London, United Kingdom (PressExposure) January 06, 2012 -- The global blood glucose monitoring market was estimated to be worth $8.9 billion in 2010. The market value has risen from $6.2 billion in 2003, at a Compound Annual Growth Rate (CAGR) of 5.2%. The blood glucose test strips market segment was the largest segment, valued at $7.9 billion in 2010, and has registered a CAGR of 5.3% since 2003.
The global blood glucose monitoring devices market is expected to reach a value of $12.2 billion in 2017, with a predicted CAGR of 4.5% between 2010 and 2017. The blood glucose test strips market segment is expected to be valued at $10.9 billion in 2017 and is forecast to exhibit a CAGR of 4.6% between 2010 and 2017.
The International Diabetes Federation (IDF) estimates that about 366 million people around the world were suffering from diabetes in 2011, representing 8.3% of the global population. This is expected to increase to 9.9% by 2030. Developed countries tend to have a high prevalence of diabetes. For example, 10.9% of people in the US suffer from diabetes, the highest rate in the world. China, however, has the largest total number of diabetics, with an estimated 90 million suffering from the disease. In India, diabetes affects over 61 million inhabitants.
In the US, the popularity of blood glucose monitoring devices is high. With the increase in the prevalence of diabetes, particularly amongst the younger generation, it is predicted that diabetes care will become a priority. Blood glucose monitoring is essential in determining the body's need for insulin, and therefore the use of these devices is expected to increase.
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The availability of glucose monitoring devices in India and China has increased but they are still expensive. For such countries, where affordability is an important consideration, the market potential of blood glucose monitoring devices is very high.
The direct and indirect costs of diabetes care are increasing with the rise in prevalence and the development of various complications due to the disease. According to IDF estimates about $465 billion was spent in healthcare expenditure that was directly or indirectly caused by diabetes. In 2007, the economic costs of diabetes were estimated at $174 billion in the US. In the European Union, about £93 billion was lost due to various direct and indirect costs linked to diabetes. This increased spending is putting pressure on governments to take essential steps to keep the disease in check and avoid complications in order to ensure that these losses are kept to a minimum. This is expected to help boost the sales of blood glucose meters, as keeping a check on blood glucose will help patients to manage their diabetes, thereby reducing the risks of them developing complications.
The US was estimated to be the largest blood glucose monitoring device market globally in 2010, when the market was valued at $3.97 billion, registering a CAGR of 3.8% since 2003. The blood glucose test strips market segment was the largest segment, with revenues of about $3.46 billion, comprising about 87% of the total revenues. The blood glucose meters market was estimated at $390m and comprised about 10% of the entire market. The lancets market was estimated to be worth $124m.
GlobalData's new report, "Blood Glucose Monitoring Devices (Meters, Test Strips, Lancets) - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017" provides key data, information and analysis on the global blood glucose monitoring devices market. The report presents market landscape, competitive landscape and market trends information on the blood glucose monitoring devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content concerning the market's dynamics. The report also reviews the competitive landscape and technological offerings
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