Global Glucose Monitoring Devices Market - Segmented by Glucose Monitoring System, Application, and Geography - Growth, Trends, and Forecast (2018-2023)
Glucose monitoring device is likely to have a lucrative market, with great growth potentials in the coming years. Rising incidences of people suffering from diabetes, convenience of a continuous glucose monitoring, early detection of hypoglycemic and hyperglycemic diabetes, and increasing technological innovations are a few factors driving the market growth. The global glucose monitoring devices market is expected to register a CAGR of about 6.5% during 2018-2023 (the forecast period).
Easy Adoption of Continuous Glucose Monitoring as Compared to Self-monitoring Devices
There have been continuous advances in the field of glucose monitoring over the last four decades, which have led to the development of highly evolved blood glucose meters, non-invasive glucose monitoring (NGM) devices, and continuous glucose monitoring systems (CGMS). CGMS have led to tremendous improvements in the diabetic management, as shown by the significant lowering of glycated hemoglobin (HbA1c) in adults with Type I diabetes. Most of the CGMS are minimally-invasive, however, the more recent ones are based on NGM techniques. CGMS detects the abnormal patterns of glycaemia many folds better than the conventional technology in pediatric Type 1 diabetes, which further enables a significant decrease in HbA1c.
Additionally, rising occurrence of Type I and Type II diabetes among all age groups, technological innovations, and growing demand for remote patient glucose monitoring devices are some other factors contributing to the market growth.
Less Attractive Reimbursement for Regular Monitoring
A laboratory is a crucial part of glucose monitoring. Laboratories have shifted from fee-for-service (FFS) to value-based reimbursement systems. Planned cuts in reimbursement rates are being made to the Centers for Medicare & Medicaid Services (CMS) that are responsible for healthcare insurance programs. Tests are reimbursed according to the Hospital Outpatient Prospective Payment System (OPPS), and are billed directly by the hospitals rather than the labs. Many labs are already affected by the transition in healthcare from FFS payments to value-based payments. The cuts in reimbursement rates have led to uncertainties in lab investments.
Additionally, high cost associated with the frequent blood glucose tests for economically strained countries and strict regulation of glucose monitoring devices by regulatory organizations, like FDA, are also restraining the glucose monitoring devices market growth.
North America to Dominate the Market
The global glucose monitoring devices market is segmented on the basis of glucose monitoring system, application, and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to dominate the global market, due to the growing demand for a prompt and accurate diagnosis, treatment, and the presence of technically advanced healthcare infrastructure.
Major Players: ABBOTT LABORATORIES, LIFESCAN INC., F. HOFFMANN-LA ROCHE AG, BAYER HEALTHCARE AG, MEDTRONIC INC., DEXCOM INC., ARKAY INC., INSULET CORPORATION, NOVO NORDISK A/S, and TERUMO CORPORATION, among others.
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