Blood Sugar Tester Market: Overview
Changing lifestyle, obesity, and reckless eating habits of people is resulting in diseases such as diabetes and this factor is boosting the demand for blood sugar tester. The diabetic person needs to keep a track of his sugar level regularly to maintain it. Hence, to maintain sugar level, demand for blood sugar level is expected to witness a high growth during the forecast period. The need for controlling blood sugar level in all age groups especially young age is rising as diabetes is an inheritable disease. Blood Sugar Tester offers various benefits which includes recording of the data on timely basis and storing it for the analysis purpose by healthcare professionals. Diabetic patients determine blood sugar level on timely basis and also the patients can determine the sugar level while at home only.
- Detailed overview of parent market.
- Changing market dynamics in the industry.
- In-depth market segmentation.
- Historical, current and projected market size in terms of volume and value.
- Recent industry trends and developments.
- Competitive landscape
- Strategies of key players and products offered.
- Potential and niche segments, geographical regions exhibiting promising growth.
- A neutral perspective on market performance.
- Must-have information for market players to sustain and enhance their market footprint.
The manufacturers are leveraging e-commerce website for selling of their devices to global locations and this factor is creating new opportunities for these manufacturers to expand their sales footprint. The launch of new products in blood sugar tester market along with approval from regulatory organizations as per industry standards is expected to boost the market growth significantly.
- For example, in March 2018, Medtronic one of the leading providers of medical technology, services, and solutions received an approval for its Guardian (TM) Connect continuous glucose monitoring (CGM) system. This tester is allowed to be used in age group of 14 to 75 years.
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Blood Sugar Tester Market: Drivers and Restraints
One of the prime factors fuelling the growth of the blood sugar tester market is the fact that patients need to monitor sugar level regularly as high blood sugar can lead to other health problems such as kidney failure, stroke, blindness, and others. Increasing focus of international organisations on diabetes control and awareness is one of the other factors fuelling the blood sugar tester market growth significantly. To encourage diabetic patients to use devices such as blood sugar tester, non-profit organizations are leveraging social media platform and promoting usage of these devices for increasing awareness about the blood sugar tester and its applications. Beyond Type 1 is one of such non-profit organizations. On the other hand, accuracy issues related to blood sugar tester and less adoption rate in underdeveloped countries are some of the major restraints hindering the growth of blood sugar tester market.
Blood Sugar Tester Market: Trends
Availability of mobile phone applications to improve the data recording, analysis, and keep track on sugar level is one of the key trends observed in blood sugar tester market. The importance of data storage is increasing as healthcare service providers can alter their patient’s treatment as per the stored blood sugar level. Also, the patients’ needs to track sugar level for minimum 3 to 4 times a day which makes it difficult to be stored manually. These parameters are boosting the demand for blood sugar tester significantly.
Blood Sugar Tester Market: Segmentation
The global blood sugar tester market is segmented on the basis of product type and end user.
Segmentation Based on Product Type
On the basis of product type, the blood sugar tester market is segmented into
- Glucose Monitor
- Smart Glucose Meter
- Continuous Glucose Monitor System
Segmentation Based on End User
On the basis of end user, the blood sugar tester market is segmented into
- In House Testing
- Laboratory and diagnostic Centers
Blood Sugar Tester Market: Key Players
The blood sugar tester manufacturers are undergoing constant innovations in their products to deliver more accurate, reliable, and user friendly products to patients. Some of the leading manufacturers includes LifeScan, Inc., DarioHealth Corp., Roche Diabetes Care., Abbott, Johnson & Johnson, Medtronic MiniMed, Inc., and GE Healthcare. These manufacturers are launching new products with compact size and connected technologies integrations such as smartphone applications, sensor based monitoring, and others.
- For example, in July 2018, Abbott which is a one of the leading manufacturers of blood sugar tester announced that its new device named ABBOTT’S FREESTYLE LIBRE 14 received an approval from FDA. This product is sensor based glucose monitoring device and patients can wear it upto 14 days.
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Blood Sugar Tester Market: Region-wise Outlook
Increase in number of diabetic patients is one of the prime factors boosting the demand for blood sugar tester significantly. In terms of demand for blood sugar testers, the North American region is dominating the market. This trend is observed due to increasing health awareness and precautions taken by diabetic patients in this region followed by European countries. Also, healthcare organisations in these developed regions are enforcing the usage of blood sugar tester at home itself for the patients. The APEJ region is expected to register significant CAGR growth rate over forecast period due to rapid increase in number of diabetic patients in this region due to busy lifestyle, obesity, and other health issues. On the other hand, MEA region is expected to register moderate CAGR growth rate over forecast period due to less adoption rate for blood sugar tester.