Market Insights :
Rapid urbanization, a growing geriatric population, changing lifestyles and a prevalence of unbalanced diets have contributed to the increasing occurrence of type 2 diabetes in the global population. This has inevitably created a more widespread demand for diabetes monitors. Both type 1 and 2 diabetes are widespread across the globe, with type 2 being the more commonly occurring form of diabetes of the two. According to the International Diabetes Federation 1 in 11 adults (425 millions) has diabetes and over two-thirds of these cases are recorded in urban areas.
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Market Research Future (MRFR) has published a comprehensive market report that identifies trends and restraints that affect growth. The report also identifies market opportunities based on extensive analysis of the diabetes monitors market. MRFR has revealed that the global market is estimated to reach a value of USD $17.4 billion by 2023 and experience a CAGR of 8.3% during the forecast period (2017 – 2023).
The global diabetes monitors market is projected to witness considerable growth during the forecast period, this is due to the huge research and development investment in advancing treatment options and providing monitoring solutions that are semi to non-invasive. Governments and other regulatory bodies worldwide, are encouraging innovative relevant technologies for diabetes monitoring. Although high costs associated with diagnosis & treatment and the inconvenience associated with common monitoring devices (finger pricking) are expected to hamper market growth, the demand for efficient and affordable monitoring methods is likely to propel growth as innovation progresses.
MRFR’s report analyzes the strategies of major players that participate in the competitive landscape of this market so as to provide relevant insights. Key players included in the report are LifeScan Inc., Panasonic, Dexcom Inc., Abbot Laboratories, F.Hoffmann La-Roche Ltd., Medtronic and Sanofi.
Segmental analysis of the global diabetes monitors market has been based on sample, type, component and end-users.
Based on sample, the market has been segmented into blood samples, urine samples, sweat samples and others. Blood samples are the largest market segment and is expected to possess a 75.70% share and witness a CAGR of 8.6% during the forecast period of 2017 to 2023.
Based on type, the market has been segmented into point sample test based glucose monitors, continuous glucose monitors and enzyme free sensor based glucose monitors. Continuous glucose monitors (CGM) have been further sub-segmented to include, disposable sensor based CGM and re-usable sensor based CGM
Based on components, the market has been classified into lancet, glucose test strips and sensors. Sensors have been sub-segmented into enzyme based sensors and enzyme free sensors.
Based on end users, the market has been segmented into diagnostic clinics, hospitals and home.
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The Americas possess the largest global market share owing to the strong presence of leading market players, large investments in research & development, a well-developed health sector and a large patient population in the region. The high prevalence of diabetes in this area has prompted government and private organizations to actively encourage improvement of treatment options available.
Europe holds the second largest global market share and like the Americas, this region has supportive government associations that drive research and development to improve existing monitoring technologies. The strong potential for viable treatment and monitoring innovations from this region are fueling market growth.
Asia Pacific is predicted to be the fastest growing global market segment. Countries such as India and China count amongst countries with the highest occurrence of diabetes, the presence of a colossal patient population in the region is driving substantial growth for the region. There is a strong requirement for affordable monitoring devices and other relevant diabetes care which is attracting major players to cater to this region.
Latest Industry News:
Dexcom has announced Food and Drug Administration (FDA) approval of the Dexcom G6 CGM System. The device is developed to be used as a standalone CGM and for integration into automated insulin dosing (AID) devices. Perhaps the most impressive feature about this system is that it eliminated the need for finger sticks and is non-invasive. The sensor is also developed for longer use and will last 43% longer than previous version of the device.
Researchers at the UC San Diego Jacobs School of Engineering led by UC San Diego Centre for Wearable Sensors director and co-director have developed a glucose monitoring patch that is non-invasive. The patch is applied onto the skin like a temporary children’s tattoo and contains electrodes that apply a minuscule electric current which forces molecules of glucose to rise to the surface for measurement. This monitoring method has enrolled for clinical trials. The method is expected to potentially be a viable non-invasive, user friendly and affordable monitoring solution.
Major TOC of Diabetes Monitors Market Research Report- Global Forecast Till 2023:
1 Report Prologue
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Diabetes Monitors Market by Sample
7 Global Diabetes Monitors Market by Type
8 Global Diabetes Monitors Market by Components
9 Global Diabetes Monitors Market by End Users
10 Global Diabetes Monitors Market by Regions
11 Competitive Landscape
12 Company Profiles
13 MRFR Conclusion
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