According to a new report published by Allied Market Research, titled, "Self-monitoring Blood Glucose Devices market by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027," the global self-monitoring blood glucose devices market was valued at $8.49 Billion in 2019, and is projected to reach $11.9 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Diabetes is metabolic disease wherein patients high blood sugar either due to insufficient production of insulin or due to irresponsiveness of body’s cells to respond to insulin. Diabetes management is used to control the blood sugar levels, which can be monitored by using blood glucose meters. Self-monitoring blood glucose devices are used to track and monitor blood glucose in diabetic patients with the help of test strips, lancets, and glucose meters.
The self-monitoring blood glucose devices market is anticipated to grow considerably in the near future, owing to factors such as alarming rise in prevalence of diabetes, technological advancements in the field of diabetes monitoring devices, and increase in geriatric population. However, blood glucose monitoring devices can give inaccurate results, which hinder the market growth. On the contrary, rise in awareness about diabetes monitoring devices and high growth potential in developing regions are expected to provide remunerative opportunities for the expansion of the global market during the forecast period.
Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being self-monitoring blood glucose devices. It has been noted that diabetic patients are more vulnerable to becoming severely ill with the COVID-19 virus. In addition, the pandemic also resulted in surge in adoption of self-monitoring blood glucose devices for home settings in order to reduce from hospitals and clinics visits. Therefore, presently, the self-monitoring blood glucose devices market is witnessing a significant growth owing to high demand in self-monitoring blood glucose devices.
By product, the test strips segment garnered the maximum share of the global self-monitoring blood glucose devices market in 2019, and is projected to exhibit prominent growth rate, owing to high applicability and demand for test strips in various diabetes monitoring devices. Moreover, advancements in testing strips such as the integration of solo meter containing 4 leads on the testing strips help to provide rapid and more accurate test outcomes.
Depending on application, the type 2 diabetes segment accounted for the largest share in 2019, and is anticipated to continue this trend during forecast period. This is attributed due to rise in prevalence of type 2 diabetes across the world.
On the basis of end user, the hospitals segment exhibited highest growth, in terms of share, in 2019, owing to increase in requirement for efficient and precise blood glucose monitoring in ICUs to mitigate the risk of hypoglycemia or hyperglycemia. Conversely, the home settings segment is anticipated to grow with highest rate during forecast period, owing to advancement in diabetes care products to offer portable, efficient, and easy-to-use devices at home, which help people in decision-making and analyzing the effectiveness of current diabetes management.
Key Findings Of The Study
- Blood glucose meters were valued at $1,130.82 million share of self-monitoring blood glucose devices market in 2019.
- The type 1 diabetes segment is anticipated to grow with the moderate CAGR throughout the forecast period.
- Europe accounted for 28.41% of the self-monitoring blood glucose devices market in 2019.
- Asia-Pacific is anticipated to grow at a high rate in during the forecast period.