Non-invasive Blood Glucose Monitoring Devices Market Estimated to Exceed US$ 74.5 Million Threshold by 2026 | CAGR: 35.0%: Coherent Market Insights
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The global non-invasive blood glucose monitoring devices market, By Technology (Optical, Transdermal, Enzymatic, and Others), By Modality (Wearable, and Non-wearable), By End User (Hospitals, Home Care Settings, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was pegged at US$ 5.1 million in 2017, and is projected to witness a staggering 35.0% CAGR over the forecast period (2018-2026).
The surging global prevalence of diabetes and increasing R&D activities by various key players in the market to develop and launch innovative, cost-effective devices are among the pivotal factors expected to boost the growth of the global non-invasive blood glucose monitoring market.
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According to the International Diabetes Federation (IDF) Diabetes Atlas: 2017, the number of diabetic patients worldwide, aged between 20 years and 79 years, was valued at 425 million, which is estimated to increase by 48% in 2045. The key players are increasingly implementing inorganic growth strategies in order to gain a competitive edge in the global. For instance, in July 2018, Metamaterial Technologies Inc. acquired Medical Wireless Sensing Ltd. (MediWiSe). MediWiSe, for the record, has made significant advancements in non-invasive glucose monitoring and is working towards the development of a new product, called Glucowise.
Non-invasive glucose monitoring is known to offer painless, risk-free, low-cost, and frequent testing of glucose, and the tests majorly include the reverse iontophoresis method, optics-related method, metabolic heat confirmation method, and bio-impedance spectroscopy method among others. Owing to the complexity of human body composition and physiological processes, no single non-invasive method can achieve the reliable test results alone. Therefore, researchers are conducting studies on integration of multiple methods, which have become a major trend for research on non-invasive glucose monitoring.
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- Based on modality, the non-wearable segment is expected to account for a major market share by 2026. Increasing R&D activities by key players, combined with growing investor funding to back the research is expected to drive growth of the segment.
- The renowned players operating in the global non-invasive blood glucose monitoring devices market include DiaMonTech GmbH, Nemaura Medical Inc., Integrity Applications, Inc., CNOGA Medical Ltd., Breath Health, Inc., Metamaterial Technologies Inc., Opticology Inc., NovioSense BV, Quick LLC, and RSP Systems A/S.
- These players have been developing non-invasive devices, which integrate more than two detection methods. For instance, Glucotrack, a non-invasive intermittent glucose monitoring device for home-use, uses a combination of three technologies (ultrasonic, electromagnetic, and thermal) with a unique algorithm to weigh each measurement and calculate the weighted average of the three readings.
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