Self-Monitoring Blood Glucose Devices Market size is set to exceed USD 38 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing prevalence of diabetes across the world will positively influence the market growth. Several factors such as unhealthy dietary habits, lifestyle changes, increased smoking habits and alcohol consumption will spur the prevalence rate of diabetes. Expanding patient pool will thus augment the demand for portable and easily accessible blood glucose monitoring devices globally. Further, increasing awareness regarding advanced technologies in self-monitoring blood glucose devices for accurate results and daily management of diabetes in home settings will impel the market expansion.
Technological advancements in SMBG devices to offer high precision and accurate monitoring will drive the self-monitoring blood glucose devices market progression. Innovative technologies offer several applications such as real-time glucose level, preventive alarms for low level of glucose as well as reminders for drug administration among several others. Moreover, numerous companies are involved in research activities for new product development. Increasing adoption of such advanced products in diabetic care will foster the industry growth in the coming years.
Widespread availability of SMBG meters with numerous applications and advanced features for diabetes management to fortify the segment growth
Self-monitoring blood glucose meters segment valued at USD 5.0 billion in 2020. These devices are used for achieving optimal glycemic control and thereby preventing hypoglycemia in the patients through finger-prick test. Also, these innovative products provide guidance to adjust appropriate therapeutic dose regimens as per need. Further, the increasing patient pool and growing need for continuous monitoring in type 2 diabetes patients due to need for regular glucose monitoring will fuel the segment demand.
Browse key industry insights spread across 152 pages with 193 market data tables & 17 figures & charts from the report, “Self-Monitoring Blood Glucose Devices Market Size By Product (Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing incidence of type 1 diabetes in several countries will support the market value
Type 1 diabetes segment in the self-monitoring blood glucose devices market is expected to witness 9.6% growth rate through 2027 owing to the growing prevalence of type 1 diabetes. Type 1 diabetes is diagnosed mainly at younger age due to deficiency in insulin production. Additionally, increasing disposable income and spending on healthcare in developing countries will enhance the demand for advanced self-monitoring blood glucose products.
Growing accessibility and widespread availability of diabetes care products on digital platforms to offer unprecedented segment expansion opportunities
Self-monitoring blood glucose devices market for online sales segment is estimated to attain a CAGR of 10.7% till 2027. Rising number of digital platforms in several countries that are offering numerous advantages including ease-of-use, high product accessibility and quality services in comparative prices will strengthen the segment revenue. Moreover, several companies are providing online alternatives to provide direct-to-consumer service that will stimulate growth potential. Further, rising disposable income and increased internet accessibility and literacy across the world will boost the growth opportunities.
Rising aging population and high disease burden will accelerate the product demand in APAC region
Asia pacific self-monitoring blood glucose devices market accounted for USD 3.5 billion in 2020 led by the growing awareness about diabetes and government initiatives to minimize disease burden. Growing geriatric population base and high incidence rate of diabetes in the region will positively impel the APAC industry expansion. Rising healthcare expenditure and rapidly improving medical infrastructure is slated to drive the regional growth during the forecast timeframe.
New product launch coupled with several technological developments will offer the industry progression capabilities
Some of the major companies operating in the market are Abbott Laboratories, F. Hoffmann-La Roche, Johnson & Johnson, Dexcom, LifeScan and Medtronic. Numerous growth strategies such as product launches, mergers & acquisitions and partnerships are being undertaken by these market players to expand their market footprint.