Self-Monitoring Blood Glucose (SMBG) Devices Market is estimated to reach $20 Billion by 2024; growing at a CAGR of 6.2% from 2016 to 2024. Self-monitoring blood glucose (SMBG) is a modern way of testing the concentration of glucose in the blood. SMBG is essential for diabetes management, in which a blood glucose test is performed by piercing the skin of the finger to draw blood, and then smearing the blood to a chemically active disposal ‘test-strip’. SBMG has been highly recommended for people with diabetes in order to reduce the risk of developing diabetes-related problems and to prevent hypoglycemia. SBMG testing provides quick response to high blood sugar (hyperglycemia) or low blood sugar (hypoglycemia). Additionally, it has to be considered at the time of diagnosis, so as to enhance the understanding of diabetes and facilitate timely treatment and healthy lifestyle.
Global Self-Monitoring Blood Glucose Devices Market Size and Forecast, 2015 - 2024 (US$ Billion)
The increasing prevalence of diabetes due to unhealthy lifestyle, lack of exercise or other physical activity, and poor diet is the major key factor that drives the SBMG devices market globally. Moreover, declining prices, increasing patient education, and economic incentives would also fuel the growth of the market. However, restraints associated with the growth would include the high penetration of private label brands and lack of awareness on importance of regular blood glucose testing. Furthermore, new entrants with major technological innovations, and strategic marketing coupled with pricing tactics would provide several market growths in the coming years.
Self-monitoring blood glucose devices market is bifurcated as type, and geography. The type segment is further categorized as blood glucose meter, blood glucose test strips, blood glucose lancet, and others.
Global Self-Monitoring Blood Glucose Devices market share by region, 2024 (value%)
Based on geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada and Mexico whereas Europe consist of UK, Russia, Germany, France, Italy, Spain, and others. Asia-Pacific is segmented into India, China, Japan, and others while RoW is bifurcated into South America, Middle East and Africa.
The key market players 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.
The key takeaways from the report
- The report will provide detailed analysis of Global Self-Monitoring Blood Glucose (SMBG) Devices Market with respect to major segments such as type, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Self-Monitoring Blood Glucose (SMBG) Devices Market has been included in the report
- Profile of the key players in the Global Self-Monitoring Blood Glucose (SMBG) Devices Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Self-Monitoring Blood Glucose (SMBG) Devices Market
- Blood Glucose Meter
- Blood Glucose Test Strips
- Blood Glucose Lancet
- Other Types
- North America
- Asia Pacific
- South America
- Middle East