The global glucose monitoring devices market value will experience a moderate increase from $9.9 billion in 2012 to $13.7 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 5%, forecasts business intelligence provider GBI Research.
According to the company’s latest report, emerging countries, such as China and India, show the most potential for market growth, as they have the largest diabetic populations consisting of 92 million and 63 million people, respectively.
In fact, the Asia-Pacific market for glucose monitoring is expected to double from $1.5 billion in 2012 to $3 billion by 2019, at a CAGR of 10%. Still, the US and Europe will continue to lead this setting by 2019, with shares of 34% and 40%, respectively.
Srikanth Venkataraman, Analyst for GBI Research, says: “Rapid urbanization and changes in lifestyle habits have made people in developing countries especially vulnerable to disorders such as diabetes. However, poor healthcare infrastructure, urban-rural disparity and a lack of skilled healthcare professionals have previously limited the adoption and use of devices for the prevention and treatment of diabetes in these markets.”
GBI Research now expects the increasing awareness of the importance of glucose monitoring, along with technical innovations minimizing the blood required for glucose testing, to drive the adoption of such devices in the Asia-Pacific region during the forecast period.
Venkataraman says: “One of the key technological developments in the diabetes care industry is Continuous Glucose Monitoring (CGM), which helps patients to measure glucose levels regularly, unlike traditional devices. CGM devices are programmed to alert users to low or high glucose levels, allowing for timely medication and reducing any risk of associated complications due to undesired changes in glycemic levels.”
With diabetes becoming an increasingly major burden globally, GBI Research believes that early detection through regular monitoring can improve the control and treatment of the disease.