Self-Monitoring Blood Glucose Devices Market revenue to cross USD 38 Bn by 2027: Global Market Insights Inc.
Major self-monitoring blood glucose (SMBG) devices market players include Roche, Abbott Laboratories, Medtronic, Dexcom and Senseonics.
SELBYVILLE, Del., Nov. 29, 2021 /PRNewswire/ -- The self-monitoring blood glucose (SMBG) devices market size is anticipated to record a valuation of USD 38 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing product availability and increasing awareness about use of self-monitoring blood glucose will drive the market growth.
Innovations in self-monitoring blood glucose devices are influencing the device adoption in developed countries. Manufacturers are commercializing devices that are smaller, easy-to-use and less invasive. Moreover, companies are also developing real-time continuous glucose monitoring devices.
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Growing diabetic patient base is primarily contributing to significant demand for SMBG devices across the globe. As per the statistics from the International Diabetes Federation (IDF), there were over 460 million people aged between 20-79 years in 2019. In addition, more than USD 760 billion were spent on the disease by affected population. Thus, large customer base coupled with growing spending is impacting the market expansion. Further, COVID-19 has positively influenced the market demand due to greater risk of the infection associated with diabetes, thereby impelling purchase of diabetes management devices.
Testing strips segment held over 45% oof the market share in 2020. Use of conventional SMBG devices has contributed to demand for blood glucose testing strips. Affordability of test strips through availability of several brands enhances the customer preference. Also, test strips are available in various unit packs that can be purchased as per customer requirement. Further, distribution of testing strips via e-commerce platforms coupled with growing penetration of internet-based services will highly impact the segment growth in coming years.
Type 1 diabetes segment is projected to witness 9.6% growth rate through 2027. Type 1 diabetes is extremely vital to manage as there is no effective intervention available for the disease. Thus, self-monitoring of type 1 diabetes is crucial, thereby making SMBG devices indispensable. Furthermore, around 10% of the total diabetic population constitute type 1 diabetes, according to the IDF.
Retail pharmacies segment is estimated to attain a CAGR of 10.1% till 2027. Establishment of numerous retail pharmacies has increased the accessibility to over-the-counter products including self-monitoring devices. These pharmacies have large variety of brands with broad price range. Several developing countries are showcasing increase in number of independent pharmacies.
Europe self-monitoring blood glucose devices market size was over 6 billion in 2020 led by the high burden of diabetes in the region. As per IDF, in 2019, over 59 million adults were suffering from diabetes mellitus in the region. Government initiatives and regional expansion of companies are further aiding in awareness and market penetration with advanced technologies to tackle the disease burden.
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Prominent players competing in the global market include Roche, Abbott Laboratories, Medtronic, Dexcom and Senseonics. Notable companies are implementing geographic expansion and partnership strategies to broaden their market presence and customer reach.
Table of Contents (ToC) of the report:
Chapter 3 Self-Monitoring Blood Glucose (SMBG) Devices Makret Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By distribution channel
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis, 2020
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/self-monitoring-blood-glucose-devices-market
About Global Market Insights Inc.
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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SOURCE Global Market Insights Inc.
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