Diabetes,
also known as Diabetes Mellitus (DM), is a group of metabolic
disorders characterized by high blood sugar levels. The symptoms of
high blood sugar include, frequent urination, increased thirst, and
increased hunger. Acute complications in diabetes include, diabetic
ketoacidosis, hyperosmolar hyperglycemic state, or death. Other
severe complications include, cardiovascular disease, stroke, chronic
kidney disease, foot ulcers, and damage to the eyes. The disorder is
mainly due to the inability of pancreas to produce enough insulin.
Moreover, the disease causes due to lack of response of cells of the
body to the insulin.
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As
diabetes is a chronic disease, there is no known cure and keeping
blood sugar levels as close to normal is one of the very few methods
in management of the disease. Blood sugar levels can be monitored and
tracked using assistive medical devices known as diabetes monitoring
or blood glucose monitoring devices. These devices are available for
patients suffering from both type I and type II diabetes. High
prevalence of diabetes due to changing lifestyle is increasing demand
for diabetes monitoring devices in developed as well as emerging
economies, which in turn is propelling growth of the market.
The
global Diabetes Monitoring Devices Market was valued at US$ 15,276.1
million in 2016 and is expected to witness a robust CAGR of 8.87%
over the forecast period (2017 – 2025).
An
extensive patient pool serves as a major driving factor for the
diabetes monitoring devices market
Increasing
incidence of diabetes across the world is one of the primary factor
responsible to drive growth of the global diabetes monitoring devices
market. For instance, according to the World Health Organization
(WHO), 2014, around 8.5% of adults aged 18 and above accounting for
422 million adults were suffering from diabetes worldwide. Moreover,
diabetes was the cause of 1.6 million deaths in 2015 and high blood
glucose levels was the cause of another 2.2 million deaths. According
to National Diabetes Statistics Report 2017 published by Centers of
Disease Control and Prevention (CDC), around 9.4% of American
population, which includes all age groups i.e., pediatric, adults and
geriatric population accounting for 30.3 million people are suffering
from diabetes whereas 33.9% of the rest population is diagnosed with
pre-diabetes. The prevalence of diabetes is significant among the
emerging economies of Asia. According to a study report published in
World Journal of Diabetes 2012, Asian economies contribute to more
than 60% of the diabetic population in the world. The massive
prevalence of diabetes is thus expected to create a demand for
monitoring blood glucose devices, which in turn is expected to foster
growth of the global diabetes monitoring devices market.
Advancements
in the glucose monitoring devices to boost growth of the global
market
Market
players are actively investing into research for developing
innovative solutions by integrating units to monitor the insulin
levels and maintain the blood glucose levels by automatically
delivering insulin to parts of the body with the help of continuous
glucose monitoring systems. For instance, in September 2017, the U.S.
FDA approved first blood sugar monitor that does not require finger
pricks and uses a small sensor that can be attached to the upper arm
for continuous glucose monitoring. Moreover, in February 2018,
Medtronic Plc introduced a next generation continuous glucose
monitoring system named iPro 2 Professional to improve diabetes
management in 41 economies around the world.
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The
key players operating the global diabetes monitoring devices market
include Bayer Healthcare AG, Medtronic, Dexcom, Sanofi, Abbott
Laboratories, MediWise, Arkay, Inc., Cnoga Medical, and Bigfoot
Biomedical.
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