Self-Monitoring Blood Glucose Devices Market size worth over $22bn by 2026
Published Date: January 4, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Self-Monitoring Blood Glucose Devices Market size is set to exceed USD 22 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing adoption of sedentary lifestyle has led to large obese population pool suffering from diabetes worldwide. Growing geriatric population and rising awareness regarding self-monitoring of medical conditions has propelled the market growth. According to International Diabetes Federation, nearly 463 million people have been diagnosed with diabetes and the number is predicted to cross 700 million by 2045. Around 79% of the people among this population live in low- and middle-income countries. Thus, with increasing rate of diabetes and other associated disorders, the market will foresee tremendous revenue growth in the coming years.
Rising number of COVID-19 patients with premedical condition of diabetes and obesity will boost the self-monitoring blood glucose devices market expansion
Outbreak of COVID-19 has affected millions of people globally. Geriatric population and other people with pre-existing medical conditions such as diabetes, obesity and heart disorders among others are vulnerable to COVID-19 infection. As precautionary measures, people have started self-monitoring their glucose levels to avoid further complications. When people with diabetes are diagnosed with COVID-19 infection, it becomes difficult to treat fluctuations in glucose level due to complications. Therefore, increasing incidence of diabetes and substantially growing cases of COVID-19 will expand the market demand during the forecast years.
Innovations in continuous glucose monitors (CGMs) to actively monitor glucose levels will benefit the market revenue
Continuous glucose monitors meters (CGMs) valued at USD 1 billion in 2019. CGMs are being increasingly used for diabetes management, for detection of glycated hemoglobin (HbA1c) in adults with type 1 diabetes. It assists in continuously tracking blood glucose level. CGMs also detect the abnormal patterns of glycaemia many folds better than the conventional technology in pediatric type 1 diabetes, thus enabling significant decrease in HbA1c.
Browse key industry insights spread across 140 pages with 191 market data tables & 13 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 End-use (Hospitals, Home Settings, Diagnostic Centers & Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Significant rise in number of patients suffering from type-1 diabetes will impel product demand
Type-1 diabetes is expected to show a reasonable growth of 5% till 2026. According to American Diabetes Association, around 1.25 million Americans suffer from type 1 diabetes. Moreover, certain genetic factors, auto immunity and environmental damage such as virus or an allergic reaction through food consumption also play a vital role in development of type-1 diabetes. Thus, increasing disease pervasiveness in future will spur the market value.
Reduced hospital visits and effective diabetes management will drive use of SMBG in homecare settings
Home settings end-use segment in the self-monitoring blood glucose devices market is anticipated to attain a CAGR of 5.9% through 2026. Rising acceptance of self-monitoring blood glucose device at home for proper diabetes management and to reduce hospital visits will augment the market growth. In addition, increasing geriatric pool prone to diabetes coupled with various advantages offered by self-monitoring blood glucose devices at home such as portability and good accuracy will further foster the industry growth during the forecast period.
High healthcare expenditure and awareness among population regarding diabetes management will enhance the regional growth
Europe self-monitoring blood glucose devices market accounted for over 32% of revenue share in 2019 owing to increasing usage of advanced medical devices and rising prevalence of diabetes. According to the International Diabetes Federation (IDF), in 2017, more than 58 million people aged between 20-79 years, had diabetes and is estimated to reach 67 million by 2045 in the region. Diabetes was responsible for 4,77,715 deaths in 2017 and is projected to be the seventh leading cause of death by 2030. Thus, with rising risk factors associated with development of diabetes including obesity, smoking and sedentary lifestyle.
Companies are undertaking various growth strategies including acquisitions, mergers, and strategic agreements to strengthen their market share
Some of the notable players involved in the self-monitoring blood glucose devices market are Abbott Laboratories, Bayer Corporation, B. Braun Melsungen Medical AG and Johnson & Johnson (Lifescan Inc.) among other players. These companies have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.