Glucose Monitoring Global Market estimated to be worth $12,897.0 million by 2025
Diabetes is a chronic disease condition in which the blood glucose level regulation is varied because the body lacks enough insulin or body cannot utilize the insulin that is produced, Insulin is the hormone that controls the level of sugar in the blood. Three types of diabetic conditions have been identified, they are, type 1 diabetes, wherein the body does not produce insulin, type 2 diabetes, which is the most common type, the body does not make or use insulin well. Without enough insulin, glucose stays in the blood. Pregnant women can also get diabetes, called gestational diabetes. Over time, having too much glucose in the blood can cause serious problems to vital organs including eyes, kidneys, and nerves. Apart from these, diabetes is also a precursor to heart disease, stroke and ulcers that need an amputation.
Monitoring the blood sugar level on a regular basis and analyzing the results is crucial in treating diabetes. Self-monitoring of blood glucose level is an integral part of diabetes management because it puts the patient in charge. Regardless of managing diabetes through diet and exercise alone or combined with oral medicines or insulin, the regular blood sugar monitoring provides immediate feedback on how the program is working. Glucose meters are used to self monitor the blood glucose levels at home or at clinics. At hospitals lab analysis such as Hb1Ac, urine tests are used to monitor the levels of glucose, which are often time-consuming. As estimated by IQ4I Research, the glucose monitoring global market is expected to grow at a CAGR of 3.2% to reach $12,897.0 million by 2025.
The global rise in the prevalence and incidence of diabetes, continuous technological advancement, increasing demand for less invasive products and an increase in R&D investments are driving the market growth. Increase in obesity population due to lifestyle changes, increase in urbanization, untapped markets like the Middle East, Africa shows that glucose monitoring market has vast opportunities in the coming years. Frequent product recalls and less product differentiation among self blood glucose monitors are the factors that are restraining the market growth. The limited reimbursement facilities and alternative treatments that include cell-based assays, biomarkers identification and artificial pancreas and high cost associated with Continuous Glucose Monitoring (CGM) are threats for the market growth.
Glucose Monitoring global market is classified based on products, sample type, end-users and geography. Among the product segments, The Invasive glucose monitoring products segment accounted the largest share in due to technological advancements, easy use, and reliability, etc. Non-Invasive glucose monitoring segment is the fastest growing segment and is projected to grow at a double digit CAGR from 2018 to 2025 due to an increase in R&D investments, and regulatory approvals.
Among the sample type, the blood segment accounted for the largest share in 2018 and is projected to grow at a low single digit CAGR from 2018 to 2025 due to the accuracy of results. Other source based glucose monitoring segment is fastest growing segment and is projected to grow exponentially from 2018 to 2025 due to increase in R&D investment, increasing demand from users for less invasive products.
Among end-user segments, home care segment accounted for the largest share in 2018 and due to availability of self blood monitor over the counter and ease in operating these monitors and thereby reducing the frequent visit to hospitals or clinics for checking glucose levels.
In the market segmentation based on geography, North America commanded the largest market share due to favorable reimbursement coverage and high investments in healthcare infrastructures that have led to the market growth in this region. However, Asia- Pacific region is expected to grow at mid single digit CAGR from 2018 to 2025 due to increasing healthcare awareness, higher economic growth, large patient pool and rising aged population.
Various advancements in glucose detecting technologies such as artificial intelligence, radar technology, machine learning, microneedle and photothermal technologies are under different stage of development and launch. For instance, KTH Royal Institute is developing a microneedle-based patch, which will detect glucose levels without piercing the skin. Similarly, researchers at the University of Waterloo in Canada are developing an AI algorithm, which detects glucose levels by calculating the time required for wearable radar signals to reflect back to the device. Use of different body fluid as a source to measure glucose levels has gained much interest with companies working on the development of new sensors. For instance, NovioSense B.V. is developing a glucose sensor which when placed in the lower eyelid, continuously measures glucose levels in the tear of a diabetes patient. The sensor is already in clinical trials and completed phase I trials. The miniature sensor measures glucose levels and directly transfers the result to a smartphone when the patient places the device near the lower eyelid. Similarly, An Australian Company, iQ Group Global has developed a saliva-based glucose test for diabetes management. The system consists of glucose biosensor unit which is a small, disposable strip, that when coming in contact with saliva instantly provides a glucose measurement, the measurement will be available via a proprietary digital app on the patient’s smartphone.
Lab-based glucose monitoring tests such as Haemoglobin A1c (HbA1c); glucose tolerance test (GTT) and urine analysis is preferred over self-monitoring products as a confirmatory test due to the accuracy of results. The special features of these lab-based glucose monitoring tests are other parameters such as ketones, hemoglobin, sodium levels, etc can be monitored which plays a decisive role in critically ill patients in emergencies.
HbA1c test measures the amount of blood sugar attached to hemoglobin, the A1c test is also used to diagnose diabetes, if the HbA1c level is high, it may be a sign of diabetes. Doctors recommend that diabetes patient should get HbA1c test done every 3 months to make sure that the blood sugar is within the target range and this test is recommended as an alternative to fasting plasma glucose (FPG) for the diagnosis of pre-diabetes and type 2 diabetes. Point of care HbA1c measurements has been adopted by many diabetic clinics to improve the quality of care provided to the patients. In June 2018, Abbott received FDA approval for its Afinion HbA1c Dx assay for use with its Afinion AS 100 analyzer this point-of-care test helps to diagnose and assess the patient’s risk of developing diabetes.
Considering the huge unmet opportunity in this market many investors are funding development of new glucose detection technologies, For instance, in February 2019, RSP systems closed €13.1M in Series B funding to advance its innovative non-invasive glucose monitoring device, RSP is developing a device GlucoBeam, which uses a beam of light to painlessly and accurately measure glucose levels.
The glucose monitoring market is consolidated and is dominated by players such as Roche, LifeScan, Abbott, Medtronic, Ascensia, Dexcom, Arkray and BioRad that control >80% of the market as these companies have a strong distribution networks and have multiple channels to reach the patients, whereas, in CGM market competition is very limited due to technologies being protected by strong IP portfolio. New companies are entering the market with advanced products. For instance, in June 2018, FDA approved long term implantable CGM system Eversense from Senseonics Holdings.
Major players in glucose monitoring market include Roche (Switzerland), Dexcom (U.S.), B. Braun Melsungen AG (Germany), Medtronic, Inc. (Ireland), LifeScan (U.S.), Abbott Laboratories (U.S.), AgaMatrix (U.S.), Arkray (Japan), Ascensia (Switzerland), Trividia Health, Inc (U.S.) etc.
Some of the other companies operating in glucose monitoring global market includes Acon Diabetes Care International (U.S.), Alliance International (Taiwan), Arkray (Japan), Beurer (Germany), Bremed Limited (Hong Kong), Carematix Inc.(U.S.), Dario (U.S.), EmsiG GmbH Co. (Germany), Sinocare (China), HemoCue AB (Sweden), iHealth Labs Inc. (U.S.), IME-DC GmbH (Germany), IN4 Technology Corp.(Taiwan), Integrity applications (Israel), Nemaura Medical Inc (U.K.) and Mediwise (U.K.), DiabetOmics, Inc. (U.S.) etc.