The growth of this market is majorly driven by factors such as rising prevalence of diabetic population, and increasing product launches.
Major Growth Drivers:
The global blood glucose monitoring system market is projected to reach USD 10.58 Billion by 2022 from an estimated USD 8.35 Billion in 2017, at a CAGR of 4.8% during the forecast period. Rising prevalence of diabetic population, and increasing innovative product launches are factors driving the growth in the market.
Objectives of the Study :
1. To define, describe, and forecast the global market by product, testing site, patient care setting, application, and region
2. To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
3. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
4. To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
5. To forecast size of market segments with respect to the four main regions, namely, North America (US and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of APAC), and the Rest of the World (Latin America and Middle East & Africa)
6. To strategically analyze the market structure and profile key players of the global market and comprehensively analyze their core competencies
7. To track and analyze company developments such as partnerships, agreements and collaborations; expansions; acquisitions; and product launches in the market
Accessories to Fuel the Growth of Blood Glucose Monitoring System Market:
The market is segmented on the basis of product, testing site, patient care setting, application, and region. Based on product, the market is segmented into self-monitoring blood glucose systems and continuous glucose monitoring systems. The continuous glucose monitoring system segment is expected to grow at the highest CAGR during the forecast period. The high growth in the continuous glucose monitoring system segment can be primarily attributed to the rising adoption of minimally invasive procedures.
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On the basis of testing site, the global market is segmented into fingertip testing and alternate site testing. The fingertip testing segment is expected to account for the largest of the global market and is expected to register the highest CAGR. This can be primarily attributed to the accuracy and high reliability of fingertip testing.
On the basis of patient care setting, the global market is categorized into self/home care and hospital & clinics. The self/home care segment is estimated to account for the largest of the global blood glucose monitoring system market and is expected to register the highest CAGR. This can primarily be attributed to growing diabetic population, and increasing awareness about regular monitoring of glucose levels and increasing product launches enhancing patient comfort when used at home.
Based on application, the market is categorized into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment is estimated to command the largest share of the blood glucose monitoring systems market. The large share can be attributed to increasing incidence of type 2 diabetes, and increasing innovative product launches with less invasive technologies.
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can primarily be attributed to the favorable reimbursements, awareness programs, rising FDA approvals in the US, and rising prevalence of diabetes in the US and Canada.
The high cost and poor reimbursements of blood glucose monitoring systems and supplies is expected to restrain the growth of this market during the forecast period. For instance, in emerging countries such as China and India, patients bear the expenses of the blood glucose monitors and testing strips. Additionally in developed countries such as Canada and some European nations there is a limitation on the quantity of testing strips supplied per patient per year based on the treatment plan of the patient
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The major players in Blood Glucose Monitoring System Market include F.Hoffman-la Roche (Switzerland), Abbott Laboratories (US), LifeScan (US), Ascensia Diabetes Care (Switzerland), Medtronic (Ireland), Dexcom (US), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Nipro (Japan), Sanofi (France), ARKRAY (Japan), Prodigy Diabetes Care (US), ACON Laboratories (US), and Nova Biomedical (US).