The Self-Monitoring Blood Glucose Devices Market is set to exceed USD 20 billion by 2024; according to a new research report by Global Market Insights. Increasing prevalence of diabetes in developed as well as developing economies is a major factor driving the Self-Monitoring Blood Glucose Devices Market during the forecast period. Diabetes morbidity and mortality is generally high in low and middle-income countries. As per the International Diabetes Federation’s Diabetes Atlas, in Western Pacific region, prevalence of diabetes in people aged between 20-79 years was 158.8 million in 2017 and is projected to reach 183.3 billion by 2045.
High prevalence of obesity across the globe coupled with rising geriatric population base prone to suffer from diabetes will serve to be another positive impact rendering factor for industry growth. Technological advancements in self-monitoring blood glucose devices offering more reliable, accurate and user-friendly devices will augment demand for such devices.
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Testing strips segment dominated the self-monitoring blood glucose devices market in 2017 with more than 79.5% revenue share and is estimated to witness robust growth during the analysis period. Testing strips are an essential component of blood glucose meters that are widely used in diabetes care and management. Geriatric population base, prone to diabetes, will further increase the demand for SMBG devices.
Hospitals segment accounted for the highest revenue of USD 6.9 billion in 2017 and is estimated to witness lucrative CAGR of 4.6% during the forecast period. Increasing prevalence of diabetes across the world coupled with availability of technologically advanced blood glucose monitoring devices will serve to be high impact rendering factor in the segmental growth. Adoption of continuous glucose monitors for accurate, timely and efficient glucose measurement for ICU patients will stimulate the segmental growth in the coming years.
According to the World Health Organization, the number of people suffering from diabetes has climbed from 108 million as recorded in 1980 to a significant 422 million in 2014. The statistics further claim that the global prevalence of diabetes has surged among adults over the 18 years of age from a mere 4.7% in 1980 to almost double until 2014. In fact, in 2016, the WHO estimated diabetes as the seventh leading cause of death across the globe, given the record of 1.6 million deaths directly because of the disorder. Not so surprisingly, these aforementioned statistics stands as a substantiation to the fact that diabetes is one deadly disorder that needs continuous blood sugar checking & monitoring, which in turn will be stimulating the global self-monitoring blood glucose devices market share.
It has been further reported by WHO that diabetes prevalence has been more prominent in the low and middle income economies because of the certain lifestyle patterns, increasing consumption of tobacco & alcohol, and other environmental factors. In India, for instances, estimates reported over in 2016, 7.9% of total female population and more than 7.5% of male population had diabetes. Despite the high rate of diabetes prevalence, reports claim that the rapid developments in healthcare infrastructure, growing adoption of advanced products, and substantial surge in disposable income levels will stimulate self-monitoring blood glucose devices industry expansion. Other Asia Pacific countries including China, Korea, and the Indian-subcontinents are also expected to follow similar growth trends. Given this regional expansion, the Asia Pacific self-monitoring blood glucose devices market is projected to register a healthy CAGR of 6.1% over 2018-2024.
As per the statistics provided by the CDC, nearly 35.7% young population aged in between 20–39 years, 42.8% adults between the age of 40-59 years, and 41% of the geriatric people aged 60 and above suffered from obesity in 2016. Reports in fact claim that, accounting for more than 34.2% revenue share in 2017, U.S. self-monitoring blood glucose devices market dominated the industry. The product demand is further likely to gain traction because of the growing awareness among the local population, supportive governmental initiatives and schemes, and advanced healthcare infrastructure.
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Some of the notable players operating in the global Self-Monitoring Blood Glucose Devices Market are Abbott Laboratories, All Medicus, Arkray, B. Braun Melsungen AG, Bayer Healthcare, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnostics, Nova Biomedical, Sinocare and Trividia Health. Major strategies adopted by the industry players include strategic acquisitions, collaborations, mergers and new product launch to enhance company’s product portfolio and expand business across the globe. For instance, in January 2018, Arkray Inc. entered into a license agreement with Mellitus Health to integrate its products into Arkray’s portfolio of diabetes care products.