Portable Glucose Monitor Market - Forecasts from 2021 to 2026

The global portable glucose monitor market is estimated to be worth US$1.671 billion in 2019. A glucose monitor is a small, portable machine that is used to measure the amount of glucose present in the blood. People with diabetes often use a blood glucose meter to help them manage their condition. According to the International Diabetes Federation, 2019, approximately 463 million adults (20-79 years) were living with diabetes, the number is expected to rise to 700 million by 2045. The changing lifestyle patterns have led to an increase in the number of diabetic patients worldwide which will fuel the growth of this market over the forecast period. In addition, due to the unhealthy eating habits of the people, worldwide the number of people suffering from obesity has been on a surge. According to the CDC, the obesity prevalence in the United States was 42.4% in the year 2017-2018. The increasing incidence of obesity will further spike the number of diabetic patients, subsequently increasing the demand for portable glucose monitors in the market. Also, the portable glucose monitors make it easier to keep a check on blood glucose levels which is vital for proper diagnosis and treatment of diabetes. The monitor is a near-patient device that allows the immediate detection of glucose levels in the body of a patient and facilitates rapid treatment solutions if the need arises. Furthermore, the continuous innovations are increasing the portability, efficiency, and reliability of these monitors which is anticipated to increase their demand over the projected period.

By type, the wearable segment is estimated to hold a dominant market share owing to the portability and convenience associated with it. By end-user, the home-care segment is projected to grow at the highest CAGR due to the increasing incidence of diabetes in people, globally. Geographically, North America is estimated to hold a notable market share owing to the increasing obese population, the early acquisition of these solutions, and the presence of key players in the region. Asia Pacific region is expected to grow at a high CAGR due to the increase in the diabetic population and the adoption of these solutions.

Growth Factors.

• Increasing diabetic patients.

The constant surge in the number of diabetic patients worldwide is expected to contribute majorly towards the market growth of the portable glucose monitor market during the next few years as the portable glucose monitor helps to monitor the glucose levels in the blood of diabetic patients. According to the International Diabetes Federation, 1 in 5 people who are above 65 years old has diabetes. Also, more than 1.1 million children and adolescents are living with type 1 diabetes, worldwide. The rise in the number of diabetic patients will increase the demand and adoption of portable glucose monitors in the market in the long run.

Restraints.

• Unfavorable reimbursement policies.

The major restraint for the portable glucose monitor market is the unfavorable reimbursement policies associated with it. Many medical claim providers and medical insurance companies do not reimburse the diagnosis and treatment of diabetes, which makes patients apprehensive about going forward with the treatment as it is a costly affair. The unfavorable reimbursement policies may hamper the market growth as if the patients are unable to claim the expenses, they will try to avoid the diagnosis and treatment which in turn will restrict the market growth during the forecast period.

COVID–19 impact on the portable glucose monitor market.

The Covid-19 pandemic moderately impacted the global portable glucose monitor market as due to the nationwide lockdown restrictions; many patients deferred their ongoing treatments and postponed their diagnosis to avoid public places which hampered the market growth. However, the diabetic patients who regularly use portable glucose monitors as a part of their treatment balanced the market growth during the novel pandemic.

Competitive Insights.

The market leaders for the Global Portable Glucose Monitor Market are Abbott Laboratories, Bayer AG, Johnson & Johnson, GlySens Incorporated, Senseonics Holdings, Insulet Corporation, Dexcom, Inc., and Medtronic, PLC. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance, in June 2018, Johnson & Johnson, a global pharmaceutical company, acquired LifeScan, Inc., a diagnostic system manufacturer, for its blood glucose monitoring business, for approximately $2.1billion.

Market Segmentation:

By Type

• Wearable
• Non-Wearable

By End-User

• Hospitals
• Home Care

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others