Global Blood Glucose Monitoring Device Market to Accrue US $2.61 Billion by 2026
According to a report, the blood glucose monitoring device market is anticipated to reach over USD 2.61 billion by 2026 driven by growing inclination for home care diagnosis and rising need for real-time data along with numerous technological advancements.
SELBYVILLE, Del., November 20, 2019 (Newswire.com) - According to the latest research report titled ‘Blood Glucose Monitoring Device Market, [By Products (Single Point Blood Glucose Meters, Continuous Glucose Monitoring Systems (Sensors, Transmitters), Glucose Monitoring strips, Lancet); By End Use (Hospitals & Clinics, Diagnostic Centers, Home care Settings); By Region]: Market Size & Forecast, 2018 – 2026’ available from Market Study Report LLC, the global blood glucose monitoring device market is projected to reach US $2.61 billion by the year 2026.
The key factor driving the growth of the blood glucose monitoring device market is the ever-rising number of diabetic patients across the world. The preference for a sedentary lifestyle among the middle-aged and young population, coupled with changing lifestyle choices are causing diabetes, thereby propelling the market outlook.
Moreover, a growing inclination for home care diagnosis and rising need for real-time data, along with numerous technological advancements, are further aiding the expansion of the blood glucose monitoring device market. However, as per the report, lack of awareness among consumers regarding the latest devices, limited use of equipment, and unavailability of efficient reimbursement procedures by governments will hamper the market growth partly in the upcoming years.
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Based on type of product, the blood glucose monitoring device market is categorized as lancets, single point blood glucose meters, glucose monitoring strips, and continuous glucose monitoring systems. Per the end-use spectrum, the industry is segmented into diagnostic centers, hospitals & clinics, and home care settings.
In terms of geographical landscape, the North America blood glucose monitoring device market held the largest regional share in 2017 and is presumed to continue this dominance over the analysis period. This regional growth is attributed to constant advancements in the field, alongside the decreasing time and cost of treatment. Increasing adoption of self-diagnosis methods providing quick and accurate results at low cost across the region is also augmenting regional market growth, claims the report.
The key players operating in blood glucose monitoring device market are Medtronic Plc., Abbott Laboratories, ARKRAY Inc., Novo Nordisk A/S, Terumo Corporation, Roche Diagnostics Ltd., Acon Laboratories Inc., Sanofi, Johnson & Johnson, and Bayer AG among others.
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Key Question & Answer: Blood Glucose Monitoring Device Market
Question 1: Why is the blood glucose monitoring device market registering continuous growth?
Answer: The key factor driving the growth of the blood glucose monitoring device market is the ever-rising number of diabetic patients across the world. The preference for a sedentary lifestyle among the middle-aged and young population, coupled with changing lifestyle choices are causing diabetes, thereby propelling the market outlook. Moreover, a growing inclination for home care diagnosis and rising need for real-time data, along with numerous technological advancements, are further aiding the expansion of the blood glucose monitoring device market.
Question 3: How will the growth of the blood glucose monitoring device market be hampered in the forthcoming years?
Answer: The global blood glucose monitoring device market is projected to reach US $2.61 billion by the year 2026, however, lack of awareness regarding latest devices among the consumers, limited use of equipment, and unavailability of efficient reimbursement procedures by governments will hamper the market growth partly in the upcoming years.
Question 3: Which region led the blood glucose monitoring device market in 2017?
Answer: The North America blood glucose monitoring device market held the largest regional share in 2017 and is presumed to continue this dominance over the analysis period. This regional growth is attributed to constant advancements in the field, alongside the decreasing time and cost of treatment. Increasing adoption of self-diagnosis methods providing quick and accurate results at low cost across the region is also augmenting the regional market growth.
Question 4: What companies define the competitive landscape of blood glucose monitoring device market?
Answer: The key player operating in blood glucose monitoring device market are Medtronic Plc., Abbott Laboratories, ARKRAY Inc., Novo Nordisk A/S, Terumo Corporation, Roche Diagnostics Ltd., Acon Laboratories Inc., Sanofi, Johnson & Johnson, and Bayer AG among others.
Related Report:
Continuous Glucose Monitoring (CGM) Market Share 2019-2025
The global continuous glucose monitoring market size is anticipated to reach USD 1,325.9 million by 2025 growing at a CAGR of 15.8% from 2019 to 2025 according to a new report. The report 'Continuous Glucose Monitoring (CGM) Market Share, Size, Trends, & Industry Analysis Report, By Components type (Transmitters & Receivers, Sensor, Insulin Pumps), By end users (Hospitals, Homecare Diagnostics, Others); By Region: Segment Forecast, 2019 - 2025' provides insights on the current market scenario and the prospects.
In 2018, by segment type sensors capture the largest market shares in terms of revenue and hold a major share in the market. Regionally, North America accounted for the major share in the wearable medical device market.
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