Blood glucose meters are electronic devices that are used to analyze blood through a minute blood drop, which is drawn using a lancet and a corresponding lancing device.
Albany NY, United States: Blood Glucose Meters Market- Introduction
- Blood glucose meters are electronic devices that are used to analyze blood through a minute blood drop, which is drawn using a lancet and a corresponding lancing device.
- The blood is placed on a small disposable test strip that is inserted into the blood glucose meter, which reads the level of glucose in the blood
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- The blood glucose meter is portable, powered by a battery, and it is small enough to fit in the palm of the hand
- After placing the blood on the strip, it is passed through a tube. The blood glucose concentration is then determined by the electrochemical reaction between the test strip and the blood.
Key Drivers of Global Blood Glucose Meters Market
Surge in Number of Diabetic Patients
- The blood glucose meters market is being driven by a surge in the number of diabetic patients globally
- For instance, as per data provided by the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014
- Furthermore, in 2016, an estimated 1.6 million deaths were directly caused by diabetes. Such instances have fueled the demand for blood glucose meters.
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Technological Advancements to Offer Significant Opportunities
- Conventional blood glucose meters adopt invasive techniques for diagnosis, most common of which involves taking blood samples with the help of needle pricks to the fingers.
- This method was painful for several users, while it caused discomfort to some. Therefore, there was always a need for a substitute to these invasive devices for continuous glucose monitoring.
- In 2018, DiaMonTech announced the launch of a compact blood glucose meter that functions on an infra-red technology, which is used to count the glucose molecules
- This product is expected to transform existing blood glucose monitoring techniques and is likely to witness high demand globally
- The arrival of non-invasive devices is likely to boost the global blood glucose meters market
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Asia Pacific to Dominate Global Blood Glucose Meters Market
- North America accounts for a majority share of the global blood glucose meters market due to advancements in health care facilities and surgical equipment in the region. Moreover, expansion of the blood glucose meters market in North America can be attributed to a large diabetes population, rise in number of diabetes cases in the younger population, and technological advancements in the region.
- The dominant share held by North America is also attributed to the availability of advanced healthcare infrastructure and high government funding for advanced healthcare facilities in the region
- The blood glucose meters market in Asia Pacific is estimated to expand at a significant growth rate during the forecast period due to a surge in the number of diabetes cases in India and China
- The market in Latin America and Middle East & Africa is likely to expand at a moderate growth rate during the forecast period
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Key Players Operating in Global Market
The global blood glucose meters market is highly fragmented due to the presence of several key players accounting for a major share of the market, resulting in a highly competitive environment.
Demand for blood glucose meters has increased in both emerging and developed markets. Market players are also appointing third-party distributors to expand their presence in the market. This has resulted in a surge in the number of distributors and suppliers in emerging markets. Some of the key players operating in the global market are:
- Hoffmann-La Roche Ltd.
- Braun Melsungen AG
- Medtronic
- Lifespan Inc.
- Ascensia Diabetes Care Holdings AG.
- Terumo Medical Corporation
- Abbott
- Sanofi
- DiaMonTech GmbH
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