LONDON, Feb. 9, 2016 /PRNewswire/ -- The global self-monitoring blood glucose (SMBG) devices market accounted for $11,171.1 million in 2014, and it is expected to grow with a CAGR of 5.7% during 2015-2022. The strips segment dominated the global market in 2014 with about 83.5% share. The strips segment in the global self-monitoring blood glucose devices market is witnessing high growth rate, due to increasing cases of diabetes. In addition, many tests can be performed using a single glucose meter with different blood glucose strips. Also, the increase in healthcare expenditure leads to increase spending on self-monitoring blood glucose devices, resulting in the growth of the market.
The increasing prevalence of diabetes is one of the key drivers, fuelling the growth of the global SMBG devices market. The numbers of diabetes cases are increasing due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity. The increase in diabetes cases worldwide is leading to the growth in the sales of glucose monitoring devices, which is generating the demand for global self-monitoring blood glucose devices market. The strips market grew with an average annual growth rate of over 5.1% during 2011-2014.
The positive reimbursement of self-monitoring blood glucose devices in major countries including the U.S., the U.K., Germany, France, Italy, Spain, and Japan is the key growth driving factor for its market. In many emerging markets, such as China & India, for example, the governmental support for health care & health insurance is improving and becoming more widespread. With these reimbursement policies in the diabetes sector, the medical devices manufacturers globally invest in R&D, which is again leading to the growth of the SMBG devices market.
The increasing aging population is propelling the growth of the global SMBG devices market, as the old age is associated with loss of appetite, less fluid intake, and other illnesses. In the elderly population, the pancreas do not work properly, thus leading to low insulin production or no insulin production causing diabetes, which is again fuelling the demand of the global self-monitoring blood glucose devices market.
The technological advancement in the global market of self-monitoring blood glucose is leading to increased acceptances of such devices. The usage of these devices consumes less time, as compared to the glucose testing by traditional methods in laboratories. These devices are portable, convenient to carry and can be handled with ease. These devices allow conducting the test by patient, as per their convenience at their own home, which makes them popular.
The restraints associated with the growth of the global market of self-monitoring blood glucose include the product recalls due to either the manufacturing defect or error in results. In addition, the availability of Continuous Glucose Monitors (CGM) also hampers the growth of the market. The continuous glucose monitoring results help patients control and alter food intake, exercise, and medications. The device contains sensors, which measures glucose from the interstitial fluid (fluid present in and around body cells). The sensor stays in place for the prescribed number of days and then requires replacement. This device shows the behavior of blood glucose levels over time, allowing the patients to identify periods of hypoglycaemia and hyperglycaemia. Such advantageous features posed by CGM is restraining the growth of the global SMBG market.
The key companies operating in the global self-monitoring blood glucose devices market include Abbott Laboratories Inc., Medtronic Inc., Hoffmann-La Roche Ltd., Bayer AG , B. Braun Melsungen AG, Nipro Diagnostics Inc., Life Scan Inc.(J&J), Arkray Devices, Nova Biomedical, and Bionime Corporation.
Download the full report: https://www.reportbuyer.com/product/3605414/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers