Self-Monitoring Blood Glucose Devices Market to Hit $21 Billion by 2025: Global Market Insights, Inc.
Germany self-monitoring blood glucose devices market is estimated to witness 4.6% CAGR from 2019 to 2025, owing to rising spending power and growing awareness among the population regarding diabetes care and management.
SELBYVILLE, Del., Aug. 5, 2019 /PRNewswire/ -- The U.S. self-monitoring blood glucose devices market held USD over 5 billion revenue size in 2018. The growing prevalence of diabetes, sophisticated healthcare infrastructure along with high healthcare expenditures are the vital driving factors that will accelerate industry growth over the coming years. In addition, rising obesity incidence that forms one of the leading causes of diabetes will expand the U.S. SMBG business growth. According to the CDC, around 35.7% young adults aged between 20–39 years, 42.8% adults aged between 40-59 years, and 41.0% older population aged 60 and above were obese in 2016. Such an increasing incidence of risk factors for diabetes will spur the U.S. self-monitoring blood glucose devices industry growth over the coming years.
Hospitals segment accounted for the highest revenue share of over 47.0% in 2018 and is estimated to witness lucrative growth during the forecast period. The increasing pervasiveness of diabetes mellitus globally along with the availability of technologically advanced blood glucose monitoring devices will serve to be positively influencing factor in the segmental growth. Growing demand for monitoring blood sugar levels in patients under critical care in hospitals will significantly contribute to the segmental share over the forecast timeframe.
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The Self-Monitoring Blood Glucose Devices Market is poised to surpass USD 21 billion by 2025; according to a new research report by Global Market Insights, inc. The rising prevalence of diabetes worldwide will stimulate the global self-monitoring blood glucose (SMBG) devices market during the forecast period. Per the World Health Organization, there were about 422 million people with diabetes in 2014 and about half of the associated mortalities occurred in the population aged below 70 years. Diabetes is a leading cause of death in many middle and low-income countries. Lifestyle changes, alcoholism, lack of physical activity along with other risk factors will further escalate the demand for self-monitoring blood glucose devices during the projection period.
Technological innovations in self-monitoring blood glucose devices leading to the development of portable, user-friendly and high accuracy SMBG devices will boost the demand for glucometers. For instance, in 2015, Dexcom introduced Dexcom G4 Platinum, with an in-built hypoglycemia safety alert, that is customizable to monitor the reading changes above the user-selected limits along with water-resistant sensors with an attached transmitter. Additionally, the company is partnering with the leading technology firm, Apple Inc., for the development of advanced SMBG devices for remote diabetes monitoring. Increasing adoption of such technologically advanced continuous glucose monitoring devices coupled with growing strategic alliances by the prominent players will augment self-monitoring blood glucose devices market size in the forecast period.
Browse key industry insights spread across 120 pages with 97 market data tables & 9 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 (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" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/self-monitoring-blood-glucose-devices-market
However, the high maintenance cost of advanced blood glucose devices and their accessories may restrain the self-monitoring blood glucose devices market growth over the forecast period. Moreover, strict regulations for manufacturing blood glucose monitors may negatively affect industry growth.
The testing strips market held the largest market size of more than USD 11.5 billion in revenue and is estimated to witness robust growth during the analysis period. Testing strips are vital components of glucose meters and are available at affordable costs. In countries such as Australia, blood testing accessories including test strips are available to the patients at subsidized costs, thereby increasing customer preference. Developments in testing strips will further assist the test strips market growth in the forthcoming years.
Type 2 diabetes segment of the self-monitoring blood glucose devices market accounted for major revenue size in the year 2018 and is forecast to progress at a rapid pace during the estimation period. The growing incidence of type 2 diabetes coupled with rising risk factors such as obesity, binge eating, and sedentary lifestyles will majorly contribute to the segmental growth. Moreover, self-monitoring blood glucose devices are essential during the course of treatment for type 2 diabetes-affected population, thus impelling the segmental growth in the coming period.
Some of the major players operating in self-monitoring blood glucose devices market are Abbott Laboratories, Dexcom, Roche Diagnostics, LifeScan and Medtronic, among others. Market players emphasize on acquisitions & mergers, strategic partnerships as well as product introduction to fortify product portfolio and capture significant revenue share. For instance, in August 2016, Roche introduced Accu-Chek Active blood glucose meter, to facilitate simple as well as precise testing along with reliable test outcomes, thereby expanding its business.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Self-monitoring Blood Glucose Devices Market Forecasts 2019-2025
The worldwide self-monitoring blood glucose devices market is anticipated to register 5%+ CAGR between 2019-2025, propelled by the rising prevalence of diabetes and government initiatives for increasing awareness among people.
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SOURCE Global Market Insights, Inc.
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