A glucose meter, often known as a glucometer, is a tiny instrument that monitors the amount of sugar in a blood sample. A drop of blood from a finger prick is usually sufficient to use on a test strip. A specific needle (lancet) or a spring-loaded device that quickly pricks the fingertip can be used to prick the fingertip.
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The major factors driving the market growth are the rising geriatric population and their diabetic incidence. The technological advancements in glucose monitoring devices are also expected to drive the market in the forecast period.
The rising geriatric population and their diabetic incidence is estimated to drive the market growth
Diabetes is expected to be the sixth biggest cause of death worldwide by 2030. According to WHO, by 2030, one out of every six persons on the planet will be 60 years old or older. The number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to treble, reaching 426 million. Diabetes is more common in older persons as the risk of developing the disease rises with age. Diabetes affects around 25% of persons over the age of 60.
According to a recent study of the economic cost of diabetes, adults over the age of 65 account for 61% of all healthcare costs associated with the disease. The average yearly spend for older persons (65 and up) was $13,239, compared to $6,675 for the younger group. As a result, the number of older persons with diabetes increases, posing significant health and economic challenges to society. Some older people with diabetes are well-functioning and medically stable, are capable of self-care, and may or may not require the assistance of caregivers. Because of advances in diabetes management and greater life expectancy, the number of older persons with type 1 diabetes grows. Seniors, especially those with type 1 diabetes who have had it for a long time. Hence, with the increasing diabetic care management, there will be a significant increase in the glucose monitoring devices market.
The technological advancements in glucose monitoring devices are expected to drive the market growth in the forecast period
Diabetes technology refers to the hardware, gadgets, and software that people with diabetes use to help them manage their blood glucose levels, avoid diabetes complications, lessen the burden of living with diabetes, and improve their quality of life. Traditionally, diabetes technology has been separated into two categories: insulin delivered via syringe, pen, or pump, and blood glucose monitoring via meter or continuous glucose monitor. More recently, diabetes technology has evolved to include hybrid devices that monitor glucose and deliver insulin, some of which are automated and software that acts as a medical device and assists with diabetes self-management. Continuous glucose monitoring is the most recent blood glucose monitoring method (CGM). Patients can buy FDA-approved devices that use single-use disposable electrochemical sensor elements that can be worn for 72 hours to 7 days, depending on the design.
In January 2020, Tandem Diabetes Care introduced the t: slim X2 insulin pump with Control-IQ technology, combining the Dexcom G6 CGM with an insulin pump to regulate insulin levels with minimal user effort. It’s the first technology to regulate basal automatically (background) insulin levels and administer bolus (mealtime) doses to keep blood sugar levels from falling too low or rising too high.
Global Glucose Monitoring Devices Market – By Device Type
Global Glucose Monitoring Devices Market – By End-User
Global Glucose Monitoring Devices Market – By Region
The global glucose monitoring devices market is highly competitive with demand for technologically improved devices and increasing CGM device market launches.
Some of the key global glucose monitoring devices market players are Abbott Laboratories, Medtronic plc, F. Hoffmann-La Roche Ltd., Lifescan, Inc., Sanofi, B Braun Melsungen AG, Dexcom, Senseonics, Novabiomedical and Omnis Health.