Pune, India -- (SBWIRE) -- 04/09/2019 -- The latest report has been added to the wide database of Blood Glucose Monitoring Devices Market by Infinium Global Research. This report studies the Blood Glucose Monitoring Devices Market by product (blood glucose monitors, glucose monitoring strips and lancets), Blood glucose monitors can be further segmented(single point blood glucose meters and others), by application (hospitals and clinics, diagnostic centers and home settings) and distribution channel (retail stores and online website) market status and outlook of global and major regions, from manufacturers, Global Industry Analysis, Trends, Market Size and Forecasts up to 2024 and end industries.

The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. Blood Glucose Monitoring Devices Market provides opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape, latest trends, and product offerings of the major companies in the Blood Glucose Monitoring Devices Market. The global blood glucose monitoring devices market is projected to grow at a CAGR of 8.80% over the forecast period of 2018-2024.

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Blood Glucose Monitoring Device Market: Industry Insights

Blood glucose monitoring device is the devices that are used to test diabetes level in the blood. This device helps in manage diabetes level. Further, it also helps to identify the level of blood glucose within the definite range. High blood sugar symptoms consist of augmented thirst, increased hunger, and frequent urination. High level of glucose serves several problems such as chronic kidney disease, cardiovascular disease, foot ulcers, stroke, and damage to the eyes. This device is used in healthcare centers and at home.

Blood Glucose Monitoring Device Market: Drivers and Restraints

Growing incidences of diabetes are driving the demand for blood glucose monitoring devices market. Changing in the standard of living, inactive lifestyle and increasing level of stress are some of the reason causing diabetes. As per WHO approximation diabetes was the seventh leading cause of death in 2016. Further, in 2016 1.6 million death were caused due to diabetes. The prevalence of these diseases is growing more in middle- and low-income countries. Addition to this, blindness, heart attacks, lower limb amputation, and kidney failure are the major diseases caused owing to diabetes. On the flip side, high cost related to the application of CGM systems and product is hampering the growth of the market. Besides, medical insurance companies and healthcare authorities are educating patients about the benefits of using diabetes monitoring devices this will generate a future growth opportunity for the blood glucose monitoring device market.

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Blood Glucose Monitoring Device Market: Segmentation

The global blood glucose monitoring device market is classified into product, application and distribution channel. Based on the product the segment is divided into blood glucose monitors, glucose monitoring strips and lancets. Further, Blood glucose monitors can be again divided into single point blood glucose meters and continuous glucose monitoring systems. Continuous glucose monitoring systems are sub-segmented into sensors, transmitters & receivers and External Monitor. Glucose monitoring strips are the most popular device used in the market. Growing prevention of diabetes is driving the growth of the segment. On the basis of application, the segment is bifurcated into hospitals and clinics, diagnostic centers and home settings. Hospitals and clinics accounted for the largest market share in 2017. The accuracy of the test result, medication, and consultation are some of the reason supporting the growth of the hospitals and clinics in the glucose monitoring devices market. On the basis of the distribution channel, the segment is categorized into retail stores and online website.

Blood Glucose Monitoring Device Market: Regional Insights

In terms of geographies, North America holds the largest market share in the blood glucose monitoring device market in 2017 followed by Europe. In the North America region, the U.S drives the growth of the market due to the implementation of advanced technology and increasing spending on healthcare is supporting North America for the growth of the market. In Europe region increasing awareness regarding the use of this device and growing numbers of patients suffering from diabetes are boosting factors for the blood glucose monitoring device market.

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Blood Glucose Monitoring Device Market: Competitive Analysis

Important key players in the global blood glucose monitoring device market are Abbott Laboratories, ARKRAY, Inc., Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Nipro Diagnostics, Inc. and Terumo Medical Corporation. In September 2017, The U.S. Food and Drug Administration has approved Abbott Laboratories' glucose monitoring device for adults with diabetes. This device allows patients to track their blood sugar levels without puncturing their fingers.