The Global Glucose Monitoring Devices Market is Forecast to Exceed $11 billion in 2016, After Growing at a CAGR of 5 % During 2009–2016
The global glucose monitoring devices market is expected to grow at a CAGR of 5% from 2009–2016, to exceed $11 billion in 2016. The increasing diabetic population is expected to drive the diabetes care devices market in the future. According to the IDF (International Diabetes Federation), the global prevalence of diabetes in 2010 among adults aged 20–79 is 6.6%, and will increase to 7.8% by 2030. About 220 million people worldwide have diabetes and it will reach 336 million by 2030. The market opportunity is high in emerging countries, with 80% of all new cases expected to be reported in these countries by 2025.
Also, increasing demand for non-invasive devices is leading to the development of new technologies, which in turn will increase the patient adoption of newer devices.
Technological Advances to Drive Glucose Monitoring Devices Market in the Future
The increasing demand for non-invasive devices is leading to the development of new technologies. The devices currently in development use sweat, exhaled breath or a fluorescence signal to measure a patient’s blood glucose level, eliminating the painful process of blood glucose measurement experienced with the current devices. With the application of new technologies, these devices are
expected to be more efficacious and reduce errors compared to the currently marketed products. GlucoTrack (Integrity Applications), LighTouch Monitor (LighTouch Medical), and noninvasive glucose measurement system (InLight Solutions), all currently in clinical trials, are the key products currently in pipeline. These products offer pain free testing resulting in higher patient compliance rates. If approved, these products will lead to an intensely competitive glucose monitoring systems market.
As patients, especially in the developed economies, continue to be aware of the latest technological developments, the current pipeline products should attain acceptance and market penetration.
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