Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The outbreak of COVID in the blood glucose monitoring Market caused distribution since it spread was across the globe and it has mixed impact on the wound care market. COVID-19 impacted the various sector and industries. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. China is the producer and supplier of most of the raw materials or inputs in many industries. But, The COVID-19 pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. Rising awareness regarding for the benefits of been an emphasis on the use of virtual clinic and telemedicine for diabetic management. The blood glucose monitoring devices helped patients and healthcare providers improve glycemic control and surge in the demand for blood glucose monitoring devices as rising responses by the market players during the COVID-19 pandemic.
Rising prevalence of diabetes is major factor boost the demand for the blood glucose monitor device. The monitor device market is mainly driven by factor such as increase in technological advancement and rise in the incidence of obesity which in why there is demand for the diabetic related device market. Increasing adoption of technological innovation and development of advanced products to gain substantial share of the market. Also, the key drivers of the market are the rising incidence of diabetes and the increasing geriatric population prone to diabetes. Further, the market growth is further propelled by the increasing awareness regarding diabetes preventive care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. These growing population suffering from insulin- dependent diabetes which is why there is demand for the blood glucose monitor device.
The presence of a large proportion of the undiagnosed diabetes population is one of the major factor resulting in the lower adoption of blood glucose monitoring system. Also, limited access to advanced healthcare infrastructure and the lack of conventional procedures hinder the growth of the market.
The growing population suffering from insulin-dependent diabetes which is created major opportunity for the blood glucose monitor devices. The rising prevalence of diabetes in some countries like China, India, South Africa created opportunity for the market players to develop innovative products for the patients.
Lack of awareness among the population regarding chronic diseases, such as diabetes mellitus also the lack of conventional procedures by government or private organization become major challenge for the blood glucose monitoring device market.
The report provides in-depth analysis of global blood glucose monitoring device market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various blood glucose monitoring device in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The global blood glucose monitoring device market comprises of different market segment like device type, patient type, modality, and geography.
The product of blood glucose monitoring devices studied in the global blood glucose monitoring devices market are, Continues glucose monitoring. Self- monitoring blood glucose. The continues glucose monitoring device segment account largest share in the blood glucose monitoring market. Continues glucose monitoring is a tine sensor which is inserted under the skin and this sensor measures sugar level and the transmitter wirelessly send the information to a monitor. Growing awareness about diabetes preventive care, new product launches and supportive government boost the CGM device demand. CGM is an important diabetes care tool for patients with type 1 diabetes. Continuous glucose monitor device help in analysing the glucose level pattern as it provides continuous and real-time blood sugar reading in every five minutes.
The blood glucose monitoring device market studied for patient type in the global blood glucose monitoring device market are, type 1 diabetes and type 2 diabetes. The type 1 diabetes segment account the largest share in the blood glucose monitoring device market. Type 1 diabetes is a condition in which the pancreases produces little or no insulin. People with type 1 diabetes must manage their blood glucose levels by monitoring the amount of glucose in their blood and administering appropriate amounts of insulin via insulin which is why there is demand for the blood glucose monitoring devices from type 1 diabetes. Furthermore, diabetes mellitus patient, keep a regular schedule of the blood sugar level which help in keeping track of the medicines effect for diabetes is also further boost the demand for the monitoring devices.
The modality of blood glucose monitoring devices studied in the global blood glucose monitoring devices market are, wearable and non-wearable devices. The wearable device segment account the largest share in the blood glucose monitoring device market. Increasing number of product launches of wearable continues glucose monitoring device by domestic and global manufacturers created opportunity of the wearable blood glucose monitoring devices.
The global blood glucose monitoring devices market is studied for key regions such as North America, Europe, Asia Pacific and Rest of the World. The North America is likely to dominate the global blood glucose monitoring devices market. Increasing prevalence of obesity, high cost of treatment and technological advancement in this region boost the market growth in the region. Also, rising product launches by various leading players in the market drive the market growth in the North-America. Furthermore, improvement in the healthcare sector and implementation of advanced medical products demand is increasing which is why there is demand for the blood glucose monitoring device market.
The competitive landscape analysis of blood glucose monitoring devices market is certainly based range of market players operating in the market with increasing R&D investment by the manufacturers to enhance the performance of blood glucose monitoring devices market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in the market are bbott Laboratories, Medtronic pLc, F. Hoffmann-La Roche Ltd, Ascensia Diabetes Care, Dexcom Inc, Sanofi, Novo Nordisk, Insulet Corporation, Ypsomed Holdings Glysens Incorporated, and among other.
May 2021: Roche Collaborated with Eli Lilly Company to work toward enhancing the management of insulin pen therapy. This collaboration will help Roche to create an open ecosystem including its own and partner devices, solution and services, across the continuum of care in diabetes.
The global blood glucose monitoring devices market is growing across the globe as growing number of patient. In the 2021 market valued at 11.71 billion. The main factor driving the growth of the market is rising incidence of diabetes and the increasing geriatric population prone of diabetes. Furthermore, increasing awareness regarding diabetes preventive care and new product launches boost the market demand. It is important for the diabetic patient to monitor blood glucose level on time which is major factor boost the blood glucose monitoring device demand. The product of blood glucose monitoring devices studied in the global blood glucose monitoring devices market are, Continues glucose monitoring. Self- monitoring blood glucose. The continues glucose monitoring device segment account largest share in the blood glucose monitoring market.
1) What are the drivers for Blood Glucose Monitoring Device market?
Ans. The key driving factors of the market are increase in technological advancement and rise in the incidence of obesity which in why there is demand for the diabetic related device market. Also, increasing adoption of technological innovation and development of advanced products to gain substantial share of the market.
2) Who are the key players in the Blood Glucose Monitoring Device market?
Ans. The key players studied in market are : bbott Laboratories, Medtronic pLc, F. Hoffmann-La Roche Ltd, Ascensia Diabetes Care, Dexcom Inc, Sanofi, Novo Nordisk, Insulet Corporation, Ypsomed Holdings Glysens Incorporated, and among other.
3) Which region is gaining majority of Blood Glucose Monitoring Device market share during the forecast period (2022-2028)?
Ans. North America is accounted largest share in the blood glucose monitoring device market.
