Diabetes monitors market 2020- Demand, Global Trends, Analysis, report and Demand


Posted October 28, 2020 by ReshuGupta

Diabetes monitors market is expected to grow at a CAGR of 8.3% during the forecast period 2017-2023.
 
According to Market Research Future (MRFR), the global diabetes monitors market is estimated to grow at a CAGR of 8.3% from 2017 to 2023 (forecast period). The report presents an in-depth description of the present scenario, the economic condition and COVID-19 analysis of the overall industry.

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Diabetes mellitus is a chronic condition caused by the inadequacy of insulin in the body. The condition induces either high blood glucose concentrations, called hyperglycemia, or low glucose levels, known as hypoglycemia. Monitoring glucose levels is expected to improve life expectancy by allowing hypoglycemia or hyperglycemia to be managed. The self-monitoring method is most commonly used to check blood glucose levels. The method involves collecting blood from a finger or other part of the body to be examined with the aid of test strips and a glucometer.

While the blood remains the most widely used sample, other biological fluids such as ocular fluid, sweat, breath, interstitial fluid, saliva, or urine can also be used as substitute samples for continuous non-invasive monitoring. Since a cure for diabetes has yet to be developed, managing this condition is the most effective way to control it. Glucose monitoring is used to improve treatment strategies and provide insight into the impact of diet, medication, and exercise on the patient.



Diabetes Monitors Market Dynamics

Rising prevalence of diabetes is the key factor driving the demand for diabetes monitors. According to the National Diabetes Statistics Report stated by the Centers for Disease Control and Prevention, 9.4% of the U.S. population, i.e., 30.3 million people, had diabetes in 2015. The rising prevalence of diabetes in low-and middle-income countries appears to be fuelled by the nutritional transition, rapid urbanization, and growing sedentary lifestyles indicated by a study published in the journal Pharmacoeconomics in 2015.

Certain factors such as increased technological innovations, massive support for diabetes diagnosis and treatment research, increased acceptance by regulators, and an increase in the global prevalence of obesity is also spurring market growth. As per the Fogarty International Center, the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) and two renowned Indian research agencies took the initiative to fund a collaborative diabetes research agenda in 2013.

However, strict reimbursement policies and high costs associated with diagnosing and treating diabetes can impede market growth over the forecast period. As per a research report published in the Journal of Diabetes Science and Technology in 2015, it has been found that only a few patients in Germany, i.e., < 2000, use continuous glucose monitors (CGM) due to high costs.



Diabetes Monitors Market Segmentation

The global market for diabetes monitors has been segmented based on sample, type, component, and end-users.

Based on the sample, the global market for diabetes monitors has been segmented into blood samples, sweat samples, urine samples, and others.

Based on type, the global market for diabetes monitors has been classified into point sample test based glucose monitors, continuous glucose monitors, and enzyme-free sensor-based glucose monitors. Continuous glucose monitors are further divided into disposable sensor-based CGM and re-usable sensor based CGM.

Based on components, the global diabetes monitors Market has been segmented into lancet, glucose test strips, and sensors. Sensors are further divided into enzyme-based sensors and enzyme-free sensors

Based on end-users, the global market for diabetes monitors has been segmented into diagnostic clinics, hospitals, and homes.



Regional Analysis

APAC or Asia Pacific, the Americas, along with the Middle East and Africa/MEA and Europe are the top markets for diabetes monitors.

MRFR confirms that the American market is in the lead and has the potential to touch USD 6623.4 million by the year 2023. Europe has secured the second spot while APAC is slated to obtain the fastest growth rate of 8.9% from 2017 to 2023.

Americas’ clout in the global market is boosted by the growing cases of diabetes, a well-developed healthcare IT sector, high spending on healthcare, and the strong presence of renowned firms. The prevalence of diabetes has increased due to the rising cases of obesity and sedentary lifestyle with lack of exercise and the active participation of leading companies, government agencies and private organization in this regard has fostered the market growth in the region.

Europe has been the second highest gainer in the global market on account of the increasing support from the government in terms of research & development coupled with the burgeoning geriatric populace in the region. The vast improvement in every aspect of the healthcare industry and the rising deployment of superior quality medical products has also augmented the market demand in Europe to a large extent.

With the fastest growth, the APAC market will emerge to be highly lucrative for the top players. Market attractiveness in the region will be the result of the ongoing advancements in healthcare facilities along with the surge in reimbursement policies in India and Japan. China is however, the market leader in the region thanks to the expansive diabetic population and the fast economic growth in the country. The increasing awareness with regard to diabetes preventive care also speeds up the market growth rate in the region.

Reputed Firms

Some of the most reputed vendors in the global market for diabetes monitors include Dexcom, Inc., LifeScan, Inc., Sanofi, Panasonic, Abbott Laboratories, Medtronic, F. Hoffmann-La Roche Ltd, to name a few.

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https://www.marketresearchfuture.com/reports/diabetes-monitors-market-4781

NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Last Updated October 28, 2020