The global glucose monitoring devices market accounted to US$ 12,628.3 Mn in 2018 and is expected to grow at a CAGR of 6.4% during the forecast period 2019 – 2027
The players in the market are adopting various inorganic and organic developments for the individual growth and thus the growth of the market is highly dependent on them. The vital players in the Glucose Monitoring Devices market focus on various growth strategies to enroot their presence and garner major market share across the globe. Some of the notable players in the global glucose monitoring devices market includes F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Medtronic, Abbott, LifeScan, Inc., Ascensia Diabetes Care Holdings AG, Ypsomed AG, Omron Corporation, GE Healthcare and Nipro Corporation among others. The major market players within the recent years, have been observed to invest a substantial amount towards the development of new products. This implies a bright picture on the type of strategies majorly incorporated by the glucose monitoring devices market players to sustain their positions as well as to generate increased growth revenue in the glucose monitoring devices market. The global leaders in the market have been majorly adopting product launches and product up-gradation as one of the key strategy to improve its product lines in order to build up a customer centric benefits to its end users and enhance its geographic diversification.
The global leaders are expanding their activities across the world and are developing various innovative techniques to monitor blood glucose level. For instance, in February, 2017, Roche and Medtronic entered into an agreement to develop a next-gen BG meter that will intertwine glucose monitoring technology into a future Medtronic pump system. This agreement is expected to enhance the growth of Medtronic in glucose monitoring market. Thus, considering these developments the for the glucose monitoring industry the players operating for the glucose monitoring devices are likely to improve their performance and provide enormous benefits to their customers and end users.
Apart from the developments for the glucose monitoring devices market, the key market players are developing innovative products that assists in the diagnosis and monitoring of the glucose levels. For instance, in October 2018, Roche partnered with Wellthy Therapeutics to offer users of the Accu-Chek Active system, an artificial intelligence-based digital diabetes coaching solution. The joint offering of the two companies will encompass Accu-Chek Active blood glucose meter and the Wellthy Care app to the new users. Therefore, the market is likely to experience rapid growth in the coming years.