Global Diabetes Monitors Market - Overview:
Diabetes is a metabolic disease that occurs when blood glucose level is too high either due to inadequate insulin production or because of low response towards insulin. The three most common type of diabetes are Type 1, Type 2, and gestational diabetes. Other less common type includes cystic fibrosis-related diabetes, and monogenic diabetes. The frequent blood glucose monitoring is critical for diabetic management, as the maintenance of standard glucose level, i.e. 4–8 mM, is the only way that a diabetic person can lead a healthy lifestyle
Further The Food and Drug Administration (FDA), and other government bodies are establishing a new standard for Diabetes Monitors Market monitors accuracy. The FDA standard is majorly driven by technological advances, improved meter accuracy, reports of hospital and outpatient deaths, research studies, and consumer complaints about product. Due to increasing incidence rate of diabetes, competition among blood glucose monitor manufacturers is also rising. Existing and new marketers are continuously coming up with innovative products to meet the proposed FDA guidelines. In recent years various new glucose monitoring devices have been approved by FDA and European regulatory bodies such as DexCom G4 Platinum, Medtronic Diabetes Guardian Real-Time, Abbott Freestyle Libre, GMate Smart Blood Glucose Monitoring System by Philosys, Artificial pancreas system, and many others. Thus, development of new devices may emerge as the new revenue pockets for the growth of this market. Also Obesity directly contributes to the risk for diabetes. According to 2016 WHO report, more than 1.9 billion adults, were overweight and of these over 650 million were obese. In North American and Europe rate of obesity is highest among lower-income population, who live in urban areas are littered with fast-food outlets. In the Asia-Pacific region, obesity is highly prevalent in urban residents and then in rural areas and urban slums. Obesity is caused due to diet imbalance, Genetics etc. are leading to various risk factors for diabetes, high blood pressure, heart disease and other health problems. Risk factors of diabetes and high blood pressure are increasing steadily with rise in prevalence of obesity. Thus the increasing prevalence of obesity globally, offers a great opportunity for the growth of the global diabetes monitors market.
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Global Diabetes Monitors Market - Regional Analysis
The global diabetes monitors market is segmented on the basis of regions: America, Europe, Asia Pacific, and the Middle East Africa. The Americas accounts for the major share of the market owing to the increasing prevalence of diabetes mellitus (DM), well-developed technology, and high healthcare expenditure. Europe accounts for the second largest market, which is followed by Asia Pacific. Increasing government support for research development, well-developed healthcare infrastructure, and presence of geriatric population have driven the diabetes monitors market in Europe. Asia Pacific is the fastest growing diabetes monitors market due to rapidly changing healthcare sector, and the presence of huge opportunities for the development of this market. However, the Middle East Africa has the least share in the market owing to the presence of poor and slow developing countries, especially, in African region. The Middle East holds the major share of the regional market due to well-developed technology and high spending.
Moreover Across the globe, health systems are developing in response to multiple factors such as new medical technology, new health services, changes in health policies, new organizational structures, innovations in drug development, and greater access to health services.
According to the WHO, Diabetes and its related complications lead to the substantial economic loss to diabetic people and to national economies through loss of work and wages, and direct medical costs. Whereas hospital and outpatient care are the major cost drivers.
Centers for Disease Control and Prevention (CDC) suggested that the Per capita national health expenditures in 2015 was amounted to be USD 9,990 and total national health expenditure was USD 3.2 trillion. It is also reported that out of total national health expenditures in the US, prescription drugs 10.1% share. According to the American Diabetes Association, nearly 30 million Americans are dealing with diabetes and every 21 seconds one person is diagnosed with diabetes.
According to the data suggested by Eurostat, it is observed that among the EU Member States, the highest value of healthcare expenditure was recorded in Germany in 2014 i.e. EUR 321 billion which is further followed by France with EUR 237 billion, and United Kingdom with EUR 223 billion.
Despite the great economic development in the Asia-Pacific region, some part of the region are facing inadequate health expenditure due to unequal distribution of resources. According to the findings published in Diabetes Research and Clinical Practice, the South East Asia Region was having lowest mean health expenditure per person with diabetes in 2014 which is approximately 87% lower than the world average.
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