Non-invasive Glucose Monitoring Devices Market: Introduction
- Non-invasive glucose monitoring devices play an important role in the management of diabetes, as patients with diabetes need to check blood glucose level regularly. These devices enable monitoring of blood glucose level at home.
Key Drivers and Opportunities of Global Non-invasive Glucose Monitoring Devices Market
- Change in dietary habits and lifestyle is the leading cause of diabetes. Hence, rise in prevalence of diabetes mellitus is projected to drive the global market. According to the International Diabetes Federation, globally, 463 million adults were living with diabetes in 2019 and the number is anticipated to rise to 700 million by 2045.
- Moreover, increase in demand for products owing to rise in awareness and adoption of the advanced products are anticipated to propel the global non-invasive glucose monitoring devices market
- Furthermore, focus on research & development by key players, and thereby introducing new products, is expected to augment the global non-invasive glucose monitoring devices market. For instance, Integrity Applications, Inc. received CE Mark approval for GlucoTrack in January 2020. This enhancement is a direct result of the company’s aggressive R&D program. In June 2019, Nemaura’s SugarBEAT was approved in Europe.
- Governments in developing countries are making significant investments toward modernization of health care infrastructure, which is likely to increase access to health care. This is likely to increase the demand for advanced technologies in developing countries. Moreover, rise in prevalence of diabetes in emerging countries is creating lucrative opportunities in the market.
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North America to Capture Major Share of Global Non-invasive Glucose Monitoring Devices Market
- North America is projected to account for major share of the global non-invasive glucose monitoring devices market due to presence of leading players. Moreover, early adoption of technologically advanced products and strategies adopted by major players drive the market in the region.
- Asia Pacific is likely to account for significant share of the global non-invasive glucose monitoring devices market during the forecast period. The market in the region is projected to grow at a rapid pace from 2020 to 2030 owing to increase in awareness and rise in prevalence of diabetes mellitus among the geriatric population. According to the International Diabetes Federation, the estimated prevalence of diabetes in Southeast Asia was 88 million in 2019.
Key Players Operating in Global Non-invasive Glucose Monitoring Devices Market
The global non-invasive glucose monitoring devices market is highly consolidated due to the presence of small number of key players. These players hold major market share in their respective regions. Demand for non-invasive glucose monitoring devices has increased in emerging as well as developed markets due to rise in prevalence of diabetes across the globe. Growth strategies adopted by leading players are likely to propel the global market. For instance, in June 2018, LifePlus, Inc. introduced Lifeleaf, a world’s first non-invasive continuous blood glucose monitoring multi-sensor wearable device.
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High Cost of Non-invasive Glucose Monitoring Devices Hamper Market Growth
- Comparatively higher cost of Non-invasive Glucose Monitoring Devices can adversely impact the global Non-invasive Glucose Monitoring Devices market growth
- Lack of reimbursement in developing regions can also hamper the global Non-invasive Glucose Monitoring Devices market growth
Electric Beds – Dominant Type Segment
- Based on type, global Non-invasive Glucose Monitoring Devices market can be segmented into electric beds, semi-electric beds, and manual beds
- Electric beds is accounted for major market share, owing to greater comfort, portability, and higher cost which impact for higher revenue
- The manual beds segment is expected to be a lucrative segment, owing to higher demand in recent times due to COVID-19 pandemic, lower cost of manufacturing, and less complicated functions
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Major players operating in the global non-invasive glucose monitoring devices market are:
- DiaMonTech AG
- Metamaterial Technologies, Inc. (GlucoWise)
- Nemaura Medical
- Integrity Applications
- BOYDSense, Inc.
- RSP Systems
- LifePlus, Inc.
- Other prominent players
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