Press release
Self-Monitoring Blood Glucose (SMBG) Devices Market Identifies the Key Drivers of Growth and Challenges of the Key Industry Players
The global market is growing, due to increasing geriatric population and increasing prevalence of diabetes. In addition, the increase in obese population and increasing awareness about diabetes care is also contributing to the growth of the market. Furthermore, technological advancements in self-monitoring blood glucose devices and growing health insurance and reimbursements policies worldwide are also encouraging the growth of the self-monitoring blood glucose devices market.
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Based on type, the strips segment had the largest market in the global SMBG devices market in 2014; and it is expected to witness the fastest growth with 5.7% CAGR during 2015 – 2022.
The Changes in lifestyle, with increased consumption of alcohol, tobacco, odd sleeping hours, and consumption of junk food leads to diabetes. The growing prevalence of diabetes, along with the increasing awareness due to health education further supports the growth of the global self-monitoring blood glucose devices market.
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However, the product recall and availability of continuous glucose monitors to diagnose and monitor the glucose levels in diabetes patients hampers the growth of the global SMBG devices market. The Asian market is expected to witness fastest growth, with a CAGR of 6.2% during 2015 – 2022.
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The key companies operating in the global self-monitoring blood glucose devices market include Medtronic Inc., Abbott Laboratories Inc., Hoffmann-La Roche Ltd., Bayer AG , Life Scan Inc.(J&J), B. Braun Melsungen AG, Nipro Diagnostics Inc., Arkray Devices, Nova Biomedical, and Bionime corporation.
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