The Global Self-monitoring Blood Glucose market is expected to register a CAGR above 8% during the forecast period (2020-2025
NEW YORK, Feb. 28, 2020 /PRNewswire/ --
The Global Self-monitoring Blood Glucose market is expected to register a CAGR above 8% during the forecast period (2020-2025), and the market is estimated to reach around USD 15 billion by 2019.
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The main diagnosis for diabetes patients is imbalances in blood glucose levels, which are not in compliance with the standard blood glucose levels. The general lab diagnostic tests can only help to diagnose the disease by the physicians. The patients with more fluctuations in glucose levels need to get it checked every day. Patients administering insulin need to check their blood glucose levels frequently, in order to adjust the doses of insulin or change the medication if necessary, which is only possible with the use of self-monitoring blood glucose devices. According to the National Mortality Database, diabetes contributed to over 17,000 deaths in 2017 (11% of all deaths). Diabetes was the underlying cause of death in around 4,800 deaths (28% of diabetes deaths). It was an associated cause of death in further 12,200 deaths (72% of diabetes deaths). According to the ADA (American Diabetes Association), the total assessed cost for diagnosed diabetes in 2018 was around USD 333 billion, which was inclusive of USD 242 billion in direct medical costs and USD 91 billion in augmented productivity.
Scope of the Report
The report includes a complete study on self-monitoring blood glucose, which includes glucometer devices, blood glucose test strips, and lancets. The study is further divided into hospital usage and home usage.
Key Market Trends
Most of the Glucometer Market Revenue is Generated from Blood Glucose Test Strips.
The Glucometer is considered to be a one-time purchase. However, test strips, on the other hand, are considered to be a continuous investment, as a test strip needs to be disposed of after one use. Thus, it presents a considerable cost impact to the consumers. Overall, the global demand for blood glucose test strips is projected to witness significant growth over the forecast period. The growth of the market studied is expected to be spurred by the rising global diabetic population. The growth in market volumes and share of the test strip is expected to be better than that of glucometers, because of the difference in the use-case frequency. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost, during the same time frame, the corresponding use of multiple (in the range of thousands) test strips may occur, causing a recurrent cost impact.
North America has the Largest Market Share with a CAGR 9% in forecast period.
It was estimated that North America held 12% of the total diabetes population, and also it held approximately 6% of total type-1 diabetes patients in 2019. The high diabetes prevalence in North America region is due to the combination of high population rate associated with high obesity and lifestyle changes. It is estimated that North America has 22% of the worldwide obesity population. There is more carbohydrate consumption among the countries in the region, which is also one of the leading causes of obesity. The prevalence of diabetes has increased dramatically during the past two decades, which is a fact-driven by the increased prevalence of obesity and lifestyle changes. In North America diabetes ranks among the fast-growing chronic diseases in the United States.
Competitive Landscape
The global self-monitoring blood glucose market is highly consolidated, with few major manufacturers having a global market presence, while the remaining manufacturers confine to the other local or region-specific manufacturers. Mergers and acquisitions that occurred between the players in the recent past helped the companies to strengthen their market presence. Panasonic acquired Bayer's diabetes care unit and named it as Ascensia diabetes care, which continued its operations all over the world.
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