LONDON, July 17, 2018 /PRNewswire/ -- 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).
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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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The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the
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