DUBLIN--(BUSINESS WIRE)--The "Diabetes Diagnostics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Diabetes Diagnostics Market to Reach $42.4 Billion by 2026
Amid the COVID-19 crisis, the global market for Diabetes Diagnostics estimated at US$26.5 Billion in the year 2020, is projected to reach a revised size of US$42.4 Billion by 2026, growing at a CAGR of 8.1% over the analysis period.
Test Strips, one of the segments analyzed in the report, is projected to record a 8.3% CAGR and reach US$11.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lancets segment is readjusted to a revised 7.5% CAGR for the next 7-year period.
Blood glucose test strips are small disposable strips of plastic that enable people with diabetes to measure and monitor their blood sugar levels at home. Each test strip is a laminate of plastic and chemicals that provides a single-use diagnostic test for measuring blood sugar. Persistent growth in the blood glucose test strips market has been driven to a greater extent by an increase in number of diabetics, and also by technological innovations.
Blood sugar lancets play a vital role in the early detection of diabetes. The rising prevalence of diabetes, favorable reimbursement policies in developed countries, rising geriatric population, continuous technological advancements, and faster product approvals are some of the key factors spurring demand.
The U.S. Market is Estimated at $10.8 Billion, While China is Forecast to Reach $5.2 Billion by 2026
The Diabetes Diagnostics market in the U.S. is estimated at US$10.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.2 Billion by the year 2026 trailing a CAGR of 9.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.1% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 8.1% CAGR. Growing prevalence of diabetes and other lifestyle and chronic diseases, ageing population, well-established healthcare infrastructure and wider access to care services, higher healthcare awareness among population, and consumer affluence strongly influence the demand for care and diagnostics services in developed countries.
Asia-Pacific represents a rapidly expanding market for diabetes diagnostics. Increased convenience, shift towards high-calorie energy-rich foods, and increasingly sedentary lifestyles are contributing to an alarming rise in incidence of diabetes in India and China making the countries the global hub for the disease with the highest number of diabetic adults.
Analog Glucose Monitors Segment to Reach $5.2 Billion by 2026
Analog glucose monitors are traditional blood glucose meters that uses a blood sample drawn from pricking a patient`s finger or another place on the body. In the global Analog Glucose Monitors segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$2.9 Billion in the year 2020 will reach a projected size of US$4.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$579.9 Million by the year 2026, while Latin America will expand at a 7.5% CAGR through the analysis period.
Select Competitors (Total 91 Featured)
- A.Menarini Diagnostics Ltd.
- Abbott Diabetes Care, Inc.
- Acon Laboratories, Inc.
- AgaMatrix, Inc.
- Apex Biotechnology Corporation
- ARKRAY, Inc.
- Ascensia Diabetes Care Holdings AG
- B. Braun Melsungen AG
- Becton, Dickinson and Company
- BIONIME Corporation
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Beckman Coulter, Inc.
- HemoCue AB
- DexCom, Inc.
- Diazyme Laboratories Inc.
- EKF Diagnostics Holdings Plc
- LifeScan, Inc.
- Medtronic PLC
- Nova Biomedical Corporation
- OSANG Healthcare Co., Ltd.
- Roche Diabetes Care, Inc.
- Sanofi S.A.
- Sanwa Kagaku Kenkyusho Co, Ltd.
- Siemens Healthineers
- Sinocare, Inc.
- PTS Diagnostics
- Trividia Health, Inc.
- TaiDoc Technology Corporation
- Tandem Diabetes Care, Inc.
- Terumo Corporation
- Tosoh Bioscience, Inc.
- Trinity Biotech plc
- Ypsomed AG
For more information about this report visit https://www.researchandmarkets.com/r/uiwgo3