Diabetes monitors market Insights
Rapid
urbanization, a growing geriatric population, changing lifestyles and a
prevalence of unbalanced diets have contributed to the increasing occurrence of
type 2 diabetes in the global population. This has inevitably created a more
widespread demand for diabetes monitors. Both type 1 and 2 diabetes are
widespread across the globe, with type 2 being the more commonly occurring form
of diabetes of the two. According to the International Diabetes Federation 1 in
11 adults (425 millions) has diabetes and over two-thirds of these cases are
recorded in urban areas. While, there is no cure for the disease, it can be
managed through ongoing monitoring, the demand for appropriate diabetic
monitoring technologies has incited considerable growth and will continue to do
so as the market develops during the forecast period.
Market
Research Future (MRFR) has published a comprehensive market report that
identifies trends and restraints that affect growth. The report also identifies
market opportunities based on extensive analysis of the diabetes monitors
market. MRFR has revealed that the global market is estimated to reach a value
of USD $17.4 billion by 2023 and experience a CAGR of 8.3% during the forecast
period (2017 - 2023).
The
global diabetes
monitors market is projected to witness considerable growth during the
forecast period, this is due to the huge research and development investment in
advancing treatment options and providing monitoring solutions that are semi to
non-invasive. Governments and other regulatory bodies worldwide, are
encouraging innovative relevant technologies for diabetes monitoring. Although
high costs associated with diagnosis & treatment and the inconvenience
associated with common monitoring devices (finger pricking) are expected to hamper
market growth, the demand for efficient and affordable monitoring methods is
likely to propel growth as innovation progresses.
Market Segmentation
Segmental
analysis of the global diabetes monitors market has been based on sample, type,
component and end-users.
Based
on sample, the market has been segmented into blood samples, urine samples,
sweat samples and others. Blood samples are the largest market segment and is
expected to possess a 75.70% share and witness a CAGR of 8.6% during the
forecast period of 2017 to 2023.
Based
on type, the market has been segmented into point sample test based glucose
monitors, continuous glucose monitors and enzyme free sensor based glucose
monitors. Continuous glucose monitors (CGM) have been further sub-segmented to
include, disposable sensor based CGM and re-usable sensor based CGM
Based
on components, the market has been classified into lancet, glucose test strips
and sensors. Sensors have been sub-segmented into enzyme based sensors and
enzyme free sensors.
Based
on end users, the market has been segmented into diagnostic clinics, hospitals
and home.
Regional Analysis
The
Americas possess the largest global market share owing to the strong presence
of leading market players, large investments in research & development, a
well-developed health sector and a large patient population in the region. The
high prevalence of diabetes in this area has prompted government and private
organizations to actively encourage improvement of treatment options
available.
Europe
holds the second largest global market share and like the Americas, this region
has supportive government associations that drive research and development to
improve existing monitoring technologies. The strong potential for viable
treatment and monitoring innovations from this region are fueling market
growth.
Asia
Pacific is predicted to be the fastest growing global market segment. Countries
such as India and China count amongst countries with the highest occurrence of
diabetes, the presence of a colossal patient population in the region is
driving substantial growth for the region. There is a strong requirement for
affordable monitoring devices and other relevant diabetes care which is
attracting major players to cater to this region.
The
Middle East and Africa includes countries such as the U.A.E., Qatar and Kuwait
where an immensely rapid urbanization has led to a high number of diabetes
diagnoses, thus driving growth for this market. However, due to the presence of
impoverished and under developed economies of many African countries in this
region is expected to limit growth during the forecast period.
Key Players
MRFR’s
report analyzes the strategies of major players that participate in the
competitive landscape of this market so as to provide relevant insights. Key
players included in the report are LifeScan Inc., Panasonic, Dexcom Inc., Abbot
Laboratories, F.Hoffmann La-Roche Ltd., Medtronic and Sanofi.
Latest Industry News
Dexcom
has announced Food and Drug Administration (FDA) approval of the Dexcom G6 CGM
System. The device is developed to be used as a standalone CGM and for
integration into automated insulin dosing (AID) devices. Perhaps the most
impressive feature about this system is that it eliminated the need for finger
sticks and is non-invasive. The sensor is also developed for longer use and
will last 43% longer than previous version of the device.
Researchers
at the UC San Diego Jacobs School of Engineering led by UC San Diego Centre for
Wearable Sensors director and co-director have developed a glucose monitoring
patch that is non-invasive. The patch is applied onto the skin like a temporary
children's tattoo and contains electrodes that apply a minuscule electric
current which forces molecules of glucose to rise to the surface for measurement.
This monitoring method has enrolled for clinical trials. The method is expected
to potentially be a viable non-invasive, user friendly and affordable
monitoring solution.
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Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
