Smart Glucose Monitors Market Introduction
The monitoring of blood glucose (BG) enables people having diabetes to measure their BG level and utilize the details in their therapy schedule. Popularity of self-monitoring of blood glucose systems is attributed to the analytical features of the device, particularly of the test strips, and adroitness of the user. It is essential for health care providers (HCP) to instruct patients and the users about the accessible technical options for the supervision of blood glucose levels and ways to control it.
The smart phones are installed with a new applications which monitor the blood glucose level of the body. The data or the reading have to be mentioned in the application. The smartphones are the smart glucose monitoring devices which have turn into a fundamental ingredient of day-to-day existence for many people. The execution of smartphone and the tools used in it and its uses for the controlling diabetes may be an efficacious choice in lowering the improvement in monitoring the diabetes and ameliorating living conditions. Constant self-monitoring blood glucose system is a useful tool in enhancing glycemic control in type 2 diabetes.
The smartphone applications are useful approach for precise starting and maintaining the SMBG findings. SMBG details and statistics which are saved and logged on a device application can be examined with HCPs to take suggestions and references about diet, medications or exercise. An evasion indicated that utilization of the SMBG details collected in or/and shared through innovative technologies such as internet, Fax, etc., getting an accurate response and evaluation from an HCP and developing glycemic refinements and lessen hospital visits and hospitalizations. Conventional SMBG using lancets can be time-consuming and painful.
A promising new technology will one day deliver a resolution to this drawback. Advanced technology devices which is now in development stage, such as Eye Sense that is Grobostheim, offers an alternative processes for patients to evaluate the level of glucose excluding a lancet. The exterior meter determine a blood glucose finding with a small photometer implanted in the interject fluid beneath the conjunctive of the eye. When examining blood glucose monitoring, it is crucial to consider if an improvement in analytical exactness would lead to improved clinical findings for the patients.
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Smart Glucose Monitors Market- Competitive Landscape
The smart glucose monitors market is deemed to be highly fragmented with few manufacturers acquiring significant market share. The other manufacturers are confined to the other region-specific manufacturers. Large number of mergers and acquisitions are being conducted between players in order to consolidate their market presence. For instance, Dexcom entered into partnership agreement with Julphar in order to consolidate its market presence in the Middle East.
Medtronic is a manufacturer and supplier of medical devices. The company is engaged in research, manufacture, sale, and marketing of medical devices, especially insulin delivery devices such as insulin pumps and needles. The company is striving to tap the international market in cooperation with various distributors and agents.
- Hoffmann-La Roche Ltd.
- Hoffmann-La Roche Ltd. is a global pharmaceutical company engaged in the development, manufacture, and commercialization of pharmaceutical products and medical devices. The company operates through three major segments: pharmaceuticals, diagnostic solutions, and products for researchers.
Abbott Laboratories is one of the leading health care solutions providing companies. The company focuses on innovation, research and development, manufacture, and sale of a broad range of health care products. Its reportable segments include established pharmaceuticals, nutritionals, diagnostics, vascular, and others
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Smart Glucose Monitors Market Dynamics
Rise in Prevalence of Diabetes Resulting in High Demand of Smart Glucose Monitors
As reported, in the year 2015, over 30 million Americans were suffering from diabetes. Annually, around 1.5 million American citizens are being diagnosed with diabetes. In 2015, Diabetes was ranked as the seventh leading cause of death in the U.S. With the help of regular monitoring of blood sugar level, a patient can benefit both clinically as well as economically. It also prevents related disease conditions such as diabetic retinopathy, neuropathy, and cardiac disorders. Thus, owing to the high prevalence of diabetes, there will be high demand for these smart monitors.
High adoption rate of continuous sugar surveillance systems
There has been an increase in the usage of monitoring blood glucose devices by healthcare professionals in order to observe real-time blood sugar levels that helps in the better management of diabetic population. An increase in the patient awareness and high concerns pertaining to the sugar level has led to the increase in number of self-monitoring blood sugar users thereby boosting the smart glucose monitors market growth.
High Investment by Pharmaceutical Companies in Diabetes
Large number of pharmaceutical companies are investing in the development of new and innovative devices for monitoring of blood glucose levels. For instance: Novo Nordisk has collaborated with numerous biotech companies, including Genmab, Ablynx, and XOMA, and world-class universities, including the University of Oxford (the U.K.) and MIT (the U.S.), in order to accelerate innovation, and attract top talent to its global R&D centers.
Smart Glucose Monitors Market Segmentation
Based on the product type, the smart glucose monitors market is segmented into
- Self-Monitoring Blood Glucose (SMBG) Systems
- Continuous Glucose Monitoring (CGM) Systems
Based on the application type, the smart glucose monitors market is segmented into
- Type 1 diabetes
- Type 2 diabetes
- Gestational Diabetes
Based on the end-users, the smart glucose monitors market is segmented into
- Private Clinics
- Home Care
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