The Worldwide Self-Monitoring Blood Glucose Devices Industry is Expected to Reach $15 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Self-Monitoring Blood Glucose (SMBG) Devices Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The global self-monitoring blood glucose (SMBG) device market is expected to reach a market size worth US$15.013 billion by 2027, growing at a CAGR of 6.39%. This market was valued at US$9.731 billion in 2020.

A self-monitoring blood glucose device is used to measure the blood glucose to monitor a person's glucose level. Both high and low blood glucose has the potential to cause a severe impact on the human body and hence require regular checks. Diabetes is a widely prevailing insulin or blood glucose chronic disease that results in disturbance in insulin production in the body and hence harms the body.

The rising cases of diabetes owing to complex and stressful lifestyles and work culture that disturbs a persons' dietary intake creates the requirement of recurring checks of insulin level in the body, especially for those suffering from the disease. Self-Monitoring blood glucose (SMBG) devices are portable, faster, result-yielding devices that provide the glucose level in the blood within a few minutes and hence have witnessed a wider adoption for monitoring glucose. Technological advancement in the market also plays a vital role in encouraging market growth. Furthermore, increasing healthcare expenditure is also expected to drive the market.

Geographically, the global self-monitoring blood glucose (SMBG) device market is divided into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific regions for the study. The Asia Pacific self-monitoring blood glucose device market is expected to grow at a lucrative rate during the forecasted period. The rise in cases of chronic diseases in the region has significantly increased the cases of diabetes, which has surged the adoption of self-monitoring blood glucose devices. Rising disposable income and increasing expenditure on healthcare in the region are also expected to drive the market during the forecast period. The North American and European self-monitoring blood glucose device markets are projected to hold a large market share.

Growth Factor

Growing cases of diabetes owing to lifestyle complexities and inaccurate dietary intake has increased the market for global self-monitoring blood glucose device.

Diabetes has been emerging as a problematic chronic disease causing a great threat to life. The World Health Organization reports that around 1.5 million people died due to diabetes in 2019, while many were severely impacted by it. Diabetes Research Institute reports that in the US, approximately 34.2 million people have diabetes, accounting for 10.5% of the population. Of these, only 10.2% of the population, or 26.8 million people, were diagnosed with diabetes, while 7.3 million people go undiagnosed. The disease was also diagnosed in children in the state, with 210,000 children and adolescents who have diabetes. Increasing cases of diabetes are expected to increase the market adoption of self-monitoring blood glucose devices during the forecast period.

Market Restraints

The significant cost of self-monitoring blood glucose devices has the potential to hinder the market growth.

One of the prime constraints facing the market for the self-monitoring blood glucose device market is the significant cost of the device. Self-monitoring blood glucose device involves blood glucose meters, testing strips, and lancets & lancing devices. The initial cost of this device is significant. Furthermore, the device has a recurring cost of testing strips since these strips are single-use strips and can not be reused. The notable cost of such a device has the potential to constrain the market in lower-middle and lower-income countries.

Key Market Segments

By Type

• Blood Glucose Meters
• Testing Strips
• Lancets & Lancing Devices

By Indication

• Type 1 Diabetes
• Type 2 Diabetes
• Gestational Diabetes

By End Users

• Hospitals and Clinics
• Ambulatory Care Setting
• Diagnostic Centers
• Home Care Setting

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• Spain
• France
• Others
• Middle East and Africa
• UAE
• Saudi Arabia
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

Companies Mentioned

• Abbott
• Hoffmann-La Roche Ltd.
• Lifescan Inc.
• Bayer Corporation
• ARKRAY, Inc.
• B. Braun Melsungen AG
• Sanofi
• Ypsomed AG
• Bionime Corporation
• Ascensia Diabetes Care Holdings AG

For more information about this report visit https://www.researchandmarkets.com/r/76n4bc