Self-monitoring blood glucose devices aid in determining the best diet for a patient to control glucose levels. Furthermore, it also helps in understanding hypoglycemia in a better way. These devices have enabled doctors and patients to be up to date with the medication regime, fueling the overall market growth.
As per GMI, the global self-monitoring blood glucose devices market size was valued over USD 15.5 Billion in 2019 and it is predicted to proliferate at a rate of 5.3% through 2026.
A stressful and fast-paced lifestyle has made people consume unhealthy foods at untimely hours which has increased the prevalence of disease like diabetes. Growing occurrence of appalling diseases like type 2 diabetes and rising geriatric population are some of the key factors driving the global self-monitoring blood glucose devices market growth.
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For instance, as per a study by the Center for Diseases Control and Prevention (CDC), out of the 34 million people diagnosed with diabetes, nearly 95% have type 2 diabetes. Although adults are more prone to this disease, young adults, teens and children are also diagnosed with this type of diabetes. Such a soaring patient population shall increase the global self-monitoring blood glucose devices market demand.
With growing prevalence of diabetes, the demand for better disease management has increased significantly, further penetrating medical spending. To support the statement with an instance, as per the America Diabetes Association, the cost of diabetes diagnosis has increased to USD 327 Million per annum in 2017 from USD 245 Million per annum back in 2012. Additionally, the diabetes expenditure in 2015 held for over 15% of the overall healthcare spending in North Africa and Middle East region. These statistics shall bolster the global self-monitoring blood glucose devices market growth.
The self-monitoring blood glucose meters segment is projected to grow at a CAGR of 5.7% during the forecast period. This growth can mainly be credited to benefits of testing and monitoring blood glucose levels at regular intervals in home settings. Furthermore, these devices can detect the risks associated with hypoglycemia and reduce frequent visits to the facility.
Application-wise, the gestational diabetes segment held a global self-monitoring blood glucose devices market revenue of USD 500 Million in 2019. As per the International Diabetes Federation, over 223 million women were diagnosed with diabetes in 2019 and around 16% of newborns were diagnosed with hyperglycemia. Furthermore, aging pregnant women are more prone to hyperglycemia. Self-monitoring devices can provide effective diagnostics and can help patients prevent from contracting hospital-induced infections.
Speaking of end-users, clinics & diagnostic centers segment accounted for over 9% of the total revenue share in 2019 and it is anticipated to grow at a reasonable rate during the forecast period. Growing need for early-stage diagnosis of diabetes for its prevention shall substantially contribute to the segmental growth.
Moreover, there has been a significant rise in the number of patient visits at diagnostic centers, thereby increasing the global self-monitoring blood glucose devices market demand. Presence of skilled healthcare professionals coupled with technological advancements in monitoring devices shall boost the segment growth over the forecasted timeframe.
Regionally, North America, led by the U.S, dominated the global self-monitoring blood glucose devices market in 2019. As per CDC, about 88 million people over the age of 18 are diagnosed with prediabetes and this comprises over 334.5% of the total adult population in the United States.
Key players of the global self-monitoring blood glucose devices market inculcate plans like strategic collaborations, mergers & acquisitions and product launches. Citing the statement with an instance, Abbott Laboratories, in June 2020, received approval from the U.S. FDA for their next gen integrated continuous glucose monitoring system. Such approvals shall provide lucrative business growth opportunities, helping the company in strengthening its market position.
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Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Self-monitoring blood glucose devices industry 3600 synopsis, 2015 – 2026 (USD Million)
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Regional trends
Chapter 3 Self-monitoring Blood Glucose Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015- 2026 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
22.214.171.124 Rising prevalence of diabetes worldwide
126.96.36.199 Technological advancements in developed countries
188.8.131.52 Government initiatives for increasing awareness among people
3.3.2 Industry pitfalls and challenges
184.108.40.206 High cost of advanced devices and accessories in developing economies
220.127.116.11 Lack of reimbursement and stringent regulations for SMBG devices
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis