According to a new report published by Allied Market Research, titled, Self-Monitoring Blood Glucose Devices Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $7,768 million in 2017, and is projected to reach $10,828 million by 2025 at a CAGR of 4.2% from 2018 to 2025.
Diabetes is a clinical condition where the glucose level in blood increases due to inefficiency of pancreas to produce 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 levels in diabetic patients.
The self-monitoring blood glucose devices market is anticipated to exhibit significant growth in the near future, owing to factors such as rise in prevalence of diabetes, surge in obese population who are prone to diabetes, technological advancements in diabetes devices, and surge in need for faster & safer diagnosis as well as treatment of diabetes. However, blood glucose monitoring devices do not measure the exact level of glucose in blood, whereas provide the readings in the form of a particular range. In addition, adverse effects associated with some of the diabetes care devices hinder the market growth. Rise in awareness about diabetes monitoring devices and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
By product, the test strips segment accounted for the maximum share of the global self-monitoring blood glucose devices market in 2017 and is projected to exhibit prominent growth rate, owing to increase in demand for test strips in various diabetes monitoring devices.
In 2017, the type 2 diabetes application segment occupied almost three-fourths share of the market, and is anticipated to maintain its dominant position through 2025, due to rise in prevalence of type 2 diabetes across the world.
In 2017, based on end user, the hospitals segment occupied more than two-fifth share of the market, highest amongst all other end users. Whereas, the home settings segment is anticipated to grow at the fastest rate during the forecast period.
Key findings of the Self-Monitoring Blood Glucose Devices Market:
- Blood glucose meters accounted for more than one-eighth of the share of the self-monitoring blood glucose devices market in 2017.
- The type 1 diabetes segment is anticipated to grow with the moderate CAGR throughout the forecast period.
- Europe accounted for more than one-fourth of the global self-monitoring blood glucose devices market in 2017.
- The LAMEA region is anticipated to grow at the high rate in the self-monitoring blood glucose devices market during the study period.
North America accounted for more than two-fifths share of the global market in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of diabetes, growth in geriatric population, and adoption of sedentary lifestyle of people that leads to diabetes. In addition, high adoption rate of technologically advanced devices and presence of sophisticated healthcare infrastructure are expected to offer new growth opportunities to the market players in future.