Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- According to the report, Blood Glucose Meter market size is projected to reach USD 15,415.6 Million value by 2026. The market size stood at USD 7,419.0 million in 2018 and is further expected to exhibit a decent CAGR of 9.6% by the forecast period, 2026.
As per the report, the growing number of diabetic patients, coupled with the dependency and precision of the blood glucose monitoring devices are the primary factors steering the blood glucose meter market growth. For instance, according to the International Diabetes Federation (IDF), in 2017, approximately 425 million people globally were detected positive for diabetes and is thereby anticipated to increase to 629 million by 2045. Additionally, the upsurge in the demand for non-invasive blood glucose meters is estimated to fuel the market growth in the upcoming years.
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Growing Concern for Diabetic People to be Severely Affected by COVID-19 to Increase Sales
The symptoms of COVID-19 are comparatively mild in majority of the people can be treated by staying home quarantined and following basic precautionary methods. However, diabetic people are at a higher risk of health complications due to coronavirus disease. Major symptoms include shortness of breath or even pneumonia. According to the Centres for Disease Control and Prevention (CDC) Trusted Source, especially people with type 2 diabetes are at a greater risk of severe complications from COVID-19.
Therefore, people have become aware for the precautions needed to be taken and the undetected or unverified population of diabetic are rushing to buy the blood glucose meter to check their glucose level and avoid becoming diabetic. This is predicted to boost demand for blood glucose meter amid pandemic and in the future.
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Based on technique, the market is divided into invasive and non-invasive. On the basis of, the global market is segregated into wearable and non-wearable. The wearable segment is expected to record a relatively greater CAGR in the foreseeable future. Based on distribution channel, it is segmented into institutional sales, retail sales, hospital pharmacies, retail pharmacies and online pharmacies. In terms of region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
By product, the global market is classified into continuous glucose monitoring devices and self-monitoring blood glucose systems. Among these, the self-monitoring blood glucose systems accounted for the largest share of the global blood glucose meter market in 2018.
Rising Awareness Regarding Health among People to Spur Market Growth
The rising awareness in people of giving preference to their health has resulted in increased healthcare related activities. People are signing up for regular health check-ups, that include full body check-ups for adults, cancer check-ups, blood sugar tests, blood pressure detection and many other routine tests. Due to unhealthy lifestyle choices made by people, chronic diseases such as diabetes and blood pressure are surging. This requires regular monitoring of the levels of glucose found in the blood.
Hence, major diabetic population is purchasing the blood glucose meter for home monitoring purpose. Additionally, the work pressure too is leading in rise of such diseases. For example, according to a study report by the International Diabetes Federation (IDF), approximately 4.2 million deaths were reported in 2019, caused by diabetes. It is estimated by IDF that there will be a global rise in diabetic patients of about 48% by 2045. This is expected to boost the blood glucose meter market growth in the near future.
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North America to Ace the Market Stoked by Rising Number of Diabetic Patients
North America produced an impressive revenue of USD 3,012.6 million in 2018 and is predicted to dictate the global blood glucose meter market share during the forecast period. Aggregated demand and acceptance of novel and advanced wearable & constant blood glucose meters in the U.S., pooled with escalating diabetic patient population are aspects accountable for the large share capital of North America in the global market in 2018.
Europe held the second largest share in the market in 2018 and is also expected to display stellar CAGR regarding the sales of the product during the forecast period.
Asia Pacific is anticipated to record the uppermost CAGR during the forecast period, 2019-2026. The growth is on account of the surging penetration of the process of glucose monitoring, increasing patient consciousness, and rising funds for healthcare expenditure in this region.
Acquisitions Initiated by Key Players to Foster Market Growth
The prominent leaders in the market are constantly rooting for efficient strategies to apply to expand their business. One such strategy is to sign partnership, merger or even acquire other company to increase the monetary profit.
For example, in October 2018, Platinum Equity, which is a California-based private equity investment firm announced the acquisition of Johnson & Johnson’s LifeScan, Inc., which is a diagnostic systems manufacturer for $2.1 billion. This acquisition will enable Platinum Equity to improve the quality of products LifeScan Inc.
Industry Development
June 2018: BioTel CareTM, introduced the first FDA cleared, next-gen wireless blood glucose meter to help manage diabetes. It consists a cellular-assisted glucose meter that aids real-time transmission and alliance of patient records in an FDA-approved cloud.
List of Key Players Covered in the Blood Glucose Meter Market Report
- Hoffmann-La Roche Ltd
- Dexcom, Inc.
- Braun Melsungen AG
- Medtronic
- Lifespan Inc.
- Ascensia Diabetes Care Holdings AG.
- Terumo Medical Corporation
- Abbott
- Sanofi
- DiaMonTech GmbH
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Global Blood Glucose Meter Market Segmentation:
By Product:
- Continuous Glucose Monitoring Devices
- Self-Monitoring Blood Glucose (SMBG) Systems
By Technique:
- Invasive
- Non-Invasive
By Type:
- Wearable
- Non-Wearable
By Distribution Channel:
- Institutional Sales
- Retail Sales
- Others
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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