Self-Monitoring Blood Glucose Devices Market Size By Product (Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By End-User (Hospitals, Home Settings, Diagnostic Centers & Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Kuwait, UAE), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Self-Monitoring Blood Glucose Devices Market will reach over USD 20 billion by 2024; as per a new research report.
Increasing diabetic population coupled with rising adoption of unhealthy dietary habits leading to increase in number of obese people will drive self-monitoring blood glucose devices market growth over the forecast timeframe. Numerous efforts undertaken by government and several other organizations to create awareness about diabetes and disease monitoring will contribute towards industry expansion.
Skyrocketing advancements and innovations in diabetes care products will propel industry growth over the forecast period. Diabetic patients are at risk of suffering from multiple chronic illnesses thereby leading to increased adoption of continuous glucose monitors to assist in real time monitoring of blood glucose levels. Programs such as National Diabetes Education Program (NDEP) undertaken by Centers for Disease Control and Prevention (CDC) in collaboration with National Institutes of Health to reduce disease burden as well as promote disease awareness will positively impact self-monitoring blood glucose devices market growth.
Growing number of health-conscious people, increasing geriatric population base prone to suffer from several chronic conditions and escalating growth of home healthcare sector has accelerated adoption rate of self-monitoring blood glucose devices. However, prohibitive cost of advanced blood glucose monitoring devices, stringent regulations and lack of favorable reimbursement policies pertaining to SMBG devices will hinder industry growth over the coming years.
Continuous glucose monitors segment is estimated to witness considerable growth during the forecast period owing to rising demand for home healthcare devices, growth of home healthcare sector and rise in number of people suffering from diabetes. Diabetic patients and elderly population generally suffer from multiple chronic disorders will stimulate industry expansion during the forecast period.
Home settings segment is anticipated to witness robust growth over the coming years owing to growth of home healthcare sector and growing demand for home healthcare devices as they are easy operative in nature and assists in continuous monitoring of blood glucose levels. Diabetic patients are increasingly opting for home healthcare blood glucose monitoring devices to avoid physician’s cost and real time monitoring of blood glucose levels.
U.S. held largest market share in 2017 and should hold its position over the coming years. Numerous efforts undertaken by government and organizations such as American Diabetes Association working towards reducing disease burden and rising awareness about diabetes monitoring will positively impact industry growth. Furthermore, technological advancements in diabetic care devices and presence of large number of industry players undertaking various strategies to gain significant market share will drive SMBG market over the forecast period.
Rising number of baby boomers susceptible to suffer from various chronic diseases coupled with high diabetic population will drive China self-monitoring blood glucose devices market over the forecast timeframe. Rising awareness about diabetes and disease monitoring has stimulated device adoption in the country, leading to business growth in China.
Few notable industry players operating in self-monitoring blood glucose devices market include Abbott Laboratories, All Medicus Co. Ltd., Arkray Inc., B. Braun Melsungen AG, Bayer Healthcare, Bionime Corporation, Dexcom Inc., F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnostics, Nova Biomedical, Sinocare and Trividia Health. Acquisition, merger, strategic collaboration and partnership are some of the strategies adopted by industry players to broaden their product offerings and consolidate market position.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook