The Nordic portable glucose monitor market is projected to grow at a CAGR of 6.96% during the forecast period.
The rising prevalence of obesity in the Nordic region is leading to increased prevalence of diabetes in the country, which is anticipated to propel the growth of the portable glucose monitor market in the Nordic region during the forecast period. A rapidly aging population, coupled with technological advancements in devices and urbanization, is another factor that is anticipated to propel market growth in the coming years. Also, the increased awareness regarding glucose monitoring devices and better management of diabetes is projected to surge the market growth during the forecast period.
The recent outbreak of the novel coronavirus disease had a positive impact on the Nordic portable glucose monitor market. The diabetic people suffering from COVID-19 witness more serious complications and hence the pandemic has made the diabetic patients more conscious towards their glucose levels, hence increasing the constant monitoring among patients, a trend which is anticipated to continue in the future and is anticipated to boost up the growth of the portable glucose monitoring market in the Nordic region.
The rise in prevalence of diabetes in Nordic countries.
One of the major factors anticipated to drive the portable glucose monitor market growth in the Nordic region is the increasing rate of diabetes in the country, which is prompting the patients to monitor their glucose levels from their homes regularly leading to increased sales of portable glucose monitors. An article by BJM Open Diabetes Research & Care published in August 2020 in the US National Library of Medicine, National Institutes of Health states that the number of people suffering from diabetes in Denmark will increase by 67% from 2017 to 2030. It also stated that the Danish population above 70 years will witness an increased share of diabetics from 43% to 46% for women and from 38% to 45% for men.
According to an article by BMC Public Health published in the US National Library of Medicine, National Institutes of Health in October 2017, Finland has the highest rate of type 1 diabetes in the world. The mean incidence of type 1 diabetes in children under 15 years was 52.2 per 100,000/year from 2015 to 2018, as per the American Diabetes Association (2020). Also, the Finnish Institute for Health and Welfare states that the prevalence of type 2 diabetes among the young population has been increasing over the years in the Nordic countries. Sweden is second in the world in the percentage of people suffering from Type 1 diabetes. The University of Gothenburg showed in its article published in August 2018 that between 50,000 and 60,000 people in Sweden suffer from Type 1 diabetes, and the number has been increasing over the years. This rise in diabetes cases is expected to continue in the coming years and is anticipated to propel the growth of the Nordic portable glucose market during the forecast period.
Also, with an aging population in the Nordic region, the incidences of diabetes are anticipated to surge, which in turn is projected to boost the growth of the Nordic portable glucose monitor market during the forecast period.
Sweden is to hold a significant market share.
Geographically, Sweden is anticipated to hold a significant market share owing to a large number of people suffering from diabetes. Sweden is followed by Finland and Denmark for the same reason, coupled with the technological advancements and increased awareness for glucose monitoring devices.
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