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.
Identify the key factors that will drive your company’s growth, Request a brochure of this report here
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
Expanding operations in future? To get the perfect launch ask for a custom report here
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
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.