LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global POC blood glucose monitoring devices market to grow at a CAGR of over 8% during the period 2018-2022, according to their latest report.
This market research report segments the global POC blood glucose monitoring devices market based on product (consumables and instruments) and end-user (hospitals and clinics, clinical diagnostic laboratories, and home care settings). The report also provides an analysis of the market’s growth across different geographic regions such as the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight public and private initiatives to reduce diabetic cases as a key factor contributing to the growth of the global POC blood glucose monitoring devices market:
Public and private initiatives to reduce diabetic cases
There is an increase in the incidence of lifestyle diseases such as diabetes, which affects an individual's ability to turn food into energy. Diabetes is of three types: type 1, type 2, and gestational diabetes (diabetes during pregnancy). According to CDC, as of 2017, over 30 million individuals residing in the US had diabetes, and more than 95% of these diabetic patients had type 2 diabetes. Type 2 diabetes is caused due to several factors such as heredity, obesity, unhealthy diet, and sedentary lifestyle.
“The increasing diabetic patient pool also increases the economic burden due to which several public and private organizations around the world are engaged in activities to increase awareness and reduce the incidence of type 2 diabetes which can be controlled or averted by adopting lifestyle changes. These awareness initiatives augur well for the growth of the market as they will encourage increased adoption of POC blood glucose monitoring devices,” says a senior analyst at Technavio for patient monitoring devices research.
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Global POC blood glucose monitoring devices market segmentation
Based on product, the global POC blood glucose monitoring devices market is segmented into instruments and consumables. The consumables accounted for 67% of the market share in 2017 due to continuous usage of consumables while performing blood glucose monitoring tests, especially for diabetic patients.
The global POC blood glucose monitoring devices market was dominated by the Americas in 2017, with a market share of 46%, followed by EMEA, and APAC. Factors such as increasing technological advancements, the development of non-invasive wearable POC blood glucose monitoring devices, and growing FDA approval for these technologically advanced products are driving the growth of the market in the Americas.
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