Self-monitoring blood glucose devices Market

Product Overview

Global Self-monitoring blood glucose devices to surpass USD19.3 billion by 2031 from USD 12.87 billion in 2021 at a CAGR of 4% in the coming years, i.e., 2021-31.

Self-monitoring blood glucose devices are portable device that are used in monitoring the blood glucose level. People suffering with diabetes can check their blood sugar before eating and after eating with accuracy of measured results. It helps in maintaining the record and monitor the effect of treatment on sugar level in blood. The patients facing fluctuation in glucose level monitor their blood glucose levels routinely to put right doses of insulin, in which self-monitoring blood glucose devices are very helpful.

Market Highlights

Global Self-monitoring blood glucose devices market is expected to project a notable CAGR of 4% in 2031.

Global Self-monitoring blood glucose devices to surpass USD19.3 billion by 2031 from USD12.87 billion in 2021 at a CAGR of 4% in the coming years, i.e., 2021-31. The diabetic patient population is increasing globally due to fast change in lifestyle with fewer physical activities is important factor expected to fuel the growth of the glucose monitoring devices market.  Furthermore, advancement of technology and the growing awareness regarding diabetes are also major reasons propelling the growth of global self-monitoring blood glucose market over the forecast period.

Global Self-monitoring blood glucose devices: Segments

Test Strips segment to grow with the highest CAGR during 2021-31

Global Self-monitoring blood glucose devices market is classified on the basis of Product into Test Strips, Lancets, Blood Glucose Meters. Test strips segment held the largest market share and grasp its dominance over the forecast years. Low-cost pricing of test strips as compared to glucose meters and easy availability of test strips are significant factors boosting the growth of test strips segment in self-monitoring blood glucose market. The growth of the market is expected to boost with increasing global diabetic population.

Type 2 Diabetes segment to grow with the highest CAGR during 2021-31

Based on application, global Self-monitoring blood glucose devices Market is fragmented into Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes. By application, self-monitoring blood glucose devices market dominated by type 2 diabetes segment.  With the growing geriatric population, rise in ascendancy of obesity, and sluggish lifestyle are significant factors expected to fuel the growth of type 2 diabetes segment during the forecast period.

Market Dynamics

Drivers

Rising prevalence of diabetes worldwide

One of the market's primary drivers is a growing awareness about diabetes. Factors such as unhealthy lifestyle, lack of physical activities, growing incidence rate of chronic diseases, and unbalanced diet lead to drive the self-monitoring blood glucose devices market globally. By using self-monitoring blood glucose devices patient gets important information about glucose level and able to manage their daily routine like food intake, insulin dose, and physical exercise. Moreover, economical pricing and increasing awareness about diabetes would also propel the growth of the market.

Government initiatives and improvement in R&D

The Self-monitoring blood glucose devices Market is also growing as a result of increased Research and Development activities and technological advancements in the manufacture of self-monitoring blood glucose devices. As the general public becomes more aware of diabetes, there will be a greater demand for self-monitoring blood glucose devices. Furthermore, an increasing number of initiatives implemented by governments in both developed and developing countries to encourage the use of Self-monitoring blood glucose devices across various industries is expected to drive the market in the coming years.

Restraint

Lack of awareness

Restraints associated with the growth of self-monitoring blood glucose devices market would include the lack of awareness on importance of regular blood glucose testing.

Global Self-monitoring blood glucose devices:

Key Players

• F. Hoffmann-La Roche Ltd

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Dexcom Inc
• Bayer AG
• Medtronic Public Limited
• Abbott Laboratories
• B. Braun Melsungen AG
• Arkray, Inc.
• Trividia Health Inc.
•  Bionime Corporation
• Life Scan Inc.
• Other Prominent Players

Global Self-monitoring blood glucose devices: Regions

Global Self-monitoring blood glucose devices market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America has dominated the industry in recent years with a significant share due to increasing incidence rate of diabetes in the region and growing adaptation of technologically advanced devices and rising awareness about diabetes management. Asia Pacific has risen to second place in terms of value in recent years, accelerated growth in urbanization and lifestyle changes encouraging people to use self-monitoring blood glucose devices.

Impact of Covid-19 on Self-monitoring blood glucose devices Market

The self-monitoring devices have seen a positive boost as a result of the covid-19 pandemic due to high requirement of home care. In lockdown the demand for self-monitoring devices noticed a sudden rise through online sales channels.

Global Self-monitoring blood glucose devices is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Self-monitoring blood glucose devices report also contains analysis on:

Self-monitoring blood glucose devices Segments:

• By Product
  • Test Strips
  • Lancets
  • Blood Glucose Meters
• By Application
  • Type 1 Diabetes
  • Type 2 Diabetes
  • Gestational Diabetes
• By End User
  • Hospitals,
  • Home Settings,
  • Diagnostic Centers
• Self-monitoring blood glucose devices Dynamics
• Self-monitoring blood glucose devices Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Self-monitoring blood glucose devices Market Report Scope and Segmentation

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