Rising diabetic population and increasing number of innovative product launches to drive global self-monitoring blood glucose market
According to TechSci Research report, “Global Self-monitoring Blood Glucose Market By Type (Type 1, Type 2, Hyperglycemia ,Hypoglycemia), By Frequency (One, Four, Others), By Product (Glucometer, Software, Test Strips, Lancet), By End-User (Hospital, Personal Care), By Region, Forecast & Opportunities, 2025”, the global market for self-monitoring blood glucose is expected to grow at a significant CAGR during the forecast period. Increase in prevalence of diabetes, majorly type 2 diabetes around the world is the prime factor behind the growth of self-monitoring blood glucose devices market. Other key factors fueling the market growth include, rising geriatric population, technological advancements in manufacture of diabetes devices, surge in obese population, sedentary lifestyle and growing need for faster and safer diagnosis & treatment of diabetes. Additionally, growing awareness regarding the benefits of using self-monitoring devices is further propelling the market growth. Patients administering insulin need to check their blood glucose levels frequently, almost daily, in order to adjust the doses of insulin or change the medication if necessary. For them, self-monitoring blood glucose devices come handy as they are easy to use and enable people to monitor their blood glucose level irrespective of the location.
Various government and health organizations have taken initiative to increase awareness, investments in R&D for developing innovative technologies and subsidies for diabetes care products are promoting the adoption of self-monitoring blood glucose devices, globally. However, the global self-monitoring blood glucose market also faces some hindrance. Self-monitoring blood glucose monitoring devices present readings in a range rather than the exact number and are expensive, which in turn could hamper the growth of the market.
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The global self-monitoring blood glucose market is segmented based on type, frequency, product, end-user and region. Based on type, the market is segmented into type 1, type 2, hyperglycemia and hypoglycemia. Type 2 accounted for the largest share in 2019 and the trend is likely to continue as well due to the high prevalence of type 2 diabetes.
Based on product, the self-monitoring blood glucose market is segmented into glucometer, software, test strips and lancet. Among them, test strips segment accounted for largest market share and is anticipated to hold its dominance over the forecast years due to economical pricing of test strips as compared to glucose meters. Also, test strips are easily available in most of the places and hence, which is serving as another factor boosting the growth of self-monitoring blood glucose market.
Major players operating in the global self-monitoring blood glucose market include PHC Holdings Corporation, Roche, LifeScan, Arkray,Ascensia Diabetes Care, Agamatrix, Bionime Corporation, Sanofi, Dexcom, Medtronic, Nipro Diagnostics, B. Braun, Becton Dickinson, Trividia Health, Rossmax, Allmedicus, Nova Biomedical, Sinocare, Morepen Laboratories and I-Sens. To maintain their market position in diabetes care market, leading companies are focusing on expanding their product portfolio through merger and acquisitions. They are also investing in research and development activities to bring into new and innovative product for self-monitoring blood glucose.
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“Developing nations like India & China serve as evolving markets for self-monitoring blood glucose companies as the countries are witnessing high prevalence of diabetes. Due to high prices, the manufacturers of self-monitoring blood glucose devices need to come up with more affordable products. Apart from that, untapped markets in other emerging economies are expected to provide lucrative growth opportunities to self-monitoring blood glucose devices manufacturers.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Self-monitoring Blood Glucose Market By Type (Type 1, Type 2, Hyperglycemia ,Hypoglycemia), By Frequency (One, Four, Others), By Product (Glucometer, Software, Test Strips, Lancet), By End-User (Hospital, Personal Care), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of self-monitoring blood glucose market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global self-monitoring blood glucose market.
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