Glucose Monitoring Devices Market: Increasing Prevalence of Obesity Across The Countries
The 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, to account to US$ 21,850.9 Mn by 2027.
Asia Pacific is the fastest growing market and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as rise in the prevalence of diabetes across the countries, increasing obesity across countries, rising medical tourism in Asia Pacific countries and rise in the government support for the diabetes care. In addition, the geographic glucose monitoring devices market players are also supporting the diabetes care in the countries through creating awareness and various initiatives.
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Key findings from the report
- The global glucose monitoring devices market by product segments was led by testing strips segment. In 2018, the testing strips segment held a largest market share of 35.9% of the glucose monitoring devices market, by product.
- The testing strips segments is also expected to be the fastest growing segments the market in 2027 owing to the rising number of blood glucose monitoring tests, presence of the various market players that are offering various consumables and rise in the technological advancements are likely to propel the growth of the market during the forecast period.
- Product launches and up gradation were observed as the most adopted strategy in global glucose monitoring devices industry.
- 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, such development is likely to boost up the growth of its own and is likely to contribute to the market in the coming future.
- 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.
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.
Increasing Prevalence of Obesity Across The Countries
Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major problem and the biggest concern in all the communities across the globe. Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issue affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Therefore, owing to the above mentioned factors the market is likely to fuel its growth during the forecast period.
Growing Medical Tourism In Developing Countries
The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of glucose monitoring devices in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades. In India the diabetes treatment has become so popular and common that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country. Health travelers who visit developing countries for medical reasons save 65% to 80% on health cost compared to the cost in the US. Thus, the factors are likely to create growth opportunities for the growth of the market in coming years.
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