Blood glucose monitoring systems are used for the testing of blood glucose level in the body. The global blood glucose monitoring system market is growing at a significant rate due to the increasing prevalence of diabetes. The market is expected to grow at the faster rate for continuous blood glucose monitoring products in the coming years due to increasing adoption of minimally invasive procedure.
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The global blood glucose monitoring system market has also been segmented by application into type I, type II and gestational diabetes.
The increasing prevalence of diabetes, the rapid increase in the aging population and the increasing number of product launches are the primary growth drivers for blood glucose monitoring system market. For instance, according to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Pipeline products and ongoing researches and increasing adoption of the continuous sugar surveillance system are also driving the global market. The technological advancement in glucose monitoring is making the device smaller and more convenient.
The high cost of blood glucose monitoring products, invasiveness of blood glucose monitors and poor reimbursement of blood glucose monitoring devices and supplies are the major challenges for the growth of blood glucose monitoring system market.
Geographically, North America is the largest blood glucose monitoring system market as the region has favorable reimbursement policies, increasing awareness program and rising FDA approvals. Increasing prevalence of diabetes has fueled the growth of the North American blood glucose monitoring system market. Asia-Pacific is observed to witness the fastest growth in demand for blood glucose monitoring products.
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Key players in the blood glucose monitoring system industry are investing in the development of innovative and advanced products, which is strengthening their position in the market. Abbott Laboratories, B. Braun Melsungen, F. Hoffmann-La Roche, Ypsomed, Lifescan, Medtronic, Ascensia Diabetes Care, Dexcom, Nipro and Sanofi are the key players offering blood glucose monitoring products.
Source: VynZ Research