High Prevalence of Diabetes Mellitus and Advancements in Technology to Augment Market
Within the blood glucose monitoring systems market, at present, companies are increasingly focusing on the development of advanced next-generation glucose monitoring systems to gain an edge in the current market landscape. Non-invasive glucose monitoring techniques have gained noteworthy popularity over the past couple of decades, and the trend is set to continue to gain momentum during the forecast period. Technological advancements continue to drive innovations in the blood glucose monitoring systems market and improve diagnostic techniques and equipment. Research and development activities continue to explore and discover new non-invasive glucose monitoring techniques.
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Over the past few years, research and development activities have put forward infrared spectroscopy - a novel technology that is expected to offer tremendous scope in the blood glucose monitoring systems market. Rapid advancements in technology and improvement in the reliability and calibrating methods of non-invasive devices are some of the factors that are expected to augment the growth of the market for blood glucose monitoring systems in the coming years. The high prevalence of diabetes worldwide is one of the major causes of morbidity and mortality in most regions around the world. Surge in the aging population worldwide, unhealthy dietary patterns, an increase in the number of individuals leading a sedentary lifestyle and obesity are expected to increase the prevalence of diabetes mellitus in the coming years which in turn is expected to propel the demand for advanced blood glucose monitoring systems. At the back of these factors coupled with favorable government policies, the global blood glucose monitoring systems market is expected to reach ~ US $ 25 Bn by the end of 2027.
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High Adoption of Non-invasive Monitoring Leveraging Optical Techniques Likely to Propel Market Growth
Due to the growing prevalence of diabetes mellitus across the world, the pursuit of efficient blood glucose monitoring systems has gained considerable pace over the past few years– a trend that is likely to continue during the forecast period. Governments of both the developing as well as developed nations of the world are increasingly encouraging research and development activities that aim to minimize health complications caused by blood glucose levels. Non-invasive blood glucose monitoring systems have gained considerable traction in recent years of which, vibrational spectroscopy-based techniques of the skin have emerged as promising candidates.
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At present, researchers are also increasingly investigating the potential benefits of deploying devices based on photoplethysmography, where wavelengths in near-infrared range are being considered for their exceptional capabilities of offering dependable blood glucose monitoring predictions. Optical glucose sensing is projected to remain one of the most critical types of treatment within the blood glucose monitoring systems market during the forecast period. Steady progress in biosensor technologies and growing emphasis on non-invasive blood glucose monitoring is expected to further accelerate the adoption of optical techniques in the blood glucose monitoring systems market. Advancements in technology have paved the way for a host of blood glucose monitoring systems and techniques, including Raman spectroscopy, fluorescence spectroscopy,
The future of the blood glucose monitoring systems market is expected to hinge on the strides taken by nanotechnology and significant progress in biomaterials. Companies operating in the current market landscape are expected to develop glucose biosensors that are predominantly based on polymer nanocomposites, carbon nanotubes, and grapheme.
Market Participants Develop Smart Blood Glucose Monitoring Systems to Gain Advantage
With technology progressing at a rapid pace, several companies are inclined toward the development of advanced blood glucose monitoring systems based on these technologies. Participants in the blood glucose monitoring systems market are expected to collaborate with pharmaceutical companies to launch reliable next-generation glucose monitoring systems. For instance, in January 2019, Eris Lifesciences and India Medtronic Pvt. Ltd announced that the two companies are collaborating to formulate efficient diabetes monitoring programs and initiatives in India. Both companies will leverage expertise from one another to develop advanced blood glucose monitoring systems. Both the companies announced the launch of the smart continuous blood glucose monitoring system, which can be connected with smartphones to gain real-time data, including glucose levels without excessive hardware requirements. Moreover, established brands are also launching new products and expanding their product range to improve their market share. For instance, in January 2018, Abbott announced the launch of the FreeSbtyle Libre System, an advanced continuous glucose monitoring system.
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