Market Research Report
Personal use Self monitoring Blood Glucose Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||808271|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Personal use Self monitoring Blood Glucose Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 100 Pages||
The personal-use self-monitoring blood glucose (SMBG) market has grown in recent years, due to an increased awareness among diabetes patients. New technological innovations in glucometers and their ease of usage, have made diabetes and pre-diabetes patients more conscientious in monitoring and controlling their blood glucose levels.
Currently, the home user market holds the highest market share and is expected to increase. As a result of this, the demand for home usage of self-monitoring blood glucose devices is not only high among diabetes patients, but also among other people who want to know their health situation regularly.
One of the fastest-growing chronic diseases in the world is diabetes. Diabetes is a disease that occurs when the glucose levels of the body increase to more than the normal level, and the body is unable to produce insulin. Glucometers are used to monitor glucose levels. The type 1 diabetes population around the world is rising, while witnessing a CAGR of 2.13%. As the diabetic population increases, the self-monitoring blood glucose devices market is also bound to increase.
Other factors, such as technological innovations, the convenience of conventional glucose monitoring over regular monitoring, and early detection of hypo- and hyperglycemic diabetes are the primary drivers for market growth.
The market is segmented by component (glucometer device, blood glucose test strips, lancets), and geography.
Key Market Trends - Blood Glucose Test Strips Hold the Highest Market Share
Blood glucose test strips have the highest market share, with 77%, in the global personal usage market of self-monitoring blood glucose (SMBG) devices. As the blood glucose test strips are only for one-time use, the expenditure spent on test strips is high because of the need for their continuous replacement.
The glucometer is considered to be a one-time purchase. Test strips, on the other hand, are supposed to be a continuous investment, as a test strip needs to be disposed of after one use. Thus, this presents a considerable cost impact to the consumers.
Overall, the global demand for blood glucose test strips is projected to witness significant growth over the forecast period. The growth of the market studied is expected to be spurred by the rising global diabetic population.
The growth in market volumes and share of the test strip segment is expected to be better than that of glucometers, because of the difference in use-case frequency. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost, during the same time frame, the corresponding use of multiple (in the range of thousands) test strips may occur, causing a recurrent cost impact.
North America has the Highest Market Share, with a 21.63% CAGR
The North America test strips market has the highest market share, with a revenue of USD 2 billion, followed by Europe and Asia-Pacific.
The United States alone has around 80% share in the North America blood glucose test strips market.
The price policies and favorable reimbursement policies in North America are driving the growth of the North America personal-use glucometer device market.
The global personal-use glucometer market is highly consolidated, with a few major manufacturers having their presence in major regions of the global market, while the remaining manufacturers are limited to other local or region-specific manufacturers.
The innovations in self-monitoring blood glucose devices are increasing and are under development.
ColorSure Dynamic Range Indicator (ColorSure® PLUS) is an expansion of ColorSure® technology from the OneTouch brand. ColorSure PLUS technology is designed to help patients understand when glucose results are nearing highs or lows.