Dublin, July 20, 2021 (GLOBE NEWSWIRE) -- The "Diabetes Diagnostics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Diabetes Diagnostics Market to Reach $42.4 Billion by 2026
Amid the COVID-19 crisis, the global market for Diabetes Diagnostics estimated at US$26.5 Billion in the year 2020, is projected to reach a revised size of US$42.4 Billion by 2026, growing at a CAGR of 8.1% over the analysis period.
Test Strips, one of the segments analyzed in the report, is projected to record a 8.3% CAGR and reach US$11.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lancets segment is readjusted to a revised 7.5% CAGR for the next 7-year period.
Blood glucose test strips are small disposable strips of plastic that enable people with diabetes to measure and monitor their blood sugar levels at home. Each test strip is a laminate of plastic and chemicals that provides a single-use diagnostic test for measuring blood sugar. Persistent growth in the blood glucose test strips market has been driven to a greater extent by an increase in number of diabetics, and also by technological innovations.
Blood sugar lancets play a vital role in the early detection of diabetes. The rising prevalence of diabetes, favorable reimbursement policies in developed countries, rising geriatric population, continuous technological advancements, and faster product approvals are some of the key factors spurring demand.
The U.S. Market is Estimated at $10.8 Billion, While China is Forecast to Reach $5.2 Billion by 2026
The Diabetes Diagnostics market in the U.S. is estimated at US$10.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.2 Billion by the year 2026 trailing a CAGR of 9.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.1% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 8.1% CAGR. Growing prevalence of diabetes and other lifestyle and chronic diseases, ageing population, well-established healthcare infrastructure and wider access to care services, higher healthcare awareness among population, and consumer affluence strongly influence the demand for care and diagnostics services in developed countries.
Asia-Pacific represents a rapidly expanding market for diabetes diagnostics. Increased convenience, shift towards high-calorie energy-rich foods, and increasingly sedentary lifestyles are contributing to an alarming rise in incidence of diabetes in India and China making the countries the global hub for the disease with the highest number of diabetic adults.
Analog Glucose Monitors Segment to Reach $5.2 Billion by 2026
Analog glucose monitors are traditional blood glucose meters that uses a blood sample drawn from pricking a patient`s finger or another place on the body. In the global Analog Glucose Monitors segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$2.9 Billion in the year 2020 will reach a projected size of US$4.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$579.9 Million by the year 2026, while Latin America will expand at a 7.5% CAGR through the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of COVID-19 and a Looming Global Recession
Technologies Come to the Aid for Diabetes Diagnosis, Monitoring and Management
Diabetes: A Chronic Body Disorder
An Introduction to Diabetes Diagnostics
Diabetes Diagnostics: Easier, Economic, and Efficient Management of the Global Diabetes Epidemic
Developed Regions Lead, Developing Economies to Spearhead Future Growth
Increase in Number of Hospitals & Diagnostics Centers Augurs Well for Market in Developing Regions
Alarming Levels of Diabetes Incidence Worldwide Drives Demand for Diabetes Diagnostic Devices
Diabetes Emerges as One of the Leading Causes of Mortality
Quality Products at Low Prices: Mantra for Success in the Marketplace
SMBG Makers Turn to Mobile Devices to Woo Users on the Move
Recent Market Activity
2. FOCUS ON SELECT PLAYERSSelect Competitors (Total 91 Featured)
A.Menarini Diagnostics Ltd.
Abbott Diabetes Care, Inc.
Acon Laboratories, Inc.
Apex Biotechnology Corporation
Ascensia Diabetes Care Holdings AG
B. Braun Melsungen AG
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Beckman Coulter, Inc.
Diazyme Laboratories Inc.
EKF Diagnostics Holdings Plc
Nova Biomedical Corporation
OSANG Healthcare Co., Ltd.
Roche Diabetes Care, Inc.
Sanwa Kagaku Kenkyusho Co, Ltd.
Trividia Health, Inc.
TaiDoc Technology Corporation
Tandem Diabetes Care, Inc.
Tosoh Bioscience, Inc.
Trinity Biotech plc
3. MARKET TRENDS & DRIVERS
High Risk of Diabetes in the Fast Expanding Aging Population Benefit Market Expansion
Increasing Healthcare Expenditure Aids Diabetes Diagnostics & Testing Market
Increasing Obesity Levels Underpins Market Growth
Rising Importance of Real-Time Glucose Sensing and Monitoring Drive Robust Growth in Minimally-Invasive CGM Devices Market
CGM Demand Benefits from the COVID-19 Pandemic
CGM Market Breaks through Barriers to Witness Growing Adoption
Growing Role of HbA1c Testing Devices in Monitoring & Management of Diabetes
Rising Popularity of Near Patient Testing Benefits HbA1c Devices Market
Myriad Benefits of POC HbA1c Tests over Lab Tests Drives Widespread Adoption
Glycated Albumin: A Potential Threat to HbA1c
Role of HbA1c Testing in Diabetes Diagnosis and Management
HbA1c Tests for Diabetes Diagnosis Need to Address Issues Related to Hemoglobin Variants
Glycosylated Hemoglobin Tests Pave the Way for Early-Stage Diabetes Diagnosis
Despite Competition from CGM Systems and HbA1c Testing Devices, BGM Devices Continues to Witness Demand Growth
Blood Glucose Strips: Low Cost Advantage Augurs Drives Market
Blood Sugar Lancets Market: Sustained Growth in Demand
Self-Monitoring/Household Blood Glucose Sustains Market Growth
Rising Smartphone Penetration Augurs Well for SMBG Market
Barriers to Adoption of New Technology in BGM Products
Accuracy Issues Plague Blood Glucose Meters Market
Insulin Pens Rise in Popularity for Administering Insulin
Smart Insulin Pens
Increasing Role of Self-Injection Devices in Diabetes Management
Prefilled Syringe Pen Injectors
Human Factors Influence the Design of Self Injection Systems
Pain Free Shots: A Growing R&D Domain
Undiagnosed Diabetes Emerges as a Major Healthcare Challenge, Translates into Untapped Potential for Diabetes Diagnostics Market
Increased Vulnerability of Diabetics to Various Health Complications Boosts Demand for Diagnostic Devices
Innovations & Product Advancements: Prime Focus Area for Vendors
Focus on Development of Wearable Devices
An Insight into Intriguing Advances in Blood Glucose Monitoring Techniques
Companies Develop Innovative Needle-Free Alternatives
mHealth Solutions for Diabetes Diagnosis
Non-invasive Wearable Glucose Testing Devices
Innovations in Insulin Pumps
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
With Diabetes Emerging as a Major Lifestyle Disease, Diabetes Diagnostics Market Poised for Growth in the US
Aging Demographics: A Factor Driving Diabetes Prevalence
Rising Significance of Wearable and Non-Invasive Glucose Monitoring Devices
Regulatory Guidance for Glucose Meter Companies
Insulin Syringes Dominate the Insulin Delivery Devices Market
Emerging Grey Market for Testing Strips
Companies Focus on Research for Better Diabetes Diagnostics
Rising Diabetes Incidence in Canada: Opportunity for Diabetes Diagnostics Market
Aging Population Drives Diabetes Diagnostics Market
Increasing Diabetes Incidence Drives Market Growth
Lower Penetration Offers High Growth Potential
Diabetes Diagnostics Market in Europe: A Promising Outlook
Diabetic Foot Ulcers in UK
REST OF EUROPE
Asia-Pacific: Rising Diabetes Incidence Offers Significant Growth Opportunities
Public and Private Sector Diabetes Care
Expanding Diabetic Population Spurs Growth in the Indian Market
Blood Glucose Monitoring Market: An Overview
HbA1c Testing Continues to Gain Momentum
Glucose Meters Rely on Imported Technology
REST OF ASIA-PACIFIC
Rising Diabetes Cases Present Opportunities for Diabetes Diagnostics in Latin America
REST OF LATIN AMERICA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
Total Companies Profiled: 91
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