Global glucometer market is expected to rise from its initial estimated value of USD 11.65 billion in 2018 to a projected value of USD 28.19 billion by 2026, registering a CAGR of 11.67% in the forecast period of 2019-2026. This rise in market value can be attributed to growing concern regarding health of the individuals.
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Glucometer also known as blood glucose monitoring system/devices are diagnostic devices that are used for early and timely detection of the levels of glucose in the blood of a patient. These devices consist of a lancet, strips and meters for monitoring of the glucose levels, where the strips are dipped with blood and inserted into the monitoring meter which displays the blood glucose levels.
- Rise in the levels of diabetic population worldwide globally is one of the major factors driving the market growth
- Benefits associated with the usage of the product such as quicker and accurate test results; this factor is expected to drive the market growth
- High cost of the devices is expected to hinder the market growth
Key Developments in the Market:
- In May 2018, Health Arx Technologies Pvt. Ltd. through their brand “BeatO” announced the launch of a miniature glucometer that can be plugged in smartphones and the sugar levels are recorded in the app available for smartphones alongside the product. This product provides accurate and timely reminder regarding the sugar levels of patients.
- In February 2018, F. Hoffmann-La Roche Ltd announced the launch of a new glucometer “Accu-Check Instant S”, for the India region. The product is capable of offering accurate test results along with range of the sugar levels that the patient is suffering from informing the patient accordingly.
Key Market Competitors:
Few of the major competitors currently present in the global glucometer market Ascensia Diabetes Care Holdings AG; Abbott; Dexcom, Inc.; Health Arx Technologies Pvt. Ltd.; F. Hoffmann-La Roche Ltd; LifeScan, Inc.; Bayer AG; Truworth Health Technologies Pvt. Ltd.; Dr.Morepen; Medtronic; Johnson & Johnson Services, Inc.; ARKRAY, Inc.; Bionime Corporation; Rossmax International Ltd.; AgaMatrix; ACON Laboratories, Inc.; Trividia Health, Inc. and Medisana GmbH are few of the major competitors currently working in the glucometer market.
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Global glucometer market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of glucometer market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Segmentation: Global Glucometer Market
- By Device Type
- Self-Monitoring Blood Glucose
- Continuous Glucose Monitoring
- By End-User
- By Components
- Test Strips
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
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