Image: The global market for POC blood glucose monitoring devices is expected to be driven mainly by public and private initiatives to reduce diabetic cases (Photo courtesy of Roche).
The global market for POC blood glucose monitoring devices is expected to grow at a CAGR of over 8% during the period 2018-2022, driven mainly by public and private initiatives to reduce diabetic cases. These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.
There has been an increase in the incidence of lifestyle diseases such as diabetes, which is of three types: Type 1, Type 2, and gestational diabetes (diabetes during pregnancy). The CDC estimates that, as of 2017, more than 30 million individuals in the US had diabetes, out of which over 95% had Type 2 diabetes. Heredity, obesity, unhealthy diet, and sedentary lifestyle are the main factors responsible for Type 2 diabetes. The growing aged population and increasing number of overweight individuals is leading to a higher number of adults suffering from diabetes.
In order to prevent or delay Type 2 diabetes, the US government is introducing several programs under the national diabetes prevention program in association with the CDC, such as the CDC-recognized diabetes prevention lifestyle change program. The increase in such public and private initiatives to reduce the number of diabetic cases will have the highest positive impact on the growth of the POC blood glucose monitoring devices market.
Based on product, the global POC blood glucose monitoring devices market was dominated by the consumables segment in 2017 with the largest share of 67%. The largest share of the consumables segment was due to continuous usage of consumables while performing blood glucose monitoring tests, especially for diabetic patients. The growing preference for disposable consumables to reduce the risk of contamination is expected to further boost the demand for consumables among various healthcare centers. Based on end-user, the hospitals and clinics segment accounted for the largest share of the blood glucose monitoring devices market in 2017 due to the increasing number of diabetic cases in the US.
The POC blood glucose monitoring devices market is witnessing growth in the Americas due to increasing focus on advanced technologies and development of non-invasive wearable POC glucose monitoring devices. The market for blood glucose monitoring devices in the region will continue to grow during the period 2018-2022, driven by the availability of favorable reimbursements for POC blood glucose monitoring devices and increasing number of FDA approvals for technologically-advanced products. Additionally, the increasing cases of hyperglycemia will lead to an increase in the need for blood glucose tests and higher demand for POC blood glucose monitoring devices in the region over the next five years.
“The increasing diabetic patient pool also increases the economic burden due to which several public and private organizations around the world are engaged in activities to increase awareness and reduce the incidence of Type 2 diabetes which can be controlled or averted by adopting lifestyle changes. These awareness initiatives augur well for the growth of the market as they will encourage increased adoption of POC blood glucose monitoring devices,” said a senior analyst at Technavio.