring Leveraging Optical Techniques Likely to Propel Market Growth

Due to the growing prevalence of diabetes mellitus across the world, the pursuit of efficient blood glucose monitoring systems has gained considerable pace over the past few years– a trend that is likely to continue during the forecast period. Governments of both the developing as well as developed nations of the world are increasingly encouraging research and development activities that aim to minimize health complications caused by blood glucose levels. Non-invasive blood glucose monitoring systems have gained considerable traction in recent years of which, vibrational spectroscopy-based techniques of the skin have emerged as promising candidates.

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At present, researchers are also increasingly investigating the potential benefits of deploying devices based on photoplethysmography, wherein wavelengths in near-infrared range are being considered for their exceptional capabilities of offering dependable blood glucose monitoring predictions. Optical glucose sensing is projected to remain one of the most critical types of treatment within the blood glucose monitoring systems market during the forecast period. Steady progress in biosensor technologies and growing emphasis on non-invasive blood glucose monitoring is expected to further accelerate the adoption of optical techniques in the blood glucose monitoring systems market. Advancements in technology have paved the way for a host of blood glucose monitoring systems and techniques, including Raman spectroscopy, fluorescence spectroscopy, absorption spectroscopy, photoacoustic spectroscopy, and ocular spectroscopy, among others.

The future of the blood glucose monitoring systems market is expected to hinge on the strides taken by nanotechnology and significant progress in biomaterials. Companies operating in the current market landscape are expected to develop glucose biosensors that are predominantly based on polymer nanocomposites, carbon nanotubes, and grapheme.

Market Participants Develop Smart Blood Glucose Monitoring Systems to Gain Advantage

With technology progressing at a rapid pace, several companies are inclined toward the development of advanced blood glucose monitoring systems based on these technologies. Participants in the blood glucose monitoring systems market are expected to collaborate with pharmaceutical companies to launch reliable next-generation glucose monitoring systems. For instance, in January 2019, Eris Lifesciences and India Medtronic Pvt. Ltd announced that the two companies are collaborating to formulate efficient diabetes monitoring programs and initiatives in India. Both companies will leverage expertise from one another to develop advanced blood glucose monitoring systems. Both the companies announced the launch of the smart continuous blood glucose monitoring system, which can be connected with smartphones to gain real-time data, including glucose levels without excessive hardware requirements. Moreover, established brands are also launching new products and expanding their product range to improve their market share. For instance, in January 2018, Abbott announced the launch of the FreeSbtyle Libre System, an advanced continuous glucose monitoring system.

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Analysts’ Viewpoint

The global blood glucose monitoring systems market is expected to grow at a steady CAGR of ~5.5% during the forecast period. Some of the leading factors that will contribute to market growth include rapid developments in optical and non-invasive monitoring techniques, high prevalence of diabetes mellitus worldwide, rise in the geriatric population, and policies by government bodies worldwide that encourage the development of reliable, accurate, and efficient blood glucose monitoring systems. Companies should focus on expanding their product portfolio, improve the accuracy of their products, and continue to invest in new technologies to improve their market share in the current market landscape.

Blood Glucose Monitoring Systems Market: Overview

  • According to Transparency Market Research’s latest research report on the global blood glucose monitoring systems market for the historical period (2017–2018) and the forecast period (2019–2027), rise in prevalence of diabetes is anticipated to drive the global blood glucose monitoring systems market in the near future
  • 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

Rise in Prevalence of Diabetes: A Key Driver for Blood Glucose Monitoring Systems Market

  • Complex interaction between genes and environmental factors are responsible for causing type 1 diabetes. Obesity, dietary habits, family history of diabetes, and physical inactivity are the major risk factors for type 2 diabetes.
  • Prevalence of diabetes is rising due to change in lifestyle, environmental factors, and genetic mutation. Moreover, obesity is a key risk factor responsible for causing diabetes.
  • According to the American Diabetes Association, an estimated 30.3 million people in the U.S. had diabetes in 2015, among these 1.25 million were children
  • According to the World Health Organization, an estimated 1.6 million deaths occurred due to diabetes in 2016
  • A report published by the World Health Organization stated that an estimated 422 million adults were living with diabetes globally in 2014 and the prevalence is rising in the adult population
  • According to the British Diabetic Association operating as Diabetes UK, in the U.K., 3.8 million people were diagnosed with diabetes in 2019
  • According to Diabetes U.K., 382 million adults across the globe aged between 20 and 79 had diabetes in 2012. This number is expected to reach 592 million by 2035. An estimated 175 million people are undiagnosed with type 2 diabetes.
  • Prevalence of diabetes is variable and is expected to increase in the near future

Increase in Awareness about Diabetes: Blood Glucose Monitoring Systems Market

  • Diabetes is a leading cause of death across the world. Prevalence of diabetes is increasing in the adult as well as pediatric population.
  • In November 2018, the American Diabetes Association entered into a partnership with American Heart Association to increase awareness about cardiovascular diseases caused due to type 2 diabetes
  • Diabetes is a leading cause of deaths in India. The Ministry of Health and Family Welfare (MoHFW) launched mDiabetes, a mobile health initiative for prevention and care of diabetes, in collaboration with the WHO Country Office for India and other partners.
  • The Division of Diabetes and Translation, a department of CDC, supports activities and programs to prevent type 2 diabetes and improve patient health outcomes
  • In March 2015, the NHS and Public Health England launched a National NHS Diabetes Prevention Program. Prevalence of type 2 diabetes reduced in the U.K. due to this program.
  • The National Programme for Prevention and Control of Cancers, Diabetes, Cardiovascular Diseases and Stroke is arranged by National Health Mission. The aim of the program is to strengthen the infrastructure, early diagnostics by primary healthcare system, and health prevention from diabetes.
  • In November 2018, Onduo conducted a virtual diabetes program for people living with type 2 diabetes in Georgia

 High Cost of Blood Glucose Monitoring Systems to Hamper Global Market

  • Cost is a major factor influencing the selection of treatment. The cost of traditional methods for diabetes management is less than that for digital diabetes management.
  • The cost of digital diabetes management devices is a barrier in the treatment of type 1 diabetes in adults
  • According to an article published in AJMC, the estimated cost of insulin infusion pump per person is about US$ 4,500, with additional cost for supplies exceeding US$ 1,500 per year
  • Hence, the high cost of the blood glucose monitoring systems can restrain the market

Patient and Provider Burden to Restrain Global Blood Glucose Monitoring Systems Market

  • Diabetes is among the leading causes of death across the globe. According to the World Health Organization, prevalence of diabetes is increasing in low and middle income countries. The prevalence of diabetes increased from 4.7 % in 1980 to 8.5% in 2014.
  • According to the Centers for Diseases Control and Prevention, an estimated 30.3 million people in the U.S. had diabetes in 2017
  • According to the National Institute of Diabetes and Digestive and Kidney Diseases, in the U.S., 23.1 million patients were diagnosed with diabetes at a cost of more than US$ 245 Mn per year
  • Lack of providers affects people with diabetes in rural areas
  • Rise in prevalence of diabetes is increasing the demand and supply gap for healthcare providers

Blood Glucose Monitoring Systems Market: Competition Landscape

  • This report profiles major players operating in the global blood glucose monitoring systems market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
  • The global blood glucose monitoring systems market is moderately fragmented, with the presence of a few large players in the international market and numerous small players in regional markets. The top four to five players hold major share of the global blood glucose monitoring systems market.
  • Prominent players operating in the global blood glucose monitoring systems market  include
    • Abbott
    • Medtronic
    • Hoffmann-La Roche Ltd
    • B.Braun Melsungen AG
    • AgaMatrix
    • Sanofi-aventis
    • SD Biosensor, INC
    • LifeScan
    • Ascensia Diabetes Care
    • Prodigy Diabetes Care, LLC
    • Nipro
    • Dexcom, Inc.
    • Ypsomed AG
    • Senseonics
    • ACON Laboratories, Inc.
  • The report on the global blood glucose monitoring systems market discusses individual strategies, followed by company profiles of manufacturers of blood glucose monitoring systems. The ‘competitive landscape’ section has been included in the blood glucose monitoring systems market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global blood glucose monitoring systems market.

Blood Glucose Monitoring Systems Market - Scope of the Report

TMR’s report on the global blood glucose monitoring systems market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2019 to 2027. The report provides the revenue of the global blood glucose monitoring systems market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global blood glucose monitoring systems market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ device literature, annual reports, press releases, and relevant documents to understand the global blood glucose monitoring systems market.

Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global blood glucose monitoring systems market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global blood glucose monitoring systems market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global blood glucose monitoring systems market.

The report delves into the competitive landscape of the global blood glucose monitoring systems market. Key players operating in the global blood glucose monitoring systems market have been identified, and each one of them has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOTs are some of the attributes of players in the global blood glucose monitoring systems market that have been profiled in this report.

Key Questions Answered in Blood Glucose Monitoring Systems Market Report

  • What is the scope of growth of devices and its companies in the blood glucose monitoring systems market and its application sector?
  • What will be the Y-o-Y growth of the global blood glucose monitoring systems market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global blood glucose monitoring systems market?
  • Will Americas continue to be the most profitable regional market for global primary immunodeficiency therapy providers?
  • Which factors will impede the growth of the global blood glucose monitoring systems market during the forecast period?
  • Which are the leading companies in the global blood glucose monitoring systems market?

Research Methodology

A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global blood glucose monitoring systems market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary sources referred to by analysts during the global blood glucose monitoring systems market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, device portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to TMR’s study on the global blood glucose monitoring systems market’s primary sources.

These primary and secondary sources have provided exclusive information during interviews, which serves as a validation from blood glucose monitoring systems market leaders. Access to extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global blood glucose monitoring systems market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global blood glucose monitoring systems market more reliably and accurately.

Blood Glucose Monitoring Systems Market – Segmentation

Product

Self-monitoring Blood Glucose Systems

  • Blood Glucose Meters
  • Testing Strips
  • Lancing Devices
  • Lancets

Continuous Glucose Monitoring Systems

  • Sensors
  • Transmitters
  • Receivers

Application

Type 1 Diabetes

Type 2 Diabetes

Gestational Diabetes

Testing Site

Fingertip Testing

Alternate Site Testing

Patient Care Setting

Self/Home Care

Hospitals

Clinics

Region

Americas

Europe

Asia Pacific

Middle East & Africa

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