Self Monitoring Blood Glucose (SMBG) Devices Global Market Report 2023: Featuring F. Hoffmann-La Roche, Abbott, LifeScan IP, PHC Holdings & Terumo

DUBLIN, March 21, 2023 /PRNewswire/ -- The "Self Monitoring Blood Glucose (SMBG) Devices Global Market Opportunities and Strategies to 2032" report has been added to  ResearchAndMarkets.com's offering.

The self-monitoring blood glucose (SMBG) devices market reached a value of nearly $13,179.15 million in 2022, having grown at a compound annual growth rate (CAGR) of 8.3% since 2017. The market is expected to grow from $$13,179.15 million in 2022 to $19,509.57 million in 2027 at a rate 8.2%. The market is then expected to grow at a CAGR of 8.1% from 2027 and reach $28,813.29 million in 2032.

Growth in the historic period resulted from increasing obesity, emerging markets growth, rapid urbanization, and increased healthcare expenditure.

Going forward, increased incidence of diabetes, aging population, increasing government initiatives, and use of blood glucose monitoring devices in fitness, dieting and wellness. Factors that could hinder the growth of the self-monitoring blood glucose (SMBG) devices market in the future include rise in interest rates.

The self-monitoring blood glucose (SMBG) devices market is segmented by product into self-monitoring blood glucose meters, continuous glucose monitors, testing strips and lancets. The testing strips market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by product type for 82.1% of the total in 2022. Going forward, the testing strips market is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by product type, at a CAGR of 8.4% during 2022-2027.

The self-monitoring blood glucose (SMBG) devices market is segmented by distribution channel into hospital pharmacies, retail pharmacies, online sales and diabetes clinics and centers. The hospital pharmacies market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by distribution channel for 34.1% of the total in 2022. Going forward, the online sales market is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by distribution channel, at a CAGR of 8.7% during 2022-2027.

The self-monitoring blood glucose (SMBG) devices market is segmented by application into type 1 diabetes, type 2 diabetes, other applications. The type 2 diabetes market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by application for 92.9% of the total in 2022. Going forward, the type 2 diabetes market is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by application, at a CAGR of 8.2% during 2022-2027.

North America was the largest region in the self-monitoring blood glucose (SMBG) devices market, accounting for 41.4% of the total in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the self-monitoring blood glucose (SMBG) devices market will be Asia Pacific, and, South America where growth will be at CAGRs of 8.9% and 8.6% respectively. These will be followed by North America, and, Western Europe where the markets are expected to grow at CAGRs of 8.3% and 7.6% respectively.

The global self-monitoring blood glucose (SMBG) devices market is slightly concentrated, with a few large players. The top ten competitors in the market made up to 34.84% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies.

F. Hoffmann-La Roche Ltd. was the largest competitor with 10.81% share of the market, followed by Abbott Laboratories with 9.03%, LifeScan IP Holdings, LLC with 8.45%, PHC Holdings Corporation with 3.31%, Terumo Corporation with 0.98%, ARKRAY, Inc. with 0.63%, Bionime Corporation with 0.51%, B. Braun Melsungen AG with 0.41%, Trividia Health Inc with 0.40% and Ypsomed Holding AG with 0.32%.

The top opportunities in the self-monitoring blood glucose (SMBG) devices market segmented by product type will arise in the testing strips segment, which will gain $5,351.30 million of global annual sales by 2027. The top opportunities in segment by distribution channels will arise in the hospital pharmacies segment, which will gain $2,021.80 million of global annual sales by 2027. The top opportunities in segment by application will arise in the type 2 diabetes segment, which will gain $5,936.00 million of global annual sales by 2027. The self-monitoring blood glucose (SMBG) devices market size will gain the most in the USA at $2,510.30 million.

Market-trend-based strategies for the self-monitoring blood glucose (SMBG) devices market include new product launches, increased funding and investments and increased collaborations and partnerships.

Player-adopted strategies in the self-monitoring blood glucose (SMBG) devices market includes launch of new products, focus on launch of innovative solutions, focus on strategic investments, and focus on strategic collaborations and partnerships.

Reasons to Purchase

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The report covers the following chapters
Introduction and Market Characteristics

• Brief introduction to the segmentations covered in the market, definitions and explanations about the self-monitoring blood glucose (SMBG) devices market.

Key Trends

• Highlights the major trends shaping the global self-monitoring blood glucose (SMBG) devices market. This section also highlights likely future developments in the market.

Global Market Size and Growth

• Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.

Regional Analysis

• Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.

Market Segmentation

• Contains the market values (2017-2032) and analysis for each segment by product, by distribution channel and by application in the market.

Regional Market Size and Growth

• Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.

Competitive Landscape

• Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.

Key Mergers and Acquisitions

• Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.

Market Opportunities And Strategies

• Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.

Conclusions And Recommendations

• This section Includes recommendations for self-monitoring blood glucose (SMBG) devices providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.

Appendix

• This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.

Scope
Markets Covered:

1) By Product: Self-Monitoring Blood Glucose Meters; Continuous Glucose Monitors; Testing Strips; Lancets
2) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Sales; Diabetes Clinics And Centers
3) By Application: Type 1 Diabetes; Type 2 Diabetes; Other Applications

A selection of companies mentioned in this report includes

• F. Hoffmann-La Roche Ltd.
• Abbott Laboratories
• LifeScan IP Holdings, LLC
• PHC Holdings Corporation
• Terumo Corporation

For more information about this report visit https://www.researchandmarkets.com/r/myiuye

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