LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global blood glucose monitoring (BGM) devices market is expected to grow at a CAGR of close to 12% during the forecast period.
This research report titled ‘Global Blood Glucose Monitoring Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Srinivas Sashidhar, a lead analyst at Technavio for patient monitoring devices research, “Rapid urbanization and changes in lifestyles have made people in developing countries increasingly susceptible to disorders such as diabetes. Moreover, increasing consumer awareness of the importance of glucose monitoring, along with technical innovations reducing the amount of blood required for glucose testing, will drive the adoption of these devices during the forecast period.”
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The market research analysis categorizes the global blood glucose monitoring devices market into three major end-user segments. They are:
- Hospitals and diagnostic laboratories
- Physician office laboratory (POL)
- Home care settings
Hospitals and diagnostic laboratories
Hospitals and diagnostic laboratories are an integral part of diagnosing and treating disease, monitoring the response to treatment, and conducting disease surveillance programs and clinical research. The use of diagnostic techniques helps in early diagnosis, enabling appropriate and prompt intervention and reducing overall disease burden and promoting health.
The healthcare industry in developing countries is undergoing rapid changes as India, Brazil, China, Russia, and South Africa are among the fastest-growing economies in the world. The demand for medical devices and diagnostic equipment will increase due to the rising population in these countries. Private healthcare providers in emerging markets are focusing on cost-effectiveness and scalability to meet high patient volumes.
Physician office laboratory (POL)
Many people are undergoing treatment in physicians' offices due to the presence of improved patient care, ease of rescheduling appointments, and favorable reimbursement processing. A 2016 report by the Centers for Disease Control and Prevention estimated that in 2014, hospital outpatient visits amounted to 125.7 million, while visits to physicians' offices were 928.6 million in the US. The number of patient visits to physicians' offices for blood glucose monitoring testing is expected to increase over the forecast period.
Home care settings
The demand for BGM devices for home care settings is increasing. Self-monitoring blood glucose (SMBG) mainly dominates the BGM home care settings market. Apart from the adult population, there is a growing focus on addressing the needs of the older population with diabetes who require glucose monitoring in home care settings. This segment will drive the market.
The adoption of BGM devices in home care settings is relatively higher in North American and Western European countries. They are also gaining popularity in Eastern Europe, Middle East, and APAC.
“Apart from the rising awareness of these devices, the need for personal healthcare management and increasing concerns about diabetes have led to an increase in the adoption of BGM devices,” says Srinivas.
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- Abbott Laboratories
- Roche Diagnostics
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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