The entire market of medical devices has grown more significantly around the globe with the huge investment by the existing key players and effective developments in the technology. However, the significant developments in the blood glucose monitoring systems also lead the market growth effectively. The blood glucose monitoring is an essential part of the standard diabetes care, and it is very helpful in holding the glucose levels in a human body with diabetes and impaired glucose tolerance. The occurrence of diabetes is growing across the globe, and approximately 90% of the patients have type 2 diabetes mellitus with around one-fifth of the people undergoing insulin treatment. The key players of this market are dominating the handsome amount of share by developing their techniques of doing work which further proved to be efficient for leading the fastest market growth during the forecasted period more significantly.
According to the report analysis, ‘Global Blood Glucose Monitoring Systems Market 2018-2024’ it states that there are several key players which are presently functioning in this market more significantly for accounting the highest market share across the globe with the implementation of effective technologies after knowing the coming trends includes Medtronic plc, Johnson and Johnson, Abbott Laboratories, F. Hoffmann-La Roche Ltd., PHC Holdings Corporation, Ypsomed Holding, Dexcom, Acon Laboratories, Trividia Health Inc., Arkray Inc., Sanofi S.A., Terumo Medical Corporation, Prodigy Diabetes Care LLC, and niche players. The market has an enormous number of medium and small players that offer efficient products and has enormous growth opportunity, especially in the developing countries. The key market players are taking benefit of product approvals and new product promotions, making their strategies to increase the market share.
Although, the Global Blood Glucose Monitoring Systems market is expected to observe an effective CAGR of 6.7% during the forecast period of 2018-2024. Whereas, the market of blood glucose monitoring system is segmented into four segments which majorly includes products, end-users, regions and applications. On the basis of region, the market is further divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is the foremost shareholder in the global blood glucose monitoring systems market, followed by Europe. The Asia Pacific region is predictable to rise at a high CAGR during the forecast period because of an upsurge in access to health care services, significant growing patient pool, increasing consciousness among patients, and growing healthcare expenditure. Not only has this, the increasing collaboration and funding to improve innovative devices and growing awareness among the patients are delivering an opportunity for the market growth.
Whereas, on the basis of end-users, the market is further segmented into hospitals, homecare, private clinics, and others. Among different end-users, homecare attained a proficient market share and is anticipated to remain the same during the forecast period. Therefore, in the near future, it is expected that the market of blood glucose monitoring systems will increase more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications