Blood Glucose Monitoring Systems Market to Reach US$ 25 Bn by 2027: TMR Study
2022-08-03
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Technological advancements in non-invasive glucose monitoring systems to steer revenue streams; R&D in optical based glucose sensors to expand avenues in blood glucose monitoring systems market
Medtech companies tapping into need for reliable and sensitive devices by developing smart blood glucose monitoring systems for capturing value, notably in the Americas where prevalence of diabetes is high
WILMINGTON, Del., Aug. 3, 2022 /PRNewswire/ -- A long-term and in-depth blood glucose monitoring systems market analysis reveals that need for continuous glucose monitoring (CGM) is driving R&D on smart glucose sensors. Companies are developing next-gen products that can offer high clinical accuracy, are affordable, and allow non-invasive detection, which will enrich the blood glucose monitoring systems market outlook. The blood glucose monitoring systems market is projected to advance at CAGR of 5.5% during the forecast period of 2019
-2027.
The analysts of the global study on blood glucose monitoring systems market have observed that rising diabetes-related complications worldwide have led to a massive uptick in demand for reliable and sensitive devices. Particularly, the prevalence of diabetes mellitus is likely to be high in the next few years, which is fuelling growth potential for industry players. They are leaning on translating new approaches in glycemic monitoring into revenues in blood glucose monitoring systems market.
Continuing need for innovations in non-invasive glucose monitoring techniques will expand the window of opportunities for blood glucose monitoring systems market key players. Advancements in diagnostics technologies especially for children have expanded the avenue. Of note, ongoing trends of the blood glucose monitoring systems market reiterate the need for improving the capabilities of CGM systems for the management of elderly patients with diabetes.
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Key Findings of Blood Glucose Monitoring Systems Market Study
Need to Prevent Complications of Diabetes Mellitus Invigorate Collaborations Among Players: Medtech companies in the blood glucose monitoring systems market are increasingly collaborating with pharmaceutical companies to enrich R&D for product innovation. Of note, there is a widespread demand for next-gen glucose monitors for preventing the various vascular complications of diabetes, particularly in diabetes mellitus. In part the demand is hinged on the morbidity and mortality of diabetes mellitus. Firms in the blood glucose monitoring systems market are capitalizing on the opportunity by unveiling technologically advanced optical based glucose sensors. Another emerging technology is infrared spectroscopy, the demand for which is likely to unlock substantial opportunities.
New Technologies Increasing Reliability of Non-Invasive Glucose Monitoring Systems: Advancements in non-invasive monitoring systems underpins a unique value proposition for players in the market. Many medtech companies are working on increasing the clinical reliability of the devices as well as increasing the comfort for patients when these need to be used for long-term.
Smart and Affordable Glucose Sensors Allow Continuous Monitoring: Presently, high cost of novel technologies in the market is a key impediment for steady penetration of products. Sensors incorporated for continuous glucose monitoring present a significant cost constraint for this. Thus, key players are leaning on making smart and integrated technologies affordable and are harping on the cost-effectiveness. A case in point is the commercialization of insulin infusion pumps.
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Blood Glucose Monitoring Systems Market: Key Drivers
Rise in the prevalence of diabetes mellitus and need for preventing diabetes-related complications has made glucose monitoring technologies crucial for improving diabetic health care especially in developing and developed nations. The drive for commercialization of products stems from these trends. Of note, need for advancements in self-monitoring blood glucose systems will open up new revenue streams.
Updates in guidelines for the management of diabetic patients within the primary healthcare systems are catalyzing R&D in blood glucose monitoring systems market.
Blood Glucose Monitoring Systems Market: Regional Growth Dynamics
The Americas are estimated to contribute a major share of the global blood glucose monitoring systems market during the forecast period. High prevalence of diabetes and awareness of the various complications, notably cardiovascular mortality caused by type 2 diabetes, are nudging healthcare providers to boost the role of glucose biosensors in clinical practice in the region.
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Blood Glucose Monitoring Systems Market: Key Players
The study on the blood glucose monitoring systems market has found that the strategic dynamics is characterized by moderate degree of fragmentation, with at least four player holding majority of stakes.
Some of the prominent players are:
Senseonics
Nipro
Prodigy Diabetes Care, LLCDiabetes Care, LLC
B.Braun Melsungen AG
Blood Glucose Monitoring Systems Market Segmentation
Self-monitoring Blood Glucose Systems
Blood Glucose Meters
Testing Strips
Lancing Devices
Lancets
Continuous Glucose Monitoring Systems
Sensors
Transmitters
Receivers
Application
Testing Site
Fingertip Testing
Alternate Site Testing
Hospitals
Clinics
Region
Americas
Europe
Middle East & Africa
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