Global Self-Monitoring Blood Glucose (SMBG) Devices Market is Expected to Grow With 6% CAGR During 2015 - 2022: P&S Market Research

NEW YORK, November 25, 2015 /PRNewswire/ --

The global market of self-monitoring blood glucose devices was valued at $11,171.1 million in 2014, and it is expected to grow with a CAGR of 5.7% during 2015 - 2022. The global market is growing, due to increasing geriatric population and increasing prevalence of diabetes. In addition, the increase in obese population and increasing awareness about diabetes care is also contributing to the growth of the market. Furthermore, technological advancements in self-monitoring blood glucose devices and growing health insurance and reimbursements policies worldwide are also encouraging the growth of the self-monitoring blood glucose devices market.

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Based on type, the strips segment had the largest market in the global SMBG devices market in 2014; and it is expected to witness the fastest growth with 5.7% CAGR during 2015 - 2022.

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The information and data in the publication "Global Self-Monitoring Blood Glucose Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Strips, Glucose Meters, Lancets and others)" represent the research and analysis of data from various primary and secondary sources. The bottom-up approach has been used to calculate the global market size by type. The market numbers for countries are obtained through top-down approach. P&S Market Research analysts and consultants interacted with the authorities from leading companies of the concerned domain, to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.

The Changes in lifestyle, with increased consumption of alcohol, tobacco, odd sleeping hours, and consumption of junk food leads to diabetes. The growing prevalence of diabetes, along with the increasing awareness due to health education further supports the growth of the global self-monitoring blood glucose devices market.

Aging population acts as a major growth driver for the global SMBG devices market, as old age is associated with loss of mobility, low fluid intake, poor food intake, and sleep disturbances. In addition, with aging the body of a person becomes weak and susceptible to various other illnesses, thus leading to consumption of drugs affecting the digesting system resulting in diabetes. This fuels the demand for self-monitoring blood glucose devices market.

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However, the product recall and availability of continuous glucose monitors to diagnose and monitor the glucose levels in diabetes patients hampers the growth of the global SMBG devices market. The Asian market is expected to witness fastest growth, with a CAGR of 6.2% during 2015 - 2022.

The key companies operating in the global self-monitoring blood glucose devices market include Medtronic Inc., Abbott Laboratories Inc., Hoffmann-La Roche Ltd., Bayer AG , Life Scan Inc.(J&J), B. Braun Melsungen AG, Nipro Diagnostics Inc., Arkray Devices, Nova Biomedical, and Bionime corporation.

GLOBAL SMBC DEVICES MARKET SEGMENTATION 

By Type 

• Strips
• Glucose Meter
• Lancets
• Others

By Geography 

• North America- The U.S., Canada, and Rest of North America
• Europe- Germany, France, The U.K., Italy, Spain, Russia and Rest of Europe
• Asia- China, Japan, India and Rest of Asia
• Rest of the World (RoW)- Brazil and Australia

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