Portland, OR, Nov. 04, 2020 (GLOBE NEWSWIRE) -- According to a new report published by Allied Market Research, titled, "Self-monitoring Blood Glucose Devices Market by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027," the global self-monitoring blood glucose devices market was valued at $8.49 Billion in 2019, and is projected to reach $11.9 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Rise in prevalence of diabetes, increase in obese and geriatric population, sedentary lifestyle, technological advancements in diabetes devices, and increased need for faster, safer diagnosis and treatment of diabetes drive the growth of the global self-monitoring blood glucose devices market. However, inability of blood glucose monitoring devices to measure the exact level of glucose and adverse effects associated with some of the diabetes care devices hinder the market growth. Conversely, rise in awareness about diabetes monitoring devices as well as high potential in untapped markets in emerging economies are expected to provide lucrative growth opportunities for the market growth.
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Test strips product segment to retain its lion's share through 2027:
Among products, the test strips segment captured 81% of the total market share in 2017 and would maintain its lion's share throughout the study period. This is due to the widespread availability of test strips and cost-effective nature of these products. However, the lancets segment is expected to grow at the fastest CAGR of 6.2% from 2018 to 2025. The blood glucose meters segment is expected to grow at a steady rate during the forecast period.
Type 2 diabetes application segment to be lucrative through the study period:
The type 2 diabetes segment accounted for three-fourths of the total market share in 2017 and is expected to maintain its dominance through 2025. The segment is expected to grow at the fastest CAGR of 4.4% during the forecast period, as it is the most prevalent form of diabetes, which affects a greater percentage of the population. The other applications analyzed in the study are type 1 diabetes and gestational diabetes.
Home settings end user segment to capture the highest share and grow at the fastest rate:
Among end users, the hospitals segment held 41% of the total market share in 2017 and would maintain its highest share by 2025, registering the fastest CAGR of 4.9% during the forecast period. This is attributed to the advent of portable, user-friendly glucose meters that can be used at home. The diagnostic centers segment is expected to grow at a steady rate during the forecast period.
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North America to be dominant, Asia-Pacific to grow the fastest:
North America accounted for 40% of the total market share in 2017 and would maintain its lead position through 2025. This is attributed to factors such as new product launches, increased adoption of advanced glucose meters, and large obese population in the region. However, Asia-Pacific would grow at the fastest CAGR of 5.5% during the forecast period owing to the rapidly changing healthcare infrastructure in developing counties such as India and China, growth of medical tourism industry, rise in number of diabetes cases, increase in awareness of diabetes management, and boost in per capita income. The other regions analyzed in the report include Europe and Latin America, Middle East & Africa (LAMEA).
Frontrunners of the industry:
The key market players analyzed in the research report include Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, PHC Holdings Corporation, Sanofi S.A., Terumo Corporation, and Trividia Health, Inc.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.