Summary
Diabetes has emerged as a global epidemic and has afflicted millions of population, worldwide. While Type-1 diabetes is caused by an immune system malfunction, Type-2 diabetes is linked to leading a sedentary lifestyle, which results in the development of inherent resistance to insulin. Hence, Type-1 diabetes can be characterized as insulin-requiring, while Type-2 diabetes can be characterized as insulin-dependent diabetes. The factors that have driven the number of reported cases of diabetes can be segmented into individual-level risk factors, environmental risk factors, the evolution of the disease, detection effect, and global changes. ?The rates of newly diagnosed cases of Type 1 and Type 2 diabetes in the US have witnessed a spike in recent years with nearly 40,000 new cases being registered each year alone for Type 1 diabetes.? To enhance the quality of medical services and the effectiveness of the administered treatments, diabetes monitoring and prevention agencies such as the ADA is investing significant resources towards the R&D of new medical devices for controlling the outbreak and enhance the life expectancy of the diabetic patients.? In 2018, the ADA funded 318 new and continuing projects targeting all types of diabetes and its many complications, across a broad spectrum of scientific approaches. ?Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy. This is driving the demand for diabetes care devices in North America, thereby, driving the market in focus during the forecast period.
Key Market Trends
The Blood Glucose Test Strips Segment Accounted for a Major Share in the Self-monitoring Blood Glucose Market
The growth of the market studied is expected to be spurred by the growing diabetic population in the North American region. The increase in the market volume and share of test strips is expected to be better than glucometers, due to the difference in the use-case frequency. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost, during the same time frame, a corresponding use of multiple (in the range of thousands) test strips may occur, causing a recurrent cost impact. Home use of test strips is also increasing because of initiatives of provincial governments across Canada. The country implemented the blood glucose test strip (BGTS) quantity limits, to encourage proper testing practices for optimal patient outcomes. In Alberta, insulin-dependent patients are eligible for coverage of a USD 600 in a year, other regions also have reimbursement policies.
The United States Leads the Blood Glucose Monitoring Market
In 2019, the United States held the largest share in the blood glucose monitoring market, due to the large patient pool and broader acceptance of advanced technologies. The increase in the blood glucose monitoring market is due to the rise in the diabetes population in all age groups. The market value in the United States is expected to cross USD 10 billion by 2025. Diabetes-related complications are mostly due to poor glucose control. In the United States, the BGM Market is expected to record an approximate CAGR of 13% till 2025. Glucometers are now portable and accurate to use. Also, other factors, such as technological innovations and advances, give many conveniences in measuring blood glucose levels. One such advancement is in monitoring the blood glucose levels established with continuous glucose monitoring devices. In the United States, the new innovations from start-up companies having approximately 2.9 billion funding in diabetes industry like Glooko, OneDrop, verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc., these companies drive the United States Blood Glucose Monitoring Market.?
Competitive Landscape
The North American blood glucose monitoring market was dominated by a few major players in 2019, like Dexcom, Abbott, and Medtronic. In the United States, Dexcom holds more than 60% of the market in the year 2019. The innovations in devices are driving the market. For instance, in June 2018, the US Food and Drug Administration (FDA) approved the first implantable continuous glucose monitoring (CGM) device for people with Type 1 and Type 2 diabetes. The device, called the Eversense Continuous Glucose Monitoring System, provides monitoring for up to three months, and it’s approved for people aged 18 and above.? Recently, Dario Health introduced a new glucometer device, which is more technologically advanced compared to the other glucometer present in the market. The device is very compact (pocket size) and accurate, and it gives the result in six seconds. This glucometer device has additional features, such as the measurement of other diabetes metrics, including carb counting, physical activity, and medication intake. The entrance of new players in the market will further increase the market competitiveness during the forecast period.
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