Self-monitoring Blood Glucose Devices Market Demand, Trends, Industry, Analysis Report and Forecast 2021-2030

In a recent published report, Kenneth Research has updated the Market report for Self-monitoring Blood Glucose Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Self-monitoring Blood Glucose Devices Market Products.

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The self-monitoring blood glucose devices market comprises testing strips, glucometers and other product segments such as lancets and lancing devices. Increase in aging population, high prevalence of diabetes due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity, creates a huge demand for blood glucose devices across the globe. The global self-monitoring blood glucose devices market is forecast to grow at a CAGR of 4.8% (2018-2023) and will reach USD 9.4 Bn in 2023 from USD 7.4 Bn in 2018. Market players are primarily focusing on product launches, and mergers and acquisitions to broaden their customer base, as well as to consolidate their position in the market.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Segmentation based on product type
Based on product type, in 2018, the testing strips segment contributed the highest market share (78.8%), on account of its economical pricing in comparison to glucose meters, and awareness among diabetes patients. The glucometers segment was the second-largest segment, with a market share of 16.1%, owing to its ease of use, painless procedure, and quick results.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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The other products’ segment comprises lancets, lancing devices etc. It accounted for a 5.1% share of the market, and is expected to show moderate growth during the forecast period
Segmentation based on end user type
Based on end user type, the market is segmented into hospitals, home settings, and diagnostics centers and clinics. Home settings segment contributed the highest market share of 86.7% in 2018 and will continue to grow at CAGR 4.9% due to convenience as these devices allow patients to check their blood glucose levels at home, at their own convenience.
During the forecast period, diagnostic centres and clinics are expected to expand at a moderate growth rate; in 2018, the segment witnessed market share of 8.5%. In 2018, hospital segment demonstrated least market share of 4.7%; the segment is projected to expand at a nominal growth in the coming years.
Regional insights
The self-monitoring blood glucose devices market in North America accounted for highest market share of 39.8% in 2018. The segment is expected to increase at CAGR 4.2% from 2018-2023 owing to factors such as growing number of advanced medical facilities, rising healthcare expenditure, and favourable reimbursement policies in the region. In 2018, testing strips segment contributed the highest revenue in North America region due to increase in diabetes cases, increasing disposable income, and technological advancements. The European market is anticipated to expand at a CAGR of 4.6% during the forecast period, given the presence of major market players in the region, improved awareness, and availability of self-monitoring blood glucose devices in a number of variants.
A large population, higher disposable income, and improved awareness about self-monitoring blood glucose devices will help the Asia-Pacific region dominate the global market during the forecast period. The Middle East and Africa and the Latin America markets, though still at nascent stages, will also experience high growth
Companies covered
• Roche Holding AG
• LifeScan, Inc.
• Abbott Laboratories
• Ypsomed AG
• B. Braun Melsungen AG
• Ascensia Diabetes Care
• DiaMonTech
• Nemaura Medical Inc.
• Noviosense BV

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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