Selbyville, Delaware, Jan. 13, 2021 (GLOBE NEWSWIRE) —
According to latest report “Self-monitoring Blood Glucose (SMBG) Devices Market by Product (Self-monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), End-use (Hospitals, Home Settings, Diagnostic Centers & Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of self-monitoring blood glucose devices will cross $22 billion by 2026. Adoption of advanced monitoring devices by patients for diabetes management will spur the market growth.
Rising prevalence of chronic diseases including type 2 diabetes with increasing elderly population will drive the market expansion in coming years. According to the Centers for Disease Control and Prevention, among 34 million diabetes population, about 90-95% have type 2 diabetes. Although it develops majorly in adults, the number in children, young adults and teens with the condition are also increasing over period. With such huge population, the demand for glucose monitors will also witness surge in the coming years.
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With disease prevalence, increasing healthcare expenditure in developed regions associated with diabetes propels the self-monitoring blood glucose devices market value. For instance, according to the American Diabetes Association, annual cost of diagnosed diabetes in America has considerably risen to USD 327 billion in 2017 from USD 245 billion in 2012. Therefore, growing medical spending on diabetes for better disease management will offer growth opportunities to the market.
Self-monitoring blood glucose meters segment is estimated to showcase 5.7% growth rate till 2026 led by advantage of regular monitoring and testing of blood glucose level in home settings. Glucometers reduce frequent facility visits and help to detect risk of hypoglycaemia. Small and portable design provides benefit of portability, allowing monitoring in various settings.
Gestational diabetes segment in the self-monitoring blood glucose devices market valued at USD 500 million in 2019. According to the International Diabetes Federation, in 2019, about 223 million women were living with diabetes and approximately 16% of live births had hyperglyceamia. Moreover, one in six births was detected with gestational diabetes. The prevalence of hyperglycaemia in pregnant women increases with aging. As the population group is vulnerable to hospital infections, self-monitoring devices offer effective diagnostic solution. Hence, due to the growing risk of gestational diabetes during pregnancy, the segment will foresee exponential growth over the coming years.
Diagnostic centers and clinics segment held for 9% of the self-monitoring blood glucose devices market share in 2019 owing to rising need for diabetes diagnosis at early stage to prevent onset of type 2 diabetes. This is leading to increasing number of patient visits to diagnostic centers, thus impelling the product demand in these facilities. Adoption of advanced devices along with presence of skilled professionals drives patient preference for clinic settings.
U.S. self-monitoring blood glucose devices market accounted for over 85% revenue share of the North America region in 2019. According to the Centers for Disease Control and Prevention, about 88 million people with age 18 years and older have prediabetes, that constitutes about 34.5% of adult population in the U.S. This population group is at greater risk of acquiring diabetes and will add to existing disease burden in future. To control national diabetes burden, industry organizations and government are collaboratively focusing on increasing awareness and providing efficient solutions, thus offering significant growth opportunities to the market.
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Major players operating in the market include Abbott Laboratories, Dexcom, Inc., Medtronic Plc., Johnson & Johnson and F. Hoffmann-La Roche Ltd. among others. Established companies are broadening their market presence by adopting several strategies such as augmentation of their product portfolio and collaborations.
Table of Contents (ToC) of the report:
Chapter 3 Self-monitoring Blood Glucose Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015- 2026 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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