Blood glucose monitoring device market to be worth more than US$16 billion by 2014

The blood glucose monitoring device market has been forecast to increase at a compound annual growth rate (CAGR) of 5.46% over the five year period of 2011-2015, with the market expected to be worth more than US$16 billion by 2014.

Key drivers contributing to market growth include the increasing incidence of diabetic patients, and the increasing trend of the adoption of home healthcare devices.

However, the intensifying competition, along with the unwillingness of diabetes patients to use blood glucose monitoring devices could pose a challenge to the growth of this market.

One of the main drivers for the blood glucose monitoring device market is the increase in incidence and prevalence of diabetic patients across the globe.

Diabetes is a chronic, life-threatening disease, for which there is no cure. Globally, the prevalence of the disease has been on the rise because of the increase in the aging population, and people's inappropriate dietary habits and sedentary lifestyles.

In 2009 the US glucose monitoring devices market saw sales cross the US$2.5 billion mark, but by 2014 the European glucose monitoring devices market is expected be more than double the US market.

Key companies currently dominating the blood glucose monitoring device market include Abbott Diabetic Care Inc., Bayer Healthcare AG, LifeScan Inc., Roche Diagnostics Corp., Medtronic Inc., and DexCom Inc.

For more information on the blood glucose monitoring device market, see the latest research: Blood Glucose Monitoring Device Market Report

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