Self-monitoring Blood Glucose Market to Witness Stable Growth until 2025
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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