Regulatory Overview on Self-Monitoring Blood Glucose Devices Market| Key Players: Abbott, Ascensia Diabetes Care, ARKRAY,Inc., Nova Biomedical, Bayer

The Self-Monitoring Blood Glucose Devices Market is set to exceed USD 20 billion by 2024; according to a new research report by Global Market Insights. Increasing prevalence of diabetes in developed as well as developing economies is a major factor driving the market during the forecast period. Diabetes morbidity and mortality is generally high in low and middle-income countries. As per the International Diabetes Federation’s Diabetes Atlas, in Western Pacific region, prevalence of diabetes in people aged between 20-79 years was 158.8 million in 2017 and is projected to reach 183.3 billion by 2045.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Abbott, Ascensia Diabetes Care, ARKRAY,Inc., Nova Biomedical, Bayer, Dexcom, Bayer Pharmaceuticals, BKK B. Braun Melsungen AG, BIONIME GmbH, Essenlife Bioscience Inc., Medtronic, Roche Diagnostics Europe, Roche Diagnostics Middle East, Sinocare Inc.

North America market dominated the market with 39.1% revenue share in 2017 and is estimated to show robust growth over the analysis period. Growing prevalence of diabetes in the region is the key driver that will boost the self-monitoring blood glucose devices market growth over the coming years. Prevalence of obesity is high due to lifestyle changes, unhealthy dietary habits and other environmental factors escalating diabetic population. Moreover, awareness among people regarding diabetes management coupled with high demand for advanced diabetes care products will flourish the regional self-monitoring blood glucose devices market in the foreseeable future.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Abbott
• Ascensia Diabetes Care
• ARKRAY,Inc.
• Nova Biomedical
• Bayer
• Dexcom
• Bayer Pharmaceuticals
• BKK B. Braun Melsungen AG
• BIONIME GmbH
• Essenlife Bioscience Inc.
• Medtronic
• Roche Diagnostics Europe
• Roche Diagnostics Middle East
• Sinocare Inc.

Asia Pacific market is expected to grow at a robust CAGR of 6.1% over the forecast period. Increasing prevalence of diabetes coupled with rising geriatric population base prone to chronic diseases will serve to be positive impact rendering factor for industry expansion. According to World Health Organization, in India, around 7.9% of the total female population and over 7.5% of the total male population had diabetes in 2016. Furthermore, developments in healthcare facilities, increasing disposable income and growing adoption of advanced products will augment the regional self-monitoring devices industry growth over the analysis timeframe.

Testing strips segment accounted for the largest market share of around 80% in 2017 and is projected to manifest similar trend during the forecast period due to rising prevalence of diabetes worldwide. Developments in testing strips such as Solo meter that contains 4-leads on the testing strips helps to provide rapid and more accurate test results. Aforementioned factors will spur testing strips market size throughout the forecast period.

Continuous glucose monitors (CGM) segment is expected to witness highest CAGR of 5.7% during the analysis timeframe. These devices are generally used in patients that require frequent blood glucose monitoring over a period. CGM systems help to predict future events of hypo or hyperglycemia up to 60 minutes and provides information regarding clinically relevant glucose patterns. Such benefits of continuous glucose monitors in elderly or ICU patients will accelerate segmental growth over the forthcoming years.

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Some of the notable players operating in the global 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. Major strategies adopted by the industry players include strategic acquisitions, collaborations, mergers and new product launch to enhance company’s product portfolio and expand business across the globe. For instance, in January 2018, Arkray Inc. entered into a license agreement with Mellitus Health to integrate its products into Arkray's portfolio of diabetes care products.

Self-Monitoring Blood Glucose Devices Market by Product

Self-monitoring blood glucose meters
Continuous glucose monitors
Testing strips
Lancets

Self-Monitoring Blood Glucose Devices Market by End-User

Hospitals
Home settings
Diagnostic centers and clinics

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.

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