Global Self-Monitoring Blood Glucose Devices Market to expand at 4.8% till 2023

According to a new report released by Research on Global Markets, the global self-monitoring blood glucose devices market is forecast to expand at a CAGR of 4.8% (2018-2023) and will reach USD 9.4 Bn in 2023 from USD 7.4 Bn in 2018. The self-monitoring glucose devices market comprises of testing strops, lancets, lancing devices and other product segments such as glucometers.

According to the report, increase in elderly population, excess alcohol consumption, high prevalence of diabetes due to unhealthy lifestyle, and lack of physical exercise has accelerated the demand for self-monitoring blood glucose devices. Market players are primarily focussing on mergers, acquisitions, and product launches to broaden their customer base and consolidate their position in the market. The market is segmented into product type and end user.

Segmentation based on product type:

In 2018, the testing strips segment dominated the market share with 78.8% on account of its economical pricing in comparison to glucose meters and awareness among diabetes patients. The second largest segment belonged to the glucometers segment with a market share of 16.1% owing to its ease of usage, quick results and painless procedures.

Segmentation based on end user type the market is segmented into home settings, hospitals and diagnostics centers and clinics. The home settings segment is expected to grow at CAGR 4.9% primarily due to the convenience and ease of check-up. Patients are allowed to check their blood glucose levels at home, at their own discretion.

Regional insights

The self-monitoring blood glucose devices market accounted the highest market share in North America with 39.8% in 2018. This segment is anticipated to expand at a CAGR of 4.2% during the 2018-2023 period due to factors such as rising healthcare expenditure, growing number of advanced medical facilities, and favourable reimbursement policies in the region. The highest revenue in North America region was bagged by the testing strips segment due to increasing disposable income, rising diabetes cases and technological advancements. The European Market is expected to expand at a CAGR of 4.6% during the 2018-2023 period. This development is influenced by the presence of major market players in the region, improved awareness, and availability of self-monitoring blood glucose devices in a number of variants.

For more information, download Global Self-monitoring Blood Glucose Devices Market: https://www.researchonglobalmarkets.com/pressrelease/post/global-self-monitoring-blood-glucose-devices-market-to-be-worth.html

Key highlights of the report

1. Trends in the global Self-monitoring Blood Glucose Devices Market.
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Porter’s five forces analysis.
5. Value chain analysis
6. Segmentation of the Global Self-monitoring Blood Glucose Devices market based on product segment (testing strips, glucometers, others) - (2015-2023) market size (USD Bn), key market observations, and market drivers and challenges.
7. Segmentation of the Global Self-monitoring Blood Glucose Devices Market based on end user type (home settings, hospitals and diagnostics centers and clinics) - (2015-2023) market size (USD Bn), key market observations, and market drivers and challenges.
8. Competitive landscape and company profiles.
9. Detailed analysis of the key developments and major innovations in the market.

Browse our full report with Table of Contents: http://tiny.cc/pcn48y

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This release was published on openPR.