LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global POC blood glucose monitoring devices market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global POC blood glucose monitoring devices market for 2017-2021. The report also lists consumables and instruments as the two major product segments, of which the consumables segment accounted for 70% of the market share in 2016.
According to Srinivas Sashidhar, a lead analyst at Technavio for patient monitoring devices research, “The global POC blood glucose monitoring devices market is growing at a significant pace due to the rising incidence of diabetes globally. The market is characterized by certain positive factors such as the availability of reimbursement from governments for advanced diabetic management products which will increase the sales of these devices.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global POC blood glucose monitoring devices market:
- Government focus on reducing diabetic patient pool
- Availability of CGMS and SMBG systems for POC blood glucose monitoring
- Increasing number of acquisitions
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Government focus on reducing diabetic patient pool
An increasing number of individuals are being diagnosed with diabetes. While type 1 diabetes may be caused by environmental factors such as viruses, type 2 diabetes may be caused by several factors such as genetic heredity, obesity, unhealthy diet, and living sedentary lifestyles. The increase in the diabetic patient pool increases the economic burden of the respective country. The growing geriatric population and increased life expectancy further add to the economic burden. Therefore, to decrease the increasing economic burden on patients globally, governments are conducting programs to curb the growing diabetic pool.
“Increasing awareness and incentivization of minimally invasive products for POC blood glucose monitoring such as wearables and screening products will increase the sales of POC blood glucose monitoring devices. Moreover, technological advancement of products that provide user-convenience will further drive the market,” says Srinivas.
Availability of CGMS and SMBG systems for POC blood glucose monitoring
With the increasing cases of diabetes globally, the need for glycemic control and modern diabetes treatment increases. Glucose monitoring is essential to keep sugar levels in check. Monitoring provides the necessary data required for diabetes management decisions related to food intake, insulin dosage, and exercise regimen.
POC blood glucose monitoring devices are effective self-management tools for diabetes management. The use of continuous glucose monitoring systems (CGMS) and self-monitoring of blood glucose (SMBG) devices is expected to increase due to increasing public awareness. Some awareness programs, sponsored by vendors, allow patients to undergo free tests and check their glucose levels.
Increasing number of acquisitions
The market is dominated by key players, such as Alere, F. Hoffmann-La Roche, and LifeScan. Hence, the probability of startups or new entrants in the POC blood glucose monitoring devices market is very low, as their positions are threatened by the presence of the key vendors. There is a high possibility of new companies being acquired by the key vendors to increase the latter’s product portfolios and expand their businesses.
Acquisitions also help key vendors to maintain their positions in the market. For instance, in June 2017, F. Hoffmann-La Roche acquired mySugr, which is one of the leading mobile diabetes platforms in the market. The company will become an integral part of Roche’s new patient-centered digital health services platform in diabetes care, which, in turn, will provide an opportunity to Roche to expand its position in diabetes management.
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