Introduction to Next Level IOT Blood Glucose Monitoring Device Market
The IOT blood glucose monitoring devices are the systems that enable the doctors and caregivers to record real time data for analysis and treatment. The integration of traditional blood glucose monitoring devices with IT applications has made it possible for viewers to monitor the data remotely via smartphone applications. Sensor nodes are present in the system that enable data procurement of several types for instance, glucose level, body temperature and many others followed by data transmission in form of energy consumption. The advent of cloud computing, storage and Wi-Fi facilities has resulted in advancement in healthcare facilities with provision of data collection for long durations.
Market Size and Forecast
The global next level IOT blood glucose monitoring device market is anticipated to record a significant growth over the forecast period i.e. 2019-2027 owing to rise in adoption of real time data for monitoring the blood glucose level. Increasing private and public sector investments in order to provide better healthcare facilities is expected to drive the market growth. The overall increasing demand of BGM devices has resulted in manufacturers to develop technically advanced and improved machines leading to expansion of IOT based BGM devices. The rise in diabetes cases globally owing to unhealthy lifestyle has surged the demand for devices that can constantly monitor the blood glucose and sugar level during various activities integrated with the system that can generate and send report to concerned doctor.
The market is segmented by technology, end user, distribution channel and usage. The technology segment is further segmented into Wi-Fi, Bluetooth low energy, Zigbee, near field communication (NFC), cellular and satellite, out of which, the cellular technology segment is anticipated to have leading shares on account of its ability to provide data transmission over long distances providing it a large patient monitoring application base. Additionally, satellite segment is anticipated to witness significant growth owing to possibility of medical data interconnectivity. The end user segment is further segmented into clinical research organizations, hospitals and clinics, research and diagnostic laboratories and others. Out of which, the hospitals segment is expected to have leading market shares owing to improved healthcare facilities and better treatment outcomes coupled with high investments by hospitals in the technological advancement of monitoring devices. The homecare segment is anticipated to witness significant growth owing to possibility of self-monitoring, ease of application, report generation and data connectivity with concerned specialists. Additionally, the rise in geriatric population leading to increasing chronic and acute disease cases is expected to drive the market growth. The usage segment is further segmented into personal and professional, out of which the personal segment is expected to have around 60% of market share on the back of rising awareness regarding self- health monitoring and increasing diabetes cases. The distribution channel segment is further segmented into retail and online, out of which, the online segmented is expected to have significant market growth owing to the expanding self-testing and homecare marketplace coupled with availability of wide product range.
Changing Consumer Lifestyle and Advancements
The changing consumer lifestyle with inclination towards smoking, alcohol consumption and improper eating habits has led to increase in diabetes cases globally. The increasing cases of other acute diseases has increased the adoption of devices that can constantly monitor the blood glucose level for several days. Integration of traditional blood glucose level monitoring device with internet of things has enabled viewer to see the data on smartphone via an App. The recent developments for instance, the possibility to record data for long term, maintain dosage and blood sugar level recoding and maintenance is expected to drive the market growth.
Limitations of the data processing and data extraction is expected to hinder the market growth. Additionally, data privacy, security and accuracy coupled with improper device provision for emergencies could be an issue for the limited product demand.
Our-in depth analysis of the global next level IOT blood glucose monitoring device market includes the following segments:
By End User
By Distribution Channel
On the basis of regional analysis, the next level IOT blood glucose monitoring device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have leading market share owing to high adoption of IT integration in self-health care coupled with presence of key market players in the region. The various government initiatives to promote awareness about the digital monitoring is anticipated to drive the market growth. Additionally, the increasing cases of diabetes and improved home care facilities is expected to boost the market growth. Asia-Pacific is anticipated to witness significant market growth on the back of increasing consumer disposable income level, investment in healthcare facilities coupled with public and private sector initiatives. Europe is expected to have significant growth during the forecast period owing to increasing geriatric population and increasing chronic disease cases coupled with availability of better healthcare facilities.
The next level IOT blood glucose monitoring device market is further classified on the basis of region as follows:
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