Global Self-Monitoring Blood Glucose Devices Market to be Worth USD 9.4 Bn by 2023
According to a new Research On Global Markets report, the global self-monitoring blood glucose devices market will expand at a compound annual growth rate (CAGR) of 4.8%, to reach a value of USD 9.4 Bn in 2023 from USD 7.4 Bn in 2018. Growing aged population, higher prevalence of diabetes due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity, are creating huge demand for blood glucose monitoring devices across the globe.
According to Research On Global Markets, the global self-monitoring blood glucose devices is segmented on the basis of product type and end user. Based on products, the testing strips segment contributed the highest market share (78.8%) in 2018, driven by its economical pricing compared to glucose meters, and growing awareness about the product among diabetes patients. The glucometers segment was the second-largest segment, and accounted for a market share of 16.1%, aided by the convenience, painless procedure, and quick results. The other products' segment comprises lancets, lancing devices and others, and accounted for 5.1% market share in 2018.
Based on end user, the market is further segregated into hospitals, home settings, and diagnostics centers and clinics. The home settings segment held the highest market share (86.7%) in 2018, and is expected to expand at CAGR of 4.9%, driven by the convenience offered by these devices. In 2018, hospital segment held a market share of 4.7%, and the segment is projected to expand at a nominal CAGR during the forecasted period, according to Research On Global Markets.
Check out the Research on Global Markets report featured in this article:
Research On Global Markets tracks the performance of the global self-monitoring blood glucose devices market across North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America is leading the self-monitoring blood glucose devices market, with a share of approximately 39.8% of the global market in 2018. The segment is expected to increase at a CAGR of 4.2% during the 2018-2023 period, driven by growing number of advanced medical facilities, rising healthcare expenditure, and favourable reimbursement policies in the region.
Key highlights of this report:
- Global market overview - forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global self-monitoring blood glucose devices market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on product types (testing strips and glucometers) - forecasted (2018-2023) market size (USD Bn), market observations, and influencing factors
- Market segmentation based on distribution channels (hospitals, home settings, and diagnostics centers and clinics) - forecasted (2018-2023) market size (USD Bn), market observations, and influencing factors
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for self-monitoring blood glucose devices across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.