Pune, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The global Blood Glucose Meter Market is likely to expand considerably in the coming years due to advent of non-invasive devices. According to a report published by Fortune Business Insights, titled “Blood Glucose Meters: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 7,419.0 Mn in 2018. Fortune Business Insights states that this market is likely to reach US$ 15,415.6 Mn by 2026, thereby exhibiting a CAGR of 9.6%.
In this report, Fortune Business Insights has indicated that the market will grow in the near future due to the increasing demand and the subsequently rising uptake of blood glucose meters. Increasing incidence of diabetes has been a leading factor that is responsible for the surge in demand of blood glucose meters.
According to the International Diabetes Federation (IDF), in 2017, around 425 million people suffered from diabetes, worldwide. Furthermore, it also states that this number is likely to reach 629 million by the year 2045. High prevalence of diabetes, combined with the accuracy of digital blood glucose meters in detecting blood pressure and sugar levels are driving the global Blood Glucose Meter Market.
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Launch of DiaMonTech’s IR-based Blood Glucose Meter to Spur Growth Opportunities
Conventional blood glucose meters involved the need for invasive techniques for diagnosis. The most commonly used methods involved taking blood samples with the help of needle pricks in fingers. The needle prick method was painful for many users and it caused discomfort to some. Therefore, there has been a constant need for an alternative to the invasive devices for continuous glucose monitoring.
In 2018, DiaMonTech announced the launch of a compact blood glucose meter. The device performed on an infra-red technology that is used to count the glucose molecules. This product is likely to transform existing blood glucose monitoring techniques and is likely to witness high demand from around the world. The advent of non-invasive devices is likely to induce growth in the global Blood Glucose Meter Market.
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LifeScan and Sanvita Medical Collaborate to Develop Continuous Glucose Monitoring Devices
In May 2019, LifeScan announced that it has reached an agreement with Sanvita Medical for development and marketing of continuous glucose monitoring (CGM) devices. Through this agreement, the company aims at making CGM devices available throughout North America and certain parts of Europe in initial years, with an aim of expanding in other parts of the world in the coming years.
The company boasts an attractive product portfolio and its latest addition of CGM devices will bode well for the future business expansion. This partnership will have a positive impact on the global market and is likely to favor growth of the market in the coming years.
Abbott’s Freestyle Libre Flash Glucose Monitoring Device Receives FDA Approval
In 2017, Abbott received clearance from the Food and Drug Administration for its Libre Flash device. The device was approved for patients with type 1 and type 2 diabetes, after a series of successful clinical trials. The blood glucose meter’s accuracy is expected to result in huge demand in the coming years. Abbott’s latest device is likely to bolster growth of the global Blood Glucose Meter Market and is likely to favor growth of the market in the forthcoming years.
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List of the leading companies operating in the global Blood Glucose Meter Market:
- F. Hoffmann-La Roche Ltd
- Dexcom, Inc.
- B. Braun Melsungen AG
- Medtronic
- Lifespan Inc.
- Ascensia Diabetes Care Holdings AG.
- Terumo Medical Corporation
- Abbott
- Sanofi
- DiaMonTech GmbH.
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Blood Glucose Meter Market Segmentations:
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
o Hospitals
o Clinics
o Others
• Retail Sales
o Hospital Pharmacies
o Retail Pharmacies
o Online Pharmacies
By Geography
• North America (USA and Canada)
• Europe (UK, 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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