The Global "Glucose Monitoring Devices Market" is estimated to reach at a high CAGR o during the forecast period (2022-2029).
A glucose meter, often known as a glucometer, is a tiny instrument that monitors the amount of sugar in a blood sample. A drop of blood from a finger prick is usually sufficient to use on a test strip. A specific needle (lancet) or a spring-loaded device that quickly pricks the fingertip can be used to prick the fingertip.
The major factors driving the market growth are the rising geriatric population and their diabetic incidence. The technological advancements in glucose monitoring devices are also expected to drive the market in the forecast period.
The rising geriatric population and their diabetic incidence is estimated to drive the market growth
Diabetes is expected to be the sixth biggest cause of death worldwide by 2030. According to WHO, by 2030, one out of every six persons on the planet will be 60 years old or older. The number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to treble, reaching 426 million. Diabetes is more common in older persons as the risk of developing the disease rises with age. Diabetes affects around 25% of persons over the age of 60.
According to a recent study of the economic cost of diabetes, adults over the age of 65 account for 61% of all healthcare costs associated with the disease. The average yearly spend for older persons (65 and up) was $13,239, compared to $6,675 for the younger group. As a result, the number of older persons with diabetes increases, posing significant health and economic challenges to society. Some older people with diabetes are well-functioning and medically stable, are capable of self-care, and may or may not require the assistance of caregivers. Because of advances in diabetes management and greater life expectancy, the number of older persons with type 1 diabetes grows. Seniors, especially those with type 1 diabetes who have had it for a long time. Hence, with the increasing diabetic care management, there will be a significant increase in the glucose monitoring devices market.
The technological advancements in glucose monitoring devices are expected to drive the market growth in the forecast period
Diabetes technology refers to the hardware, gadgets, and software that people with diabetes use to help them manage their blood glucose levels, avoid diabetes complications, lessen the burden of living with diabetes, and improve their quality of life. Traditionally, diabetes technology has been separated into two categories: insulin delivered via syringe, pen, or pump, and blood glucose monitoring via meter or continuous glucose monitor. More recently, diabetes technology has evolved to include hybrid devices that monitor glucose and deliver insulin, some of which are automated and software that acts as a medical device and assists with diabetes self-management. Continuous glucose monitoring is the most recent blood glucose monitoring method (CGM). Patients can buy FDA-approved devices that use single-use disposable electrochemical sensor elements that can be worn for 72 hours to 7 days, depending on the design.
In January 2020, Tandem Diabetes Care introduced the t: slim X2 insulin pump with Control-IQ technology, combining the Dexcom G6 CGM with an insulin pump to regulate insulin levels with minimal user effort. It's the first technology to regulate basal automatically (background) insulin levels and administer bolus (mealtime) doses to keep blood sugar levels from falling too low or rising too high.
Lack of accuracy, high cost, and difficulty in using these devices is expected to hamper the glucose monitoring devices market
People have been using two methods for monitoring their glucose levels. One being the self-monitoring devices and continuous wearable devices. Although the CGM provides blood glucose measurements at short intervals, it normally requires twice-daily finger poke to calibrate the CGM for accuracy. Compared to venous blood glucose, CGM devices can take up to 25 minutes to display a rise in glucose levels. Data suggests that CGM may become less accurate at detecting hypoglycemia (low glucose) ranges, even though the technology has been hailed as particularly useful for detecting these episodes.
CGM machines are expensive and require a prescription, with initial costs ranging from $1,000 to $2,000 on average. In addition, supplies, including sensors that should be replaced every seven to fourteen days, can cost between $300 and $450 every month. The gadget and supplies may be covered by insurance, although plans and qualifications differ. CGMs that are now available can cause issues for users. One main flaw is that they are less accurate for each data point when compared to simultaneous intermittent blood glucose measurements. In the hypoglycemia range, CGMs are often the least reliable. While in self-monitoring, the disadvantages are most noticeable when the patient is either unwilling to test or lacks the knowledge of how to interpret the data to make proper use of home testing equipment.
COVID-19 has affected the healthcare industry moderately. To stop its spread, government-imposed lockdown. People are fearful they may experience occupational effects and negative health from the COVID-19 pandemic. During COVID-19 lockdown, glycemic readings in T1D improved dramatically, which could be linked to good self-care and digital diabetes management changes. The pandemic disrupted many diagnostic procedures. Hence many people opted for self-testing devices. This has positively affected the global glucose monitoring devices market.
Based on device type, Self-monitoring devices dominated the market growth
Self-monitoring of blood glucose, or SMBG, enables people with diabetes to test their blood glucose levels at home. The use of regular blood tests to understand one's diabetes control and inform modifications to improve one's control or wider program is known as self-monitoring. Adults with type 2 diabetes have recently shown a greater willingness to use technology to self-monitor their health behaviours and lifestyle. To put this in context, technology-assisted self-monitoring is thought to be both safe and helpful in achieving positive health outcomes. According to American Diabetes Association, SMBG has been included in major clinical trials of insulin-treated patients as part of multifactorial therapies to show the impact of stringent glycemic control on diabetic complications. As a result, SMBG is an essential component of effective therapy. Integrating SMBG data into diabetes treatment can help with medical nutrition therapy, physical exercise, preventing hypoglycemia, and medication adjustments (particularly prandial insulin doses).
On February 26, 2018, Roche Diabetes Care India launched at a low price of Rs. 1,099/-, the new Accu-Chek Instant-S provides best-in-class accuracy and complies with the newest global ISO 15197 requirements. With Instant-S, blood glucose testing is streamlined, and viewing the results is simple. The meter features a 9-level target range indicator that shows the PwD, which range their reading falls into – normal, high, or low – making the reading easy to grasp.
Global Glucose Monitoring Devices Market Geographical Analysis
North America region accounted for the largest market share in the global glucose monitoring devices market
With the increasing incidence of diabetes and latest product launches, this region dominated the market growth.
According to CDC, in 2018, 34.2 million people of all ages, or 10.5 percent of the US population, had diabetes, according to preliminary figures. And in 2020, according to National Diabetes Statistics Report, in total, Diabetes affected an estimated 34.2 million individuals worldwide (10.5 percent of the U.S. population). Diabetes has been diagnosed in an estimated 8.2 percent of the U.S. population. 210,000 children and adolescents under the age of 20 have been diagnosed with diabetes, with 187,000 type 1 diabetes. The entire projected cost of diagnosed diabetes in 2017 was $327 billion, according to the American Diabetes Association's Economic Costs of Diabetes in the United States, which included in direct medical costs $237 billion and $90 billion in lost productivity. In 2019, healthcare spending for diabetes treatment in the United States totaled 295 billion dollars.
On June 06, 2019, the first implantable continuous glucose monitoring (CGM) device for persons with type 1 and type 2 diabetes was approved by the US Food and Drug Administration. The Eversense Continuous Glucose Monitoring System is a gadget that can monitor blood sugar levels for up to three months and is suitable for anyone aged 18 and up.
The global glucose monitoring devices market is highly competitive with demand for technologically improved devices and increasing CGM device market launches.
Some of the key global glucose monitoring devices market players are Abbott Laboratories, Medtronic plc, F. Hoffmann-La Roche Ltd., Lifescan, Inc., Sanofi, B Braun Melsungen AG, Dexcom, Senseonics, Novabiomedical and Omnis Health.
Overview: Abbott is a global healthcare firm dedicated to assisting people at all stages of life to live more fully. With leading businesses and products in diagnostics, medical devices, nutritional, and branded generic medications, their portfolio of life-changing technology spans the healthcare spectrum. Their 109,000 colleagues serve more than 160 countries.
Product Portfolio: Abbott is committed to creating cutting-edge products that make glucose testing more convenient and accurate. Their systems and mobile apps come with a variety of features tailored to the demands of diabetics.
Key Development: On November 02, 2020, In India, Abbott launched the FreeStyle Libre continuous blood glucose monitoring system. A thin (5.5mm long) filament is placed just beneath the skin and secured in place with a small adhesive pad, and the FreeStyle Libre sensor monitors glucose in interstitial fluid every minute.
The global glucose monitoring devices market report would provide an access to an approx. 45+market data table, 40+figures and 200 pages.
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