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Self-monitoring Blood Glucose Devices Market Analysis
- Report ID: GMI2743
- Published Date: Mar 2023
- Report Format: PDF
Self-monitoring Blood Glucose Devices Market Analysis
Self-monitoring blood glucose devices market valuation from testing strips is estimated to reach over USD 13.5 billion by 2032. Test trips are available in a wide range of unit packs and under diverse brands. Glucose meters with test strips have emerged as the most commonly used blood glucose monitoring devices as they enable simple, fast, and convenient analysis. Furthermore, the easy availability of these test strips across e-commerce platforms is expected to boost the product sales. Moreover, blood glucose strips are disposable and coated with a biological enzyme to enable effective diabetes diagnosis.
Self-monitoring blood glucose devices market share from online sales is expected to register 10.3% CAGR between 2023-2032. The rapid penetration of smartphones and the growing efforts to provide robust internet access across both urban and rural areas is expanding the scope of e-commerce worldwide. The emergence of the COVID-19 crisis also played a key role in spurring the demand for e-pharmacies across developed and developing economies.
Furthermore, online drug stores have gained substantial momentum in the last few years owing to the convenience, accessibility, and affordability offered by these e-commerce platforms. the rapid foray of several e-commerce giants, such as Amazon into the healthcare sector is offering lucrative business prospects for the providers of diabetes care devices, subsequently adding to the industry development.
In terms of revenue, the self-monitoring blood glucose devices market size from type 2 diabetes application segment is poised to surpass USD 57.8 billion by 2032. The rising prevalence of type 2 diabetes is accelerating the deployment of SMBG devices for diabetes management. Over the last decade, the adoption of unhealthy lifestyle habits has increased significantly, leading to the rising incidences of risk factors, such as obesity. As per data from the Australasian Paediatric Endocrine Group (APEG), and the National Diabetes Services Scheme (NDSS), more than 1 million new cases of type 2 diabetes were reported in Australia between 2020-22.
Europe self-monitoring blood glucose devices market is anticipated to exhibit 9.5% CAGR between 2023-2032 driven by the growing burden of diabetes in the region. According to IDF, in 2021, Europe’s diabetes patient pool included more than 61 million adults with diabetes mellitus. Europe is further expected to emerge as a hub for SMBG devices owing to the presence of leading industry players, the growing awareness regarding early diabetes diagnosis, and the rollout of favorable government initiatives.
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Self-monitoring Blood Glucose Devices Market Scope
