Diabetes Monitors Market - Overview
Diabetes monitors are used for monitoring glucose levels in the human bodies to optimize treatment strategies and provide insight into the effect of diet, medications, and exercise on the patient. As a cure for diabetes is yet to be developed so, managing this condition is the most successful means for its control.
Hence, diabetes monitors are essential and highly effective components for the disease management regime. Owing to the increasing prevalence of diabetes the diabetes monitors market is growing pervasively. Moreover, factors such as the technological advancements, are escalating the market on the global level.
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Acknowledging the exponential upsurges, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global diabetes monitors market will reach USD 17458.1 MN by 2023, registering approximately 8.3% CAGR throughout the forecast period (2017-2023).
Additional factors boosting the market growth include huge research funding in diabetes diagnosis and treatment and rising approval from regulatory bodies. Huge technological advancements and the vast uptake of smart technology drives the growth of the diabetes monitors market.
On the flip side, factors impeding the growth of the global diabetes monitors market include the high cost associated with these monitors and the stringent FDA approvals & reimbursement policies. Nevertheless, factors such as the increasing demand for these diabetes monitors are expected to support market growth.
Global Diabetes Monitors Market – Segments
MRFR has segmented the report into five key dynamics for an easy grasp;
By Sample: Blood, Sweat, and Urine Samples.
By Type: Point Sample Test-based Glucose Monitors, and Continuous Glucose Monitors (CGM) among others.
By Component: Lancet, Glucose Test Strips, and Sensors (Enzyme-based and Enzyme-free Sensors) among others.
By End-users: Diagnostic Clinics, Hospitals, and Home among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Diabetes Monitors Market – Geographical Analysis
North America accounts for the leading position in the worldwide diabetes monitors market followed by the European and Asia Pacific regions, respectively. The region is expected to reach USD 6623.4 MN by 2023.
Factors substantiating the market growth include the presence of a vast patient population, the leading players, a well-developed technology, and high healthcare expenditure in the region. Moreover, the factors such as the high prevalence of diabetes and support from the companies, private organization, and government associations to improve diabetes care drives the market in the region.
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Europe holds the next largest share in the global diabetes monitors market, the resurging economy in this region is playing a vital role in the growth of the market by availing the best possible healthcare and increasing the healthcare expenditures. Additionally, government support that encourages manufacturers of diabetes monitors to develop better devices is in turn, fostering the market growth in the region.
The Asia Pacific region accounts for a profitable market for diabetes monitors. The increasing number of diabetic patients and rapidly improving healthcare sector are positively impacting the market growth in the region. The APAC diabetes monitors market is expected to grow at 8.9% CAGR during the period - 2017-2023.
The spreading awareness among individuals towards the advantages and the availability of these devices drives the market growth in the region. Furthermore, the increasing per capita income alongside the rising healthcare concerns are leading to increasing the market size of the diabetes monitors market.
Global Diabetes Monitors Market – Competitive Analysis
The highly competitive, diabetes monitors market appears to be widely expanded and fragmented characterized by the several small and large-scale companies operating the market. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and product launch to gain a competitive edge and to maintain their positions in the market.
Key Players:
Key players leading the global diabetes monitors market include Abbott Laboratories, Panasonic, Dexcom, Inc., Medtronic, F. Hoffmann-La Roche Ltd, LifeScan, Inc., and Sanofi among others.
Industry/ Innovation/ Related News:
January 07, 2019 –– InventHelp (USA), an inventor service firm that helps inventors announced the development of a Modified Glucose Monitor - Gluco Display – that provides an easy and effective way to assess blood glucose levels, offering an alternative to traditional glucose monitors. Gluco Display featuring a user-friendly design that is convenient and easy to use could help to reduce pain and discomfort.
January 07, 2019 –– Verily (US), a subsidiary research organization of Alphabet focused on the study of life sciences, and healthcare announced raising of USD 1 BN to support its healthcare to bolster growth in key areas such as investments in new strategic partnerships and potential acquisitions.
Verily also confirmed that it can leverage its partnerships with medical device companies Dexcom, Sanofi, and Sensile Medical to tap into a revenue stream. Verily is planning to develop devices spanning less intrusive blood glucose monitors and "all-in-one" medical-grade insulin pumps.
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