Market Insights
Rapid urbanization, a growing geriatric population, changing lifestyles and a prevalence of unbalanced diets have contributed to the increasing occurrence of type 2 diabetes in the global population. This has inevitably created a more widespread demand for diabetes monitors. Both type 1 and 2 diabetes are widespread across the globe, with type 2 being the more commonly occurring form of diabetes of the two. According to the International Diabetes Federation 1 in 11 adults (425 millions) has diabetes and over two-thirds of these cases are recorded in urban areas. While, there is no cure for the disease, it can be managed through ongoing monitoring, the demand for appropriate diabetic monitoring technologies has incited considerable growth and will continue to do so as the market develops during the forecast period.
Market Research Future (MRFR) has published a comprehensive market report that identifies trends and restraints that affect growth. The report also identifies market opportunities based on extensive analysis of the diabetes monitors market. MRFR has revealed that the global market is estimated to reach a value of USD $17.4 billion by 2023 and experience a CAGR of 8.3% during the forecast period (2017 - 2023).
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The global diabetes monitors market is projected to witness considerable growth during the forecast period, this is due to the huge research and development investment in advancing treatment options and providing monitoring solutions that are semi to non-invasive. Governments and other regulatory bodies worldwide, are encouraging innovative relevant technologies for diabetes monitoring. Although high costs associated with diagnosis & treatment and the inconvenience associated with common monitoring devices (finger pricking) are expected to hamper market growth, the demand for efficient and affordable monitoring methods is likely to propel growth as innovation progresses.
Market Segmentation
The global diabetes monitors market has been segmented based on component, end-users, type, and sample. On the basis of components, the market for diabetes monitors is segmented based on glucose test strips, sensors (enzyme-free sensors and enzyme-based sensors), and lancet. Additionally, the market on the basis of end-users, is segmented into diagnostic clinics, hospitals, and homes. The global market for diabetes monitors is also covered based on type segment which is further split into enzyme-free sensor-based glucose monitors, continuous glucose monitors (reusable sensor based CGM, and disposable sensor-based CGM), and point sample test based glucose monitors. On the basis of samples, the market for diabetes monitors is segmented based on blood samples, sweat samples, urine samples, and others.
Major elements such as high treatment cost could obstruct the diabetes monitors market growth. However, according to the diabetes monitors market research report, the rise in technological innovations along with quick approvals from regulatory bodies will propel growth throughout the forecast period. The diabetes monitors market is set to register growth at a high CAGR owing to these key factors. The exploration of component, end-users, type, and sample segments along with regional markets has been given in the global diabetes monitors market research report. The research analysts studying the diabetes monitors market have put out market forecasts in the diabetes monitors market research report in order to support diabetes monitors market-based companies. The diabetes monitors market research report provides an extensive understanding of the diabetes monitors market based on the information and forecasts till 2023.
Regional Analysis
The Americas possess the largest global market share owing to the strong presence of leading market players, large investments in research & development, a well-developed health sector and a large patient population in the region. The high prevalence of diabetes in this area has prompted government and private organizations to actively encourage improvement of treatment options available.
Europe holds the second largest global market share and like the Americas, this region has supportive government associations that drive research and development to improve existing monitoring technologies. The strong potential for viable treatment and monitoring innovations from this region are fueling market growth.
Asia Pacific is predicted to be the fastest growing global market segment. Countries such as India and China count amongst countries with the highest occurrence of diabetes, the presence of a colossal patient population in the region is driving substantial growth for the region. There is a strong requirement for affordable monitoring devices and other relevant diabetes care which is attracting major players to cater to this region.
The Middle East and Africa includes countries such as the U.A.E., Qatar and Kuwait where an immensely rapid urbanization has led to a high number of diabetes diagnoses, thus driving growth for this market. However, due to the presence of impoverished and under developed economies of many African countries in this region is expected to limit growth during the forecast period.
Key Players
MRFR’s report analyzes the strategies of major players that participate in the competitive landscape of this market so as to provide relevant insights. Key players included in the report are LifeScan Inc., Panasonic, Dexcom Inc., Abbot Laboratories, F.Hoffmann La-Roche Ltd., Medtronic and Sanofi.
Latest Industry News
Dexcom has announced Food and Drug Administration (FDA) approval of the Dexcom G6 CGM System. The device is developed to be used as a standalone CGM and for integration into automated insulin dosing (AID) devices. Perhaps the most impressive feature about this system is that it eliminated the need for finger sticks and is non-invasive. The sensor is also developed for longer use and will last 43% longer than previous version of the device.
Researchers at the UC San Diego Jacobs School of Engineering led by UC San Diego Centre for Wearable Sensors director and co-director have developed a glucose monitoring patch that is non-invasive. The patch is applied onto the skin like a temporary children's tattoo and contains electrodes that apply a minuscule electric current which forces molecules of glucose to rise to the surface for measurement. This monitoring method has enrolled for clinical trials. The method is expected to potentially be a viable non-invasive, user friendly and affordable monitoring solution.
List Of Figures
FIGURE 1 RESEARCH PROCESS 18
FIGURE 2 GLOBAL DIABETES MONITORS MARKET,BY SAMPLE USD MILLION 2020 & 2027 42
FIGURE 3 GLOBAL DIABETES MONITORS MARKET BY TYPE USD MILLION 2020 & 2027 46
FIGURE 4 GLOBAL DIABETES MONITORS MARKET BY COMPONENTS USD MILLION 2020 & 2027 50
FIGURE 5 GLOBAL DIABETES MONITORS MARKET BY END USERS USD MILLION 2020 & 2027 54
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