The global glucose monitoring and diabetes management market is worth $10.03 billion in 2015, according to a new report.

An aging population with higher healthcare needs along with avaliability of new continuous glucose monitors and sensors is driving the market growth. Aside from better technologies other factors contributing to the market  are decreasing healthcare resources, an emphasis on reducing hospital days, and proven cost-effectiveness, according to Kalorama Information, .

"The global glucose monitoring device and diabetes management market has evolved significantly over the last four decades," said Bruce Carlson, publisher of Kalorama. "The number of individuals with diabetes has grown dramatically creating more demand for glucose monitoring devices and supplies. Meters are now smaller, faster, portable and more accurate that they were years ago, with many of them interfacing with computers.

Traditional glucose monitoring and diabetes management account for the majority of sales in this market.

The four companies that have dominated the market thus far have been LifeScan (part of Johnson & Johnson), Roche, Abbott and Bayer, but now competition is coming from the likes of Panasonic, Sanofi and retailers like Wal-Mart and Target.

Arundhati Parmar is senior editor at MD+DI. Reach her at [email protected] and on Twitter @aparmarbb