Self-Monitoring Blood Glucose Devices Market to make phenomenal gains|Top Players: Abbott, Ascensia Diabetes Care, ARKRAY,Inc., Nova Biomedical

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. Technological innovations in self-monitoring blood glucose devices leading to development of portable, user-friendly and high efficiency self-monitoring blood glucose devices will boost the market growth over the analysis period. For instance, in 2015, Dexcom launched Dexcom G4 Platinum, consisting of an in-built hypoglycemia safety alert, customizable alerts to monitor rise and fall above user-selected limits as well as water-resistant sensor with attached transmitter. It works with Dexcom share app that sends real-time glucose values to the cloud allowing caregivers to monitor blood glucose readings. Increasing adoption of such technologically advanced self-monitoring blood glucose devices for diabetes management will upsurge the self-monitoring blood glucose devices market size throughout the forecast period.

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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.

According to the World Health Organization, the number of people suffering from diabetes has climbed from 108 million as recorded in 1980 to a significant 422 million in 2014. The statistics further claim that the global prevalence of diabetes has surged among adults over the 18 years of age from a mere 4.7% in 1980 to almost double until 2014. In fact, in 2016, the WHO estimated diabetes as the seventh leading cause of death across the globe, given the record of 1.6 million deaths directly because of the disorder. Not so surprisingly, these aforementioned statistics stands as a substantiation to the fact that diabetes is one deadly disorder that needs continuous blood sugar checking & monitoring, which in turn will be stimulating the global self-monitoring blood glucose devices market share.

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.

It has been further reported by WHO that diabetes prevalence has been more prominent in the low and middle income economies because of the certain lifestyle patterns, increasing consumption of tobacco & alcohol, and other environmental factors. In India, for instances, estimates reported over in 2016, 7.9% of total female population and more than 7.5% of male population had diabetes. Despite the high rate of diabetes prevalence, reports claim that the rapid developments in healthcare infrastructure, growing adoption of advanced products, and substantial surge in disposable income levels will stimulate self-monitoring blood glucose devices market expansion. Other Asia Pacific countries including China, Korea, and the Indian-subcontinents are also expected to follow similar growth trends. Given this regional expansion, the Asia Pacific self-monitoring blood glucose devices market is projected to register a healthy CAGR of 6.1% over 2018-2024.

Although clinic tests offer a comprehensive understanding of blood glucose levels and make effective comparison with past data, these tests are only done a few times in a year by diabetic patients, whereas glucose levels actually fluctuate throughout the day. Awareness pertaining to the usefulness of data provided by daily blood tests and the motivating output given by them has expanded the self-monitoring blood glucose devices market penetration in the home care segment. Key factors that induce a sense of comfort for diabetic patients while using these devices include ease of handling, clear and bigger displays, accurate figures and ability to double check for ensuring correct measurement. Adherence to internationally recognized standards has also encouraged the acceptance of self-monitoring devices as part of everyday life. With greater access to advanced portable devices that meet the expectations of diabetic patients and the need for maintaining a healthy personal and work lifestyle, the self-monitoring blood glucose devices market from use in home settings will register a CAGR of 5.7% from 2018 to 2024.

Initially, the segment was bursting with a slew of monitoring devices that required fine needle-pricks to get blood for testing, but the advent of continuous glucose monitors (CGM) help to develop less invasive methods to monitor glucose levels. In essence, CGMs are critical in discerning patterns in glucose level changes and assist in predicting the occurrence of low or high blood sugar levels in home as well as hospital patient, making them a significant part of the self-monitoring blood glucose devices industry. With sensors inserted under the skin to deliver real-time glucose level readings and charting out the changes to recognize glucose level triggers, CGMs offer a competent solution to allow for necessary adjustments required for improved living.

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Some of the notable players operating in the global 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. 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.

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