Self-Monitoring Blood Glucose Devices Market Is Set To Explode? | Key Players are Abbott Laboratories, Arkray, B. Braun, Bayer, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnostics

The self-monitoring blood glucose devices market will witness a sizable growth by 2024. Technological advancements and rising cases of diabetes have furthered self-monitoring blood glucose market value. According to the Diabetes Atlas of the International Diabetes Federation, over 67 million people are forecast to be inflicted with diabetes in Europe by 2045. Concerted efforts by governments, NGOs and NPOs will stimulate the market presence globally.

Increasing obesity has further added buoyancy to the industry outlook. In doing so, the market presence of diabetes monitoring devices will be pronounced across North America, Europe and APAC. Notably, obesity has become the precursor of diabetes, prompting the development of SMBG devices.

Rising cases of morbidity and mortality have triggered the demand for portable, accurate and user-friendly SMBG devices. With a sedentary lifestyle taking a toll on the global population, market participants will pour funds in developing advanced SMBG products.

Stakeholders are likely to emphasize trends that are likely to help them gain an edge in the landscape. Some of them are illustrated below:

Continuous glucose monitors (CGM) to usher growth in Europe

Europe will remain at the forefront with the trend fueling for continuous glucose monitors devices in U.K., France and Italy. These advanced devices are sought-after among patients warranting frequent or continuous monitoring of blood glucose. Prominently, CGM devices have set the trend in providing real-time readings of blood glucose readings. The continuous glucose monitors (CGM) segment in Europe will expand at a robust CAGR of around 5.6% through 2024.

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Europe to witness traction from diagnostic centers and clinics

End-users will potentially exhibit traction for diagnostic centers and clinics. There is a soaring number of people suffering from abnormal blood glucose levels and heightened awareness about diabetic and diabetes treatment. The market share from diagnostic centers and clinics segment in Europe will witness an appreciable gain by 2024.

Germany to provide lucrative growth opportunities

Industry leaders are likely to expand their footfalls in Germany. Developments in SMBG devices and the prevalence of sophisticated healthcare facilities have augured well for the industry size expansion. Germany held around 18.3% of Europe self-monitoring blood glucose devices market share in 2017 and will witness an appreciable gain by 2024.

Demand for testing strips to in North America

Testing strips have gained immense traction as the growth prospect in the U.S., Canada and Mexico continues to remain bullish. The product is sought-after in home blood glucose monitoring and has become an invaluable component of blood testing. The market revenue from the testing strips segment in North America was valued at USD 4.4 billion in 2017 and will thrive through 2024, partly attributed to the need for home consistent glucose monitoring.

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Hospitals to be the major recipient of SMBG devices in the U.S.

The trend for SMBG devices will be palpable in hospitals following the use of sophisticated continuous blood glucose monitoring systems and skilled healthcare workers. With increasing cases of abnormal glucose levels, the product demand will gain noticeable ground in the U.S. The hospitals segment held more than 48% in North America market in 2017 and will thrive through 2024.

U.S. to witness investments galore in healthcare

Considering the demand for self-diabetes monitoring devices and technological developments in SMBG devices, the U.S. is likely to be a happy hunting ground. Industry participants have upped investments in continuous glucose and testing strips, with hospitals and home settings poised to remain at the helm. The U.S. self-monitoring blood glucose devices market revenue size was USD 4.8 billion in 2017 and will observe a bullish growth in the next few years.

Home settings to show buoyancy in Asia Pacific

With the trend for portable, small and user-friendly blood glucose monitoring devices soaring, demand for SMBG devices will surge in home settings. Strong demand for advanced devices from the geriatric population will propel the industry value. The home settings segment in APAC will witness an appreciable gain by 2024.

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China to be a key market for medical devices

Stakeholders are likely to further their investments in China as end-markets show increased inclination for SMBG devices. Given that China is the most populous country on the globe, leading companies are likely to up their market presence in the mainland. The rising geriatric population and booming cases of the diabetic population will augment the product demand. China self-monitoring blood glucose devices market revenue was pegged at more than USD 743.3 million in 2017 and is forecast to surge in the ensuing period.

India to provide lucrative opportunities

Key industry players envisage India as a favorable investment hub given the emerging economy witnesses an upsurge in the diabetic population. An influx of funds on diabetic care management has spiked in the past several years. For instance, the Ministry of Health and Family Welfare (MoHFW) joined hands with the WHO rolled out mDiabetes, emphasizing early diagnosis.

It is worth noting that the thriving healthcare industry and booming obese demographics have accentuated the demand for monitoring blood glucose devices. India self-monitoring blood glucose devices market revenue share in Asia Pacific was around 14.2% in 2017 and is projected to observe a significant gain.

The industry outlook will continue to remain buoyant with the soaring need for diabetes control across North America, Europe and APAC. Leading companies are likely to cash in on the expanding penetration in hospitals, diagnostics centers & clinics. Stakeholders are likely to emphasize collaboration and product roll outs to gain a competitive edge in the landscape.

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