Report Ocean introduces a fresh report examining the ‘Global Self-Monitoring Blood Glucose Devices Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Global Self-Monitoring Blood Glucose Devices Market, which includes a full table of contents, over 120 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
The global self-monitoring blood glucose devices market is forecast to grow at a CAGR of 4.8% (2018-2023) and will reach USD 9.4 Billion in 2023 from USD 7.4 Billion in 2018.
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The self-monitoring blood glucose devices market comprises testing strips, glucometers and other product segments such as lancets and lancing devices. Increase in aging population, high prevalence of diabetes due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity, creates a huge demand for blood glucose devices across the globe. Market players are primarily focusing on product launches, and mergers and acquisitions to broaden their customer base, as well as to consolidate their position in the market.
Segmentation based on product type
Based on product type, in 2018, the testing strips segment contributed the highest market share (78.8%), on account of its economical pricing in comparison to glucose meters, and awareness among diabetes patients. The glucometers segment was the second-largest segment, with a market share of 16.1%, owing to its ease of use, painless procedure, and quick results.
The other products’ segment comprises lancets, lancing devices etc. It accounted for a 5.1% share of the market, and is expected to show moderate growth during the forecast period
Segmentation based on end user type
Based on end user type, the market is segmented into hospitals, home settings, and diagnostics centers and clinics. Home settings segment contributed the highest market share of 86.7% in 2018 and will continue to grow at CAGR 4.9% due to convenience as these devices allow patients to check their blood glucose levels at home, at their own convenience.
During the forecast period, diagnostic centres and clinics are expected to expand at a moderate growth rate; in 2018, the segment witnessed market share of 8.5%. In 2018, hospital segment demonstrated least market share of 4.7%; the segment is projected to expand at a nominal growth in the coming years.
Regional insights
The self-monitoring blood glucose devices market in North America accounted for highest market share of 39.8% in 2018. The segment is expected to increase at CAGR 4.2% from 2018-2023 owing to factors such as growing number of advanced medical facilities, rising healthcare expenditure, and favourable reimbursement policies in the region. In 2018, testing strips segment contributed the highest revenue in North America region due to increase in diabetes cases, increasing disposable income, and technological advancements. The European market is anticipated to expand at a CAGR of 4.6% during the forecast period, given the presence of major market players in the region, improved awareness, and availability of self-monitoring blood glucose devices in a number of variants. A large population, higher disposable income, and improved awareness about self-monitoring blood glucose devices will help the Asia-Pacific region dominate the global market during the forecast period. The Middle East and Africa and the Latin America markets, though still at nascent stages, will also experience high growth
Companies covered
- Roche Holding AG
- LifeScan, Inc.
- Abbott Laboratories
- Ypsomed AG
- B. Braun Melsungen AG
- Ascensia Diabetes Care
- DiaMonTech
- Nemaura Medical Inc.
- Noviosense BV
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)
Some Questions Answered in the Self-Monitoring Blood Glucose Devices Market Report:
- What is the projected size of the global Self-Monitoring Blood Glucose Devices market in 2032, and what growth rate is expected?
- What are the primary drivers of growth in the global Self-Monitoring Blood Glucose Devices industry?
- What are the major market trends that are affecting the expansion of the Self-Monitoring Blood Glucose Devices market?
- What obstacles must be overcome in order to achieve sustained growth in the Self-Monitoring Blood Glucose Devices market?
- What opportunities and threats do vendors in the global Self-Monitoring Blood Glucose Devices market face?
- What are the raw materials and manufacturing equipment used in the production of Self-Monitoring Blood Glucose Devices, and what is the manufacturing process?
- What are the different types and applications of Self-Monitoring Blood Glucose Devices, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Self-Monitoring Blood Glucose Devices market?
- What factors are driving the growth of the Self-Monitoring Blood Glucose Devices market in the top regions worldwide?
- Who are the major players in the global Self-Monitoring Blood Glucose Devices market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the Self-Monitoring Blood Glucose Devices market?
- What are the main findings of a five forces analysis of the global Self-Monitoring Blood Glucose Devices market?
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