Self-Monitoring Blood Glucose Devices Market to Reach $11.99 Bn, Globally, by 2027 at 4.2% CAGR: Allied Market Research
- Increase in the prevalence of diabetes, surge in geriatric population, and high-end technological advancements in diabetes monitoring devices fuel the growth of the global self-monitoring blood glucose devices market
PORTLAND, Ore., Nov. 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Self-Monitoring Blood Glucose Devices Market by Product (Test Strips, Lancets, and Blood Glucose Meters), Application (Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes), and End User (Hospitals, Home Settings, and Diagnostic Centers): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global self-monitoring blood glucose devices industry was estimated at $8.49 billion in 2019, and is anticipated to hit $11.99 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in the prevalence of diabetes, surge in geriatric population, and high-end technological advancements in diabetes monitoring devices fuel the growth of the global self-monitoring blood glucose devices market. On the other hand, some chances of inaccuracy in the result impede the growth to certain extent. However, rise in awareness for diabetes monitoring devices and untapped market opportunities in the developing regions are expected to pave the way for lucrative prospects for the key players in the industry.
Covid-19 scenario-
- The outbreak of the pandemic has restricted people from visiting public health clinics to a significant extent, thereby increasing the demand for self-monitoring blood glucose devices that can help diabetic patients keep track of their glucose level right at home.
- Also, emergence of covid-19 has made people more health conscious and the fact that SMBG devices help people manage important daily activities such as taking proper food and insulin dose has impacted the market positively.
The test strips segment to dominate by 2027-
Based on product, the test strips segment accounted for around four-fifths of the global self-monitoring blood glucose devices market share in 2019 and is expected to lead the trail by 2027, owing to factors such as rise in prevalence of diabetes, and high demand for better screening & monitoring methods. The lancets segment, on the other hand, would register the fastest CAGR of 6.2% throughout the forecast period. Increase in prevalence of both type 1 and type 2 diabetes boosts the demand of blood sugar lancets, which allow patients to monitor their glucose level and keep it under control. This factor propels the segment growth.
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The type 2 diabetes segment to maintain the dominant share-
Based on application, the type 2 diabetes segment contributed to nearly three-fourths of the global self-monitoring blood glucose devices market revenue in 2019 and is anticipated to rule the roost by 2027. The same segment would also grow at the fastest CAGR of 4.5% during the forecast period. This is owing to high prevalence of type 2 diabetes. The market report also analyzes segments such as type 1 diabetes and gestinational diabetes.
North America garnered the major share in 2019-
Based on geography, North America held the major share in 2019, generating around two-fifths of the global self-monitoring blood glucose devices market, owing to availability of well-developed supply-side infrastructure, rapid acceptance of innovative technologies, and adequate reimbursements for self-monitoring blood glucose devices. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 5.5% by 2027, due to rise in patients' awareness and significant increase in the prevalence of diabetes in the region. Also, proactive initiatives taken by major medical devices companies to expand their presence in Asian economies is expected to fuel the market growth.
Key players in the industry-
- Bionime Corporation
- Ypsomed Holding AG
- B. Braun Melsungen AG
- F. Hoffmann-La Roche Ltd.
- LifeScan IP Holdings, LLC
- Abbott Laboratories
- Terumo Corporation
- Trividia Health, Inc. (Sinocare Inc.)
- ARKRAY, Inc.
- PHC Holdings Corporation
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