A blood glucose meter is an electronic device for measuring the blood glucose level. A relatively small drop of blood is placed on a disposable test strip which interfaces with a digital meter. Blood glucose monitoring device market is a very lucrative market with a huge growth potential in coming years. Increasing incidence of people suffering from diabetes, the convenience of continuous glucose monitoring over conventional monitoring, early detection of Hypo and Hyperglycemic diabetes and increasing technological innovations are the driving factors for the market to grow. There are many types of blood glucose level monitors on the market today, ranging in price, and ease of use, size, portability, and length of testing time.
Checking blood glucose levels regularly with glucose monitoring devices is vital for proper diabetes diagnosis and treatment. People suffering from Type 1 and Type 2 diabetes can live better, longer, and healthier lives by carefully regulating their blood glucose levels. Yet, blood glucose level monitoring with invasive devices is both painful and expensive. The pain is because of a lancet pricking the finger-tip to produce the required blood drop for testing. As a result of the pain and expense, many diabetics do not monitor their blood glucose levels as often as they should. But owing to increased patient awareness for glucose monitoring devices, Self-monitoring blood glucose (SMBG) users have grown more than 50% in 2013 from the number of users in 2007. Increasing incidence of people suffering from diabetes, the convenience of continuous glucose monitoring over conventional monitoring, awareness and need for early detection of Hypo and Hyperglycemic diabetes and increasing technological innovations are the driving factors for the market to grow. The market is constrained by high cost associated with the diagnosis and monitoring of the disease, reimbursement issues, and patent expiry.
The overall growth strategy seems to focus on increasing research combined with developing new and innovative products and obtaining exclusive rights to use their product in an effective manner which is possible only in the form of patents. With new entrants into the sector and increased demand for related products from the public, blood glucose monitors are expected to grow considerably during the next 5 years and stand on the top being the leaders holding their success in the form of patents. More than 500 patent applications have been filed in the advancement of traditional glucometer. A continuous effort of R&D is bringing a revolutionize diabetes care system. The Real-Time Glucose Monitoring System is the new niche area in this series. The patent landscape for non-invasive glucose monitoring is really rich, involving many players exploring various technical approaches, such as IR spectroscopy, photoacoustic or impedance. It includes more than 1,600 patent families filed and involves over 500 applicants.
All major companies are investing profoundly in new product development to keep up with competition and so there are a number of innovations in the form of patents. The key players for the blood glucose monitoring devices are Panasonic, Sensys Medical, Abbott, Cercacor, Masimo, Animas Technologies, Futrex, Samsung Electronics, Bayer Healthcare, Toshiba, InLight Solutions and Roche Diagnostics.
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