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Diabetes Monitors Market - InsightsDiabetes mellitus is a chronic disease resulting from an inadequacy of insulin in the body. The condition causes either elevated blood-glucose concentrations, named as hyperglycaemia, or low glucose level known as hypoglycaemia. Monitoring glucose level is expected to prolong life expectancy as it enables the management of hypo- or hyperglycaemia. Self-monitoring method is most commonly used to check blood glucose level.
The method involves sampling blood from a finger or any other body part, to be analyzed with the help of test strips and a glucometer. Although blood remains the most commonly used sample, other biological fluids such as ocular fluid, sweat, breath, interstitial fluid, saliva or urine can also be used as an alternative samples for non-invasive continuous monitoring. As a cure for diabetes is yet to be developed so, managing this condition is the most successful means for its control. Glucose monitoring is used to optimize treatment strategies, and provide an insight to the effect of diet, medications, and exercise on the patient.
Notably, increasing prevalence and incidence of diabetes is the key factor driving the diabetes monitors market. As per the National Diabetes Statistics Report suggested by Centers for Disease Control and Prevention, it is found that 9.4% of the U.S. population i.e. 30.3 million people had diabetes in 2015. The rising prevalence of diabetes in low and middle-income countries appears to be fuelled by nutrition transition, rapid urbanization, and increasingly sedentary lifestyles, suggested by a study published in the journal Pharmacoeconomics in 2015.
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Other factors such as, rise in technological innovations, huge research funding in diabetes diagnosis and treatment, rising approval from regulatory bodies, and increasing global prevalence of obesity are also fueling the market growth. According to the Fogarty International Center, National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) and two renowned research agencies of India took an initiative in 2013 to fund a joint diabetes research agenda.
However, stringent reimbursement policies, and high cost associated with diagnosis and treatment of diabetes may hinder the growth of the market over the forecast period. According to a research study published in Journal of Diabetes Science and Technology in 2015, it is found that only a few patients in Germany i.e., <2000 use Continuous glucose monitors(CGM) due to the high costs.
It is estimated that diabetes monitors market is expected to grow at a CAGR of 8.3% during the forecast period 2017-2023.
Key Players:
LifeScan
Panasonic
Dexcom
Abbot Laboratories
F.Hoffmann La-Roche
Medtronic and Sanofi.
Diabetes Monitors Market - Segmentation:
The Global Diabetes Monitors Market is segmented on the basis of sample, type, component, and end-users.
On the basis of sample, the market is segmented into blood samples, sweat samples, urine samples, and others.
On the basis of type, the market is classified into point sample test based glucose monitors, continuous glucose monitors, and enzyme free sensor based glucose monitors. Continuous glucose monitors are further segmented into disposable sensor based CGM, and re-usable sensor based CGM.
On the basis of components, the market is classified into lancet, glucose test strips, and sensors. Sensors are further segmented into enzyme-based sensors, and enzyme-free sensors
On the basis of end -users, the market is segmented into diagnostic clinics, hospitals, and home.
Diabetes Monitors Market - Regional Analysis:
The global diabetes monitors market is segmented on the basis of regions: America, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the major share of the market owing to the increasing prevalence of diabetes mellitus (DM), well-developed technology, and high healthcare expenditure. Europe accounts for the second largest market, which is followed by Asia Pacific. Increasing government support for research & development, well-developed healthcare infrastructure, and presence of geriatric population have driven the diabetes monitors market in Europe. Asia Pacific is the fastest growing diabetes monitors market due to rapidly changing healthcare sector, and the presence of huge opportunities for the development of this market. However, the Middle East & Africa has the least share in the market owing to the presence of poor and slow developing countries, especially, in African region. The Middle East holds the major share of the regional market due to well-developed technology and high spending.
Moreover Across the globe, health systems are developing in response to multiple factors such as new medical technology, new health services, changes in health policies, new organizational structures, innovations in drug development, and greater access to health services.
According to the WHO, Diabetes and its related complications lead to the substantial economic loss to diabetic people and to national economies through loss of work and wages, and direct medical costs. Whereas hospital and outpatient care are the major cost drivers.
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