The USA Glucose Monitoring Devices Market is expected to grow at a CAGR of 9.6% during the forecasting period (2022-2029).
Glucose monitoring devices are used for measuring the blood glucose levels in the body with significant applications for diabetic patients. These devices are used to measure blood sugar levels, which is an essential step in diabetes treatment. It also helps in preventing other related health conditions, such as neuropathy, retinopathy, and cardiovascular diseases.
The growing smart-watch-based apps to view their glucose data, the emergence of needle-free devices, increasing promoting of glucose monitoring devices and developing online marketing, increasing adoption for bundled promotional marketing strategies by combining two or more products are some of the significant trends in the United State.
The growing advancements in technologies will drive the market growth
To enhance the quality of medical services and the effectiveness of the administered treatments, diabetes monitoring and prevention agencies such as the ADA is investing significant resources towards the R&D of new medical devices for controlling the outbreak and enhancing the life expectancy of diabetic patients. In 2018, the ADA funded 318 new and continuing projects targeting all types of diabetes and its many complications, across a broad spectrum of scientific approaches. Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy. This is driving the demand for diabetes care devices in USA, thereby, driving the market in focus during the forecast period.
While Type-1 diabetes is caused by an immune system malfunction, Type-2 diabetes is linked to leading a sedentary lifestyle, which results in the development of inherent resistance to insulin. Hence, Type-1 diabetes can be characterized as insulin-requiring, while Type-2 diabetes can be characterized as insulin-dependent diabetes. The factors that have driven the number of reported cases of diabetes can be segmented into individual-level risk factors, environmental risk factors, the evolution of the disease, detection effect, and changes. The rates of newly diagnosed cases of Type 1 and Type 2 diabetes in the US have witnessed a spike in recent years with nearly 40,000 new cases being registered each year alone for Type 1 diabetes.
The high cost of glucose monitoring devices is likely to hamper the market growth
However, the cost of glucose monitoring devices will hamper the growth of the market. Also, the low-quality product in the market is also hampering the market growth in the country.
The demand for all glucose monitoring devices saw a sudden rise through online sales channels. This was mainly due to lockdown and stocking up of blood glucose monitors. As patients with diabetes are more prone to complications associated with COVID-19 and other major ailments, the demand for continuous glucose monitoring and related alarm systems is expected to rise during the forecast period.
Self-monitoring glucose devices segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Self-monitoring of blood glucose (SMBG) devices are portable systems that allow measuring glucose concentration in a small drop of blood obtained via finger-prick. SMBG measurements are key in type 1 diabetes (T1D) management, e.g. for tuning insulin dosing. A person with diabetes may find self-monitoring problematic for several reasons: the need to carry materials and prick themselves several times per day, frustration with unexpected results. Nevertheless, when a person self-monitors according to the recommendations and understands the benefits of this approach, self-monitoring becomes an important resource.
The USA glucose monitoring devices market is a moderately competitive presence of local as well as companies. Some of the key players which are contributing to the growth of the market include Abbott Diabetes Care, F. Hoffmann-La Roche AG, Johnson & Johnson, Dexcom, Medtronic, Arkray, Ascensia Diabetes Care, Agamatrix Inc., Bionime Corporation, Acon among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the USA glucose monitoring devices market. For instance, in June 2018, the US Food and Drug Administration (FDA) approved the first implantable continuous glucose monitoring (CGM) device for people with Type 1 and Type 2 diabetes. The device, called the Eversense Continuous Glucose Monitoring System, provides monitoring for up to three months, and it’s approved for people aged 18 and above.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical-Surgical Portfolio, and Diabetes Operating Unit.
CGM: CGM systems track glucose levels, every few minutes, 24/7 through a tiny sensor inserted under your skin, either on your abdomen or arm using an automatic inserter. The sensor measures your interstitial glucose level, which is the glucose found in the fluid between the cells. CGM therapy can be used with or without an insulin pump.