Blood Glucose Monitors Market Size Worth $14.30 Billion By 2025 | CAGR: 6.1%
Published Date : 29 / 06 / 18 | Report Format: PDF
The global blood glucose monitors market is expected to grow at growth rate of 6.1% to reach USD 14.30 billion by 2025.
Diabetes is a chronic disease, occurs when the body unable to produce insulin or when the level of glucose rises above a certain limit. Blood glucose monitors are primarily used to control/monitor the blood glucose level on day to day basis. This research involves the study for a wide range of blood glucose brands available commercially. Blood glucose monitor industry offers lucrative business opportunities for companies due to technological advancements, increased acceptance of home healthcare, and cost-effective alternatives compared to hospital visits. The market for blood glucose monitors is expected to experience steady growth owing to the continuous rise in the incidence of diabetes across the globe. As per the World Health Organization (WHO), more than 422 million patients had diabetes across the globe in 2014.
While the numbers of diabetes population are climbing rapidly, creating awareness among the physicians about complete diabetes care is also essential. Increasing health awareness among patients has led to an increased demand for blood glucose monitors. Patients have realized the need to monitor the glucose level in blood at regular intervals to avoid any complications due to irregular food habits. Moreover, with increasing self-medication trends, patients are now turning to self-monitoring with the advent of more and more portable diagnostic and monitoring devices for various health conditions. Moreover, lack of time has further propelled the decision to monitor the health at home. Such factors have contributed significantly towards the growth of the market in many emerging countries. However, rising preference for alternative products such as the continuous blood glucose monitoring devices (CGM) and HbA1c testing devices are hindering the market growth.
- Among the different brands, Johnson & Johnson’s OneTouch holds the strong position of the global BGM market. In 2017, this brand has recorded the sale of more than USD 2.2 billion globally.
- Strong marketing strategy by the company for OneTouch is expected for fuel the market growth to a great extent
- On the other hand, Accu-Check (brand of Roche Diagnostics) is growing with the promising growth rate over the forecast period
- This device is featured with personalizing bolus insulin calculation system, no-code technology and a range of easy to use diabetes management functionalities that provide accurate blood glucose result.
- North America dominates the market regarding value. Rapid adoption of new technologies, high awareness among patients, and high usage of glucose meter strips are the major factors responsible for its high market value.
- Although the number of users are increasing, but a decrease in the product value has impacted negatively to the industry revenue in the U.S. Companies are therefore focusing on providing services to patients rather than just the device.
- The growth prospects are in the Asia-Pacific and Latin America regions where there is inadequate penetration of the market players. China and Indian are two high potential markets which will drive the regional demand.
- Major market players include Abbott, Roche, 3M, Philips Healthcare, GE Healthcare, Johnson & Johnson, Omron Healthcare, and Bayer.
- Roche dominates the market with a 27% share in 2015 through its leading brand Accu-Chek. However, other brands like OneTouch and FreeStyle are giving a tough competition to Accu-Chek with their aggressive expansion plans.
- Companies are providing patients with the benefits of new technologies to ease their diabetes monitoring and compete with global players
- Local/regional players in different markets are competing with global players who lack the understanding of the psychology and behavior of the general public.
- Therefore, acting locally is very important for global players to beat the regional competition
KEY BENEFITS OF THE REPORT:
- Understanding of the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
- In-depth analysis of the key factors are propelling the growth of the global market
- Detailed analysis of the geographic region that will witness the strongest growth
- Granular analysis of the current market scenario and the expected market grow
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY BRANDS
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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