San Jose, California (PRWEB) July 03, 2013
Follow us on LinkedIn – Fast paced lifestyles with sedentary modes of livelihood and poor dietary habits coupled with growing population of aging individuals is resulting in the steady increase in number of individuals suffering from diabetes. Physiological factors, obesity and genetic proclivity and susceptibility, are few other factors that cause diabetes. By 2030, diabetes is expected to be the seventh leading cause of death globally. With no effective cure for diabetes mellitus in sight, the blood glucose monitoring (BGM) devices market, comprising BGM meters, strips and lancets, is steadily growing. High prevalence of diabetes among the rapidly ageing societies of developed countries, and the burgeoning ageing demography of the highly populous Asian countries represents the biggest challenge in the global battle against the diabetes mellitus epidemic.
Following several years of robust growth, demand for BGM devices weakened during the period 2008-2009. As a consumer-driven healthcare device, the slowdown was largely attributed to weaker sales of conventional BGM devices. The market nevertheless posted recovery in the year 2010 encouraged by improvements in consumer confidence and healthcare spending. Growth in the BGM market in the upcoming years is expected to benefit from effervescent new product development activities and a strong pipeline of products in late stage development. Continuous technology developments are giving rise to newer self-monitoring blood glucose (SMBG) devices with enhanced accuracy, portability, durability, functionality and user-friendliness.
Telehealth has emerged as a major technological development, which is set to foster adoption of blood glucose monitors in the home environment. After PDAs, manufacturers are also launching SMBG devices that are compatible with smartphones, tablets and portable computing devices, targeting diabetic patients on the move. Continuous glucose monitoring (CGM), one of the cutting-edge BGM technologies, is poised to gain traction driven by the rise in diabetic population, growing acceptance of CGM devices and improving reimbursement scenario. Artificial Pancreas, a technology that addresses the age-old demand for entirely eliminating reliance on ‘exogenous’ insulin, is expected to become a game changer for diabetes care and BGM devices markets in the next few years.
As stated by the new market research report on Blood Glucose Monitoring Devices, the United States represents the largest market worldwide. With China and India topping the global charts in terms of diabetic population, Asia-Pacific is emerging as the most promising market. With stress increasingly being associated with abnormal glucose metabolism, a key factor responsible for the rising incidence of diabetes in Asian countries is the lifestyle stress caused by rapid industrialization, urbanization and lifestyle changes. Increasing awareness about the disease and its morbid complications are leading to higher frequency of testing for Type I and Type II diabetes mellitus, gestational diabetes as well as pre-diabetes and post-prandial glucose level monitoring translating into a robust growth of 12.8% over the analysis period. Blood Glucose Strips comprises the largest as well as the fastest growing segment primarily due to the consumable nature of the product as well as its ubiquitous use in institutional and homecare settings.
Key players in the market include Roche Diagnostics, LifeScan, Bayer Healthcare, Abbott Diabetes Care Inc., Arkray Inc., Bayer Healthcare, Bionime Corp., B. Braun Melsungen AG, DexCom Inc., LifeScan Inc., Medtronic, Nipro Diagnostics Inc., Nova Biomedical Corporation, Roche Diagnostics Corp., and Terumo Europe NV.
The research report titled “Blood Glucose Monitoring Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., offers a comprehensive analysis of the key market drivers and challenges, retrospective impact of recession, and pertinent trends related to geographic markets, emerging technologies and products, and strategic corporate activities. The report also provides market estimates and projections in US$ for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed in the report include Blood Glucose Strips, Blood Glucose Meters and Lancets.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Blood_Glucose_Monitoring_Devices_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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