Diabetes is a growing health problem globally, with the World Health Organization estimating that there were 422 million people living with diabetes in 2014. The prevalence of diabetes is increasing due to several factors such as aging populations, unhealthy diets, sedentary lifestyles, and the increasing prevalence of obesity. As the incidence of diabetes continues to rise, there is an increased demand for glucose monitoring devices. Glucose monitoring devices are essential for people with diabetes to manage their condition effectively. These devices help people with diabetes to monitor their blood glucose levels regularly, which is crucial in maintaining good health and preventing long-term complications. Regular monitoring allows individuals with diabetes to make adjustments to their insulin doses, diet, or physical activity as needed, based on their glucose levels.
The increasing prevalence of diabetes, coupled with the growing awareness of self-monitoring, is driving the demand for glucose monitoring devices. The aging population is also at a higher risk of developing diabetes, which is contributing to the growth of the market for glucose monitoring devices. Governments across the global are also taking initiatives to increase awareness about diabetes and its management. This is driving demand for glucose monitoring devices and increasing the availability of these devices through public health programs. With technological advancements, such as CGM systems and flash glucose monitoring systems, people with diabetes have more accurate and convenient ways to measure their glucose levels.
The trend of self-monitoring and taking control of one's own health and wellness is growing globally. People are becoming more informed about their health and seeking ways to manage their conditions more effectively. This has led to an increase in demand for glucose monitoring devices, as people with diabetes seek to monitor their glucose levels more frequently and accurately. Self-monitoring is important for people with diabetes as it allows them to track their blood glucose levels and make adjustments to their insulin doses, diet, or physical activity based on their glucose levels. Regular monitoring helps people with diabetes to maintain good health and prevent long-term complications. CGM systems and flash glucose monitoring systems, people with diabetes have more convenient and accurate ways to monitor their glucose levels. These devices provide real-time glucose readings, which allow people to make timely adjustments to their insulin doses, diet, or physical activity, as needed.
In addition, the growing awareness of self-monitoring has led to an increase in demand for wearable glucose monitoring devices. These devices are designed to be worn on the body and provide continuous glucose readings, which can be easily monitored using a smartphone or other device. The trend of self-monitoring is also driven by the increasing prevalence of diabetes and the growing awareness of the importance of managing the condition effectively. With the rising demand for glucose monitoring devices, the market is expected to continue to grow, providing new opportunities for players to enter the market.
New product launches to flourish in the market
Freestyle Libre 3 by Abbott Laboratories: Launched in September 2020, this CGM system features a smaller sensor, improved accuracy, and a longer wear time. Moreover, by G6 Pro by Medtronic launched in June 2020, this CGM system is designed for healthcare professionals and offers real-time glucose readings, trend graphs, and customizable alerts. Furthermore, Dario LC Blood Glucose Monitoring System by LabStyle Innovations Corp was launched in 2018, this device allows for convenient and accurate glucose monitoring using a smartphone or tablet. These new product launches demonstrate the ongoing innovation in the glucose detector market, as companies aim to meet the growing demand for more accurate and convenient glucose monitoring devices. The market is expected to continue to flourish in the coming years, as new products are launched and demand for glucose monitoring devices continues to grow in upcoming years.
By product: The glucose detector market can indeed be segmented into these two categories. Self-monitoring glucose devices are used by individuals with diabetes to measure their blood glucose levels on a regular basis. These devices typically consist of a blood glucose meter, testing strips, and lancets. The individual pricks their finger with the lancet to obtain a small blood sample, which is then placed on a testing strip and inserted into the meter to get a reading. On the other hand, CGM devices, on the other hand, provide real-time blood glucose level readings throughout the day and night. CGMs consist of a sensor that is placed under the skin to continuously monitor glucose levels, a transmitter that sends the data wirelessly to a receiver or an insulin pump, and an insulin pump that can automatically deliver insulin as needed based on the CGM readings. These devices are designed to provide more comprehensive and accurate glucose level tracking, which can help improve diabetes management and reduce the risk of complications.
By end-user: The glucose detector market is divided into hospitals, home care, and diagnostic centers. Hospitals are one of the major end-users of glucose detection devices. In hospitals, glucose meters and CGM systems are used to monitor the blood glucose levels of patients, particularly those with diabetes, as part of their medical treatment. Home care is another important segment of the market, as more and more individuals with diabetes are opting for self-monitoring and self-management of their condition. In this segment, self-monitoring glucose devices such as blood glucose meters, testing strips, and lancets are the main products used by individuals with diabetes to manage their condition at home.
By region: The Asia-Pacific glucose detector market is rapidly expanding, driven by growing concern of diabetes in the Asia-Pacific region, with a significant increase in the number of people diagnosed with the disease. This has led to a higher demand for glucose detectors, as people with diabetes need to monitor their blood sugar levels regularly. Moreover, there have been significant advancements in glucose detector technology, with the introduction of new devices that are more accurate, easier to use and provide more comprehensive data. These advancements have made glucose detectors more accessible and attractive to a wider range of people. The Asia-Pacific region has experienced rapid economic growth in recent years, leading to an increase in disposable income. This has enabled more people to afford glucose detectors, leading to a higher demand for these devices.
Competitive analysis and profiles of the major players in the glucose detector market, such as Abbott Laboratories, Ascensia Diabetes Care Holdings AG, F. Hoffmann-La Roche Ltd., Lifescan Inc., Medtronic plc, DexCom, Inc., Sanofi, Elly Lilly, and Company and B Braun Melsungen AG. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the glucose detector market.
Glucose Detector Market Report Highlights
Key Market Players
Sanofi, Elly Lilly and Company, Medtronic plc, B Braun Melsungen AG, Abbott Laboratories, DexCom, Inc., F. Hoffmann-La Roche Ltd., Lifescan Inc., Ascensia Diabetes Care Holdings AG