Self-Monitoring Blood Glucose Devices Market 2018 Eminent Players – Bayer Healthcare, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnos, Abbott Laboratories, All Medicus, Arkray, B. Braun Melsungen

Self-Monitoring Blood Glucose Devices Market size is expected to surpass USD 20 billion by 2024; according to a new study by Global Market Insights.
Proven to be a critical component in the diabetes management process, the self-monitoring blood glucose devices market has registered an impressive growth rate owing to the prevalence of diabetes worldwide and the availability of diverse monitoring solutions. According to reliable data, about 8.8 percent of the global adult population in 2017 had diabetes, and this number is estimated to crawl up to 9.9 percent by 2045. Considering the total number of diabetic patients this percentage amounts to, the self-monitoring blood glucose devices industry could cater to virtually millions of consumers over the coming years. Unrestricted fast-food consumption among the millennials supplemented by the rising disposable income could accelerate the prevailing issue of obesity, which greatly indicates the onset of diabetes. The global self-monitoring blood glucose devices market, amassing a remuneration of over USD 14.3 billion in 2017, will be further boosted by the rising geriatric population that commonly experiences difficulty in controlling sugar levels.

Rising prevalence of diabetes worldwide is the key factor that will drive the self-monitoring blood glucose devices market during the forecast period. According to the Diabetes Atlas of International Diabetes Federation, in 2017, around 425 million people aged between 20-79 years globally, suffered from diabetes and is estimated to reach over 629 million by 2045. Diabetes is leading cause of death in many middle and low-income countries. Lifestyle changes, increased consumption of alcohol and tobacco along with other environmental factors will boost number of people suffering from diabetes.

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It is reported that nearly 25 percent of American people aged 65 years or more have type 2 diabetes and spend approx. USD 104 billion annually on healthcare, with the number gradually soaring every year and building up a steady consumer base for the self-monitoring blood glucose devices industry. These devices are vastly utilized by medical professionals as well as home caregivers to administer insulin, determine diets, reduce anxiety and avoid cases of hypo or hyperglycemia in both type 1 and type 2 diabetic patients. Glucose monitoring helps in informing the doctor and patients if the planned treatment or medical regimen in working, enabling a better control over one’s sugar level and performance of daily tasks. Researches into the benefits of self-monitoring of glucose have been extensively conducted for many years, and international medical agencies have promoted these benefits by recommending self-monitoring to anyone living with diabetes. As a result, the self-monitoring blood glucose devices market has promulgated by increased use in home environment, due to affordability and portability of these devices.

Testing strips segment dominated the self-monitoring blood glucose devices market in 2017 with more than 79.5% revenue share and is estimated to witness robust growth during the analysis period. Testing strips are an essential component of blood glucose meters that are widely used in diabetes care and management. Geriatric population base, prone to diabetes, will further increase the demand for SMBG devices.

Hospitals segment accounted for the highest revenue of USD 6.9 billion in 2017 and is estimated to witness lucrative CAGR of 4.6% during the forecast period. Increasing prevalence of diabetes across the world coupled with availability of technologically advanced blood glucose monitoring devices will serve to be high impact rendering factor in the segmental growth. Adoption of continuous glucose monitors for accurate, timely and efficient glucose measurement for ICU patients will stimulate the segmental growth in the coming years.

U.S. self-monitoring blood glucose devices market dominated global SMBG devices market with 34.2% revenue share in 2017 and is expected to show lucrative growth during the forecast period. Increasing prevalence of diabetes, availability of advanced healthcare infrastructure coupled with high healthcare expenditure are the key drivers that will accelerate industry growth over the coming years. Moreover, growing prevalence of obesity leading cause of diabetes will positively impact business growth. According to CDC, around 35.7% young adults aged between 20–39 years, 42.8% adults aged between 40-59 years, and 41.0% older population aged 60 and above suffered from obesity in 2016. Aforementioned factors will surge the U.S. self-monitoring blood glucose devices industry growth over the coming years.

Germany self-monitoring blood glucose devices market accounted for USD 869.4 million in 2017 and is estimated to witness 4.5% CAGR growth over the analysis period. Growing geriatric population base in Germany, prone to diabetes will serve to be major positive impact rendering factor for market growth. According to the United Nations, the elderly population base aged 60 years and above was around 22.9 million in 2017 and is expected to reach 29.8 million by 2050. Rising disposable income, increasing awareness among people regarding diabetes care and management as well as developments in healthcare facilities will foster SMBG devices industry growth in the coming years.

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Some of the notable players operating in self-monitoring blood glucose devices market are Abbott Laboratories, All Medicus, Arkray, B. Braun Melsungen AG, Bayer Healthcare, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnostics, Nova Biomedical, Sinocare and Trividia Health. Industry players primarily focus on strategic collaborations, acquisitions, mergers as well as innovative product launch to strengthen product portfolio and capture high revenue share. For instance, in August 2016, F. Hoffman-La Roche launched Accu-Chek Active blood glucose meter, to enable simple and accurate testing as well as ensure safe and reliable test results.

Report Content

Chapter 1. Methodology
1.1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary
2.1. Self-monitoring blood glucose devices industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-user trends
2.1.4. Regional trends

Chapter 3. Self-Monitoring Blood Glucose Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Billion)
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising prevalence of diabetes worldwide
3.3.1.2. Technological advancements in developed countries
3.3.1.3. Government initiatives for increasing awareness among people
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of advanced devices and accessories in developing economies
3.3.2.2. Lack of reimbursement and stringent regulations for SMBG devices
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-user
3.5. Regulatory landscape
3.6. Porter’s analysis
3.7. Company landscape, 2017
3.7.1. Strategy dashboard
3.8. PESTEL analysis

Chapter 4. Self-Monitoring Blood Glucose Devices Market, By Product
4.1. Key segment trends
4.2. Self-monitoring blood glucose meters
4.2.1. Market size by region, 2013 – 2024 (USD Million)
4.3. Continuous glucose monitors
4.3.1. Market size by region, 2013 – 2024 (USD Million)
4.4. Testing strips
4.4.1. Market size by region, 2013 – 2024 (USD Million)
4.5. Lancets
4.5.1. Market size by region, 2013 – 2024 (USD Million)

Chapter 5. Self-Monitoring Blood Glucose Devices Market, By End-User
5.1. Key segment trends
5.2. Hospitals
5.2.1. Market size, by region, 2013-2024 (USD Million)
5.3. Home settings
5.3.1. Market size, by region, 2013-2024 (USD Million)
5.4. Diagnostic centers and clinics
5.4.1. Market size, by region, 2013-2024 (USD Million)

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.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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