Global Self-Monitoring Blood Glucose (SMBG) Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 Billion by 2024 from $12.3 Billion in 2016, growing at a CAGR of 6.2% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.1% and 6.3%, respectively, during the forecast period.
"Self-Monitoring Blood Glucose (SMBG) Devices Market (By Type: Blood Glucose Meter, Blood Glucose Test Strips, Blood Glucose Lancet, And Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the factors driving the global self-monitoring blood glucose devices market are rising prevalence of diabetes, falling prices of devices, rising patient education, and availability of economic incentives. Though, increasing penetration of private label brands, and lack of awareness on benefits of regular blood glucose testing would hinder the growth of the market. New players with advanced technologies and improved marketing strategies would create several opportunities for the market players.
Type and geography are the major bifurcations considered in the global self-monitoring blood glucose (SMBG) devices market. By type, the segment is further categorized as blood glucose meter, blood glucose test strips, blood glucose lancet, and others. Among which, blood glucose test strip is likely to dominate with largest market share and fastest CAGR during the forecast period.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe accounted the majority of the share in the market in 2016, with 39.8% and 34.7%, respectively. In terms of growth, Asia-Pacific is anticipated to dominate with fastest CAGR during the forecast period, driven by increasing commonness of diabetes, easy access to detection kits, and adoption of advanced technologies.
Major players operating in this market include F. Hoffmann-La Roche Ltd, B. Braun Melsungen AG, Medtronic Public Limited, Abbott Laboratories, Bayer AG, Life Scan Inc.(J&J), Arkray, Inc., Trividia Health Inc., Bionime Corporation, and Dexcom Inc., among others.