Growing geriatric population is leading the growth of glucose monitoring devices market over the forecast period.
According to a new market research study titled ‘Glucose Monitoring Devices Market - Global Analysis and Forecasts by Product and End User, the global glucose monitoring devices market is expected to reach US$ 21.0 Bn in 2027 from US$ 12.6 Bn in 2018. The market is estimated to grow with a CAGR of 6.4% from 2019-2027. The report highlights the trends prevalent in the global glucose monitoring devices market and the factors driving the market along with those that act as deterrents to its growth.
The glucose monitoring devices market by product is segmented into testing strips, glucometers, lancets and other. In 2018, the testing strips segment held a largest market share of 35.9% of the glucose monitoring devices market, by product. This segment is also expected to dominate the market in 2027 owing to rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced testing strips. Moreover, the testing strips segment is also anticipated to witness the fastest growth rate of 7% during the forecast period, 2019 to 2027 owing to the rising demand for the glucose monitoring devices.
Key factors driving the market are, rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in glucose monitoring devices. However, the restraining factors for the market are high cost of glucose monitoring devices.
Some of the prominent players operating in glucose monitoring devices market are, 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. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. 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. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global glucose monitoring devices market as follows:
Global Glucose Monitoring Devices Market – By Product
Global Glucose Monitoring Devices Market – By End User
Global Glucose Monitoring Devices Market – By Geography
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