January 24, 2020
According to a latest research report titled ’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 (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Kuwait, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at marketstudyreport.com, the global self-monitoring blood glucose devices market is anticipated to cross US $21 billion by the year 2025.
Growing prevalence of diabetes, rising adoption of unhealth dietary habits, and growing obese population are the key factors augmenting the market share. In addition, growing instances of risk factors majorly linked with diabetes development should augment the market share through 2025. Several governments are taking new initiatives to increase the awareness about diabetes and routine monitoring as well as adopting programs to provide favorable products in affordable prices should also push the business in the coming years.
As per the product segmentation, CGM (Continuous glucose monitors) market is projected to grow with a CGAR of approximately 5.8% through the forecast timespan. Growing demand of home healthcare devices and upsurge in the number of people diagnosed with type 2 diabetes are the major factors pushing the segment growth. Furthermore, elderly people and diabetes patients are expected to have multiple chronic issues and thus should considerably expand the segment share in the market.
The U.S. self-monitoring blood glucose devices industry is slated to grow with a CAGR of more than 4.5% through the forthcoming timeframe. Several efforts undertaken by organizations and government like ADA (American Diabetes Association) to lower the disease burden and cost as well as increasing awareness about disease monitoring should positively influence market size in the region. Additionally, new innovations in diabetic care devices as well as presence of a number of market players that are adopting numerous strategies to have significant industry share should push U.S. SMBG devices market growth in the future.
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The list of prominent self-monitoring blood glucose devices industry players include behemoths like Sinocare, Nova Biomedical, Medtronic plc, Johnson & Johnson, F. Hoffmann-La Roche, Eumed Biotechnology Ltd., Essenlife Bioscience Inc., Dexcom Inc, Bionime Corporation, Bayer Corporation, B. Braun Melsungen AG, Arkray Inc., All Medicus Co. Ltd., Abbott Laboratories, and Ascensia Diabetes Care Holdings AG among others.
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