The global Diabetes Monitoring Devices Market was valued at US$ 15,276.1 million in 2016 and is expected to witness a robust CAGR of 8.87% over the forecast period (2017 – 2025).
Increasing incidence of diabetes across the world is one of the primary factor responsible to drive growth of the global diabetes monitoring devices market. For instance, according to the World Health Organization (WHO), 2014, around 8.5% of adults aged 18 and above accounting for 422 million adults were suffering from diabetes worldwide. Moreover, diabetes was the cause of 1.6 million deaths in 2015 and high blood glucose levels was the cause of another 2.2 million deaths. According to National Diabetes Statistics Report 2017 published by Centers of Disease Control and Prevention (CDC), around 9.4% of American population, which includes all age groups i.e., pediatric, adults and geriatric population accounting for 30.3 million people are suffering from diabetes whereas 33.9% of the rest population is diagnosed with pre-diabetes. The prevalence of diabetes is significant among the emerging economies of Asia. According to a study report published in World Journal of Diabetes 2012, Asian economies contribute to more than 60% of the diabetic population in the world.
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Glucose monitoring devices are gaining significant traction due to increasing awareness among urban population regarding advantages of glucose monitoring. For instance, a research article published in Annals of Palliative Medicine- an Open Access Journal for High Quality Research 2015, suggested that the incidence of blood glucose monitoring practices was common among 19% of the people suffering with diabetes in Canada. Furthermore, increasing number of obese population is one of the major factors leading to rise in diabetes incidence. For instance, according to National Health and Nutrition Examination Survey 2014 conducted by National Institute of Diabetes and Digestive and Kidney Diseases, more than 1 among 3 adults suffering from Diabetes in the U.S. were reported to be overweight and more than 2 in 3 adults were considered to be overweight and obese.
North America accounts for highest share in the global diabetes monitoring devices market, owing to government initiatives undertaken for the prevention of diabetes and treatment support coupled with presence of leading players in the region and advanced technical implementation in drug discovery procedures. For instance, in April 2017, the Centers of Disease Control and Prevention (CDC) released a five year funding opportunity announcement to scale up the National Diabetes Prevention Program in underserved areas of the country.
Market players are actively investing into research for developing innovative solutions by integrating units to monitor the insulin levels and maintain the blood glucose levels by automatically delivering insulin to parts of the body with the help of continuous glucose monitoring systems. For instance, in September 2017, the U.S. FDA approved first blood sugar monitor that does not require finger pricks and uses a small sensor that can be attached to the upper arm for continuous glucose monitoring. Moreover, in February 2018, Medtronic Plc introduced a next generation continuous glucose monitoring system named iPro 2 Professional to improve diabetes management in 41 economies around the world.
The key players operating the global diabetes monitoring devices market include Bayer Healthcare AG, Medtronic, Dexcom, Sanofi, Abbott Laboratories, MediWise, Arkay, Inc., Cnoga Medical, and Bigfoot Biomedical.
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Diabetes is referred as group of metabolic diseases wherein patient suffers from varying levels of glucose either due to inadequate production of insulin or due to irresponsiveness of body’s cells to respond to insulin. Symptoms of patients suffering from diabetes include frequent urination (polyuria), excessive hunger (polyphagia), and increased thirst (polydipsia). Diabetes can affect eyes, kidneys, nerves and other body parts wherein, the excessive blood glucose levels can result into progression of cardiovascular diseases leading to death of a person. Thus the treatment goal of diabetes is to control the blood sugar levels, which can be monitored and tracked using assistive medical devices known as diabetes monitoring or blood glucose monitoring devices. These devices are available for patients suffering from both type I and type II diabetes for regular glucose invigilation and secure oneself from threats associated with diabetes. High prevalence of diabetes due to changing lifestyle is increasing the demand for diabetes monitoring devices in developed as well as emerging economies, which in turn is propelling growth of the market.