Report ID: 10352119 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
The global market for self-monitoring blood glucose (SMBG) device estimated to exceed USD 21 billion in 2021 and is expected to grow at a compound annual growth rate of over 6% from 2022 to 2030. Technological advances in blood glucose monitoring equipment will significantly drive the growing market. The development of portable and miniaturized equipment makes it easier for patients to operate. In addition, researchers in this field are focusing on electromagnetic technology to build non-invasive, continuous blood glucose monitoring solutions for patients. With the participation of new technologies and the development of advanced monitoring equipment that can provide higher accuracy and precision. Various government initiatives in developing economies will reduce the burden of disease and increase awareness, which will have a positive impact on product adoption in the coming years. For example, the Australian Government’s National Diabetes Services Program provides subsidized products to people registered in the program. In addition, the Centers for Disease Control and Prevention (CDC) Diabetes Transformation Department (DDT) provides funding for healthcare organizations that manage diabetes. Such initiatives and plans by governments and health organizations in developed and developing countries will strengthen the growth of the industry in the coming years.
The growing demand for products with a high prevalence of diabetes will stimulate the expansion of the industry:
due to the need to monitor blood glucose frequently, the increase in the prevalence of diabetes worldwide will encourage the use of self-glucose monitoring equipment. According to data from the International Diabetes Federation, in 2019, the global adult population with diabetes was approximately 463 million. It is estimated that by 2045, this number will reach 700 million. One-fifth of the population 65 years and older is diagnosed with diabetes. Therefore, the increase in the elderly population further aggravates the burden of disease, which will provide huge growth opportunities for the market. Manufacturers and industry developers are focusing on developing improved monitoring solutions to serve the growing number of diabetic patients. Therefore, the preference for self-monitoring devices that provide superior and simple blood glucose monitoring among patients will drive market value.
A significant increase in government funding for monitoring and managing a growing population of diseases will drive the use of SMBG devices:
Hospital end-use segments in the USD 9 billion self-monitoring blood glucose device market in 2020 Government funding and patients in developed regions Preference to increase the availability of advanced hospital facilities is some of the factors that promote growth. In addition, the increase in hospitalizations and patient visits will drive demand for this product.
The regional burden has increased the demand for advanced monitoring solutions in North America:
Due to the diabetic population and the introduction of new products through innovation, the North American blood glucose self-monitoring equipment market will grow by more than 5% by 2030. Increased health expenditures, advanced health infrastructure and public awareness of new technologies will have an impact on regional growth in the coming years.
Major market participants attach great importance to product innovation and strategic cooperation to achieve competitive advantage:
some of the leading companies operating in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, and Medtronic Plc. And Dexcom and other actors. These industry leaders are adopting various inorganic growth strategies to gain a competitive advantage and strengthen their market position.
Some recent industry developments:
In November 2020, Abbott Laboratories announced the launch of the FreeStyle Libre system in India, which is a continuous blood glucose monitoring technology. Launching products in new regions will help the company's business expansion, which will lead to revenue growth. In January 2019, Eris Lifesciences and Medtronic plc collaborated on a diabetes management plan in India to develop smart diabetes management solutions for patients. This strategic alliance will help the two companies improve their business performance. In February 2018, Roche Diabetes Care India announced the launch of the new Accu-Chek Instant S blood glucose meter, thereby strengthening its existing product portfolio. The blood glucose self-monitoring equipment market research report includes in-depth industry reports to estimate and forecast the dollar revenue of the following market segments from 2022-2030: By product blood glucose self-monitor continuous blood glucose monitor test paper lancet application type 1 diabetes 2 Type Diabetes Gestational Diabetes According to End Use Hospital Home Environment Diagnosis Center and Clinic.
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Report ID: 10352119 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
