In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The non-invasive glucose-monitoring market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with diabetes management globally, along with the growing investment in the development of advanced monitoring systems are expected to fuel the progress of this market in the future. The growth of the market can also be attributed to factors such as the increasing geriatric population and the rising prevalence of diabetes mellitus amongst individuals on a global level. According to the data collected from The International Diabetes Federation (IDF), in 2019, 463 million estimated number of adults aged between 20-79 years were suffering from diabetes and by 2045, the number is expected to rise to 700 million.
The market is segmented based on technology into optical, transdermal, enzymatic, and others, out of which, the optical segment is anticipated to grab the largest share by the end of 2029 on account of higher positive diagnosis rates and better efficiency of this type of glucose-monitoring. Moreover, increasing government approval of glucose monitoring systems globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of modality, the wearable segment in the global non-invasive glucose-monitoring market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that patients are influenced towards needle-free and painless glucose monitoring systems. As a result, a considerable portion of the population with diabetes mellitus on a global level tend to choose wearable glucose-monitoring devices.
Based on end-user, the homecare segment held the largest share in the global non-invasive glucose-monitoring market on the back of growing advancements in connected devices in self healthcare management of diabetes mellitus. Moreover, increasing adoption of self-management devices by the individuals is further driving the market’s growth. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing prevalence of diabetes mellitus and the rising competition among major market players in the region. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, owing to the growing investment of governmental and non-governmental agencies in diabetes management research, accompanied by the presence of leading healthcare service providers in the region. Along with this, North America also leads in terms of well-established medical infrastructure that allows proper diagnosis, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global non-invasive glucose-monitoring market on account of its proven success in terms of technology development and a high number of cases of diabetes mellitus in the region. As per the analysis of the Organisation for Economic Cooperation and Development (OECD), approximately 32.3 million adults in the European Union were diagnosed with diabetes in the year 2019.
The global non-invasive glucose-monitoring market is further classified on the basis of region as follows:
Our in-depth analysis of the global non-invasive glucose-monitoring market includes the following segments:
Ans: Rising prevalence of diabetes mellitus and increasing elderly population are the key factors driving market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Ans: Costly non-invasive glucose-monitoring devices and lack of accuracy and sensitivity are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about non-invasive glucose-monitoring systems.
Ans: The major players dominating the Non-Invasive Glucose-Monitoring market are DiaMonTech AG, Nemaura Medical, Metamaterial Inc., BOYDSense SAS, LifePlus, Inc., Cnoga Medical Ltd., among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, modality, end-user and region.
Ans: With respect to modality, the wearable segment is anticipated to hold the largest market share owing to the growing preference among individuals for painless, needle-free and continuous glucose-monitoring devices.