Sellbyville, DE -- (SBWire) -- 12/19/2018 --Proven to be a critical component in the diabetes management process, the self-monitoring blood glucose devices market has registered an impressive growth rate owing to the prevalence of diabetes worldwide and the availability of diverse monitoring solutions. According to reliable data, about 8.8 percent of the global adult population in 2017 had diabetes, and this number is estimated to crawl up to 9.9 percent by 2045. Considering the total number of diabetic patients this percentage amounts to, the self-monitoring blood glucose devices industry could cater to virtually millions of consumers over the coming years. Unrestricted fast-food consumption among the millennials supplemented by the rising disposable income could accelerate the prevailing issue of obesity, which greatly indicates the onset of diabetes. The global self-monitoring blood glucose devices market, amassing a remuneration of over USD 14.3 billion in 2017, will be further boosted by the rising geriatric population that commonly experiences difficulty in controlling sugar levels.
It is reported that nearly 25 percent of American people aged 65 years or more have type 2 diabetes and spend approx. USD 104 billion annually on healthcare, with the number gradually soaring every year and building up a steady consumer base for the self-monitoring blood glucose devices industry. These devices are vastly utilized by medical professionals as well as home caregivers to administer insulin, determine diets, reduce anxiety and avoid cases of hypo or hyperglycemia in both type 1 and type 2 diabetic patients. Glucose monitoring helps in informing the doctor and patients if the planned treatment or medical regimen in working, enabling a better control over one's sugar level and performance of daily tasks. Researches into the benefits of self-monitoring of glucose have been extensively conducted for many years, and international medical agencies have promoted these benefits by recommending self-monitoring to anyone living with diabetes. As a result, the self-monitoring blood glucose devices market has promulgated by increased use in home environment, due to affordability and portability of these devices.
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Although clinic tests offer a comprehensive understanding of blood glucose levels and make effective comparison with past data, these tests are only done a few times in a year by diabetic patients, whereas glucose levels actually fluctuate throughout the day. Awareness pertaining to the usefulness of data provided by daily blood tests and the motivating output given by them has expanded the self-monitoring blood glucose devices market penetration in the home care segment. Key factors that induce a sense of comfort for diabetic patients while using these devices include ease of handling, clear and bigger displays, accurate figures and ability to double check for ensuring correct measurement. Adherence to internationally recognized standards has also encouraged the acceptance of self-monitoring devices as part of everyday life. With greater access to advanced portable devices that meet the expectations of diabetic patients and the need for maintaining a healthy personal and work lifestyle, the self-monitoring blood glucose devices market from use in home settings will register a CAGR of 5.7% from 2018 to 2024.
Initially, the segment was bursting with a slew of monitoring devices that required fine needle-pricks to get blood for testing, but the advent of continuous glucose monitors (CGM) help to develop less invasive methods to monitor glucose levels. In essence, CGMs are critical in discerning patterns in glucose level changes and assist in predicting the occurrence of low or high blood sugar levels in home as well as hospital patient, making them a significant part of the self-monitoring blood glucose devices industry. With sensors inserted under the skin to deliver real-time glucose level readings and charting out the changes to recognize glucose level triggers, CGMs offer a competent solution to allow for necessary adjustments required for improved living.
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Innovative CGMs are constantly redefining the self-monitoring blood glucose devices market dynamics, such as Abbot's novel flash glucose monitoring system. The American healthcare company's FreeStyle Libre is a self-applied personal glucose sensor that diabetic patients can wear for up to 14 days at a time. The highly accurate device is approved by the FDA and is more affordable when compared to other CGM alternatives in the market. Using the sensor, which is worn on the backside of the upper arm, diabetics are able to read real-time data and identify trends in glucose fluctuation by studying eight hours of glucose level information.
With over 800,000 people in more than 43 countries using Abbot's FreeStyle Libre, it is an example of the growing popularity of continuous glucose monitors, giving enormous propulsion to the self-monitoring blood glucose devices market. Along with Abbott Laboratories, Bayer Healthcare, All Medicus, Dexcom, Arkray, Bionime Corporation, F. Hoffmann-La Roche, LifeScan, Medtronic, Nova Biomedical and Trividia Health are some of the major industry participants providing advanced glucose self-monitoring devices.
Report Content
Chapter 1. Methodology
1.1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Self-monitoring blood glucose devices industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-user trends
2.1.4. Regional trends
Chapter 3. Self-Monitoring Blood Glucose Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Billion)
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising prevalence of diabetes worldwide
3.3.1.2. Technological advancements in developed countries
3.3.1.3. Government initiatives for increasing awareness among people
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of advanced devices and accessories in developing economies
3.3.2.2. Lack of reimbursement and stringent regulations for SMBG devices
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-user
3.5. Regulatory landscape
3.6. Porter's analysis
3.7. Company landscape, 2017
3.7.1. Strategy dashboard
3.8. PESTEL analysis
