Medical

Self-monitoring blood glucose devices market expands

21st October 2020
Lanna Deamer
0

A rise in diabetically affected population and obese people is driving worldwide Self-Monitoring Blood Glucose devices (SMBG) market trends, along with increasing risk factors concerning diabetes with adoptions of unhealthy dietary habits. Additionally, numerous initiatives are undertaken by governments to promote awareness about diabetes, monitoring and implementing activities to offer favorable products at convenient costs.

Constant experiments and advancements in diabetes care products will further aid SMBG devices development. SMBG adoption can be negatively impacted in the coming years owing to factors such as lack of proper reimbursement schemes, restrained cost of innovative monitoring devices, various stringent regulations for some glucose monitoring products.

Estimates suggest that global self-monitoring blood glucose devices market size will reach an annual valuation of over $21bn by 2025.

Diabetic patients are at a higher risk of vulnerability to multiple chronic diseases. These patients need incessant and real time monitoring of blood glucose levels through Continuous Glucose Monitors (CGM). Further advancements in such devices is pushing the adoption of SMBG devices. The CGM self-monitoring blood glucose device industry share is slated for an exponential growth of over 5.8% CAGR up to 2025 due to increase in number of type 2 diabetic patients and growing demands for home healthcare devices.

The market revenue from type 1 diabetes for SMBG industry was estimated at $731.1m in 2018. As per American Diabetes Association, a total of about 1.25 million people suffer from type 1 diabetes mellitus and over 38,000 people in the US are predicted to be diagnosed with the disease annually. Several programs have been led to create awareness about type 1 diabetes in adults and children to elevate the SMBG industry growth share.

Rapidly growing demands for home healthcare devices for easy operativity and assistance in continuous monitoring of blood glucose levels has spurred the functioning of SMBG devices in home settings and is anticipated for an upward growth rate in the forecasted period. The SMBG device industry from home care applications segment observed 42.4% revenue share in 2018. Diabetic patients are increasingly turning towards home healthcare devices to negate the physician's cost and achieve real time monitoring of BGL conveniently at their homes.

Regionally, the US self-monitoring blood glucose devices industry is expected to record over 4.5% CAGR through 2025. Several programs have been commenced by governments and organisations like American Diabetes Association to expand awareness and reduce costs. Additionally, National Diabetes Education Program (NDEP), an initiative undertaken by the CDC in association with National Institutes of Health to limit disease burden and promote disease awareness in the US will broaden the market trends for diabetes care devices.

The Chinese SMBG device market share in 2018 registered a revenue value of $785.3m in 2018. Owing to the growth in elderly population who are prone to chronic ailments and high epidemiology of diabetes and increased awareness concerning diabetes and disease monitoring will propagate the device adoption across this region.

Leading enterprises in the SMBG devices sector are pursuing strategies such as acquisitions and mergers, partnerships strategic collaborations to enhance their product offerings and strengthen their market position. Abbott, Dexcom Inc., Bayer Corporation, LifeScan, Roche Diagnostics, Nipro Diagnostics and Medtronic among a few others are some of the key organisations dominating the market share globally.

You can read the report here.

Product Spotlight

Upcoming Events

View all events
Newsletter
Latest global electronics news
© Copyright 2024 Electronic Specifier