A report by ARC estimated that the self-monitoring blood glucose devices market will surpass $19 billion by 2026, representing an average annual growth rate of 5 percent from 2019 to 2026. The report provides analysis of global Self-monitoring Blood Glucose Devices market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Diabetes is a clinical disorder in which the blood glucose level rises owing to the pancreas ‘ incapacity to generate insulin. Monitoring glucose is one of the most important measures in the leadership of diabetes. Blood glucose monitoring enables people to decide the consumption level of meals, insulin dosage and sort of physical exercise needed during the day. Self-monitoring blood glucose (SMBG) includes the use of blood glucose meters to control glucose levels and provide an exact measurement of capillary glucose levels. SMBG technology utilizes blood sugar meters, lancets and sample pads to accomplish more effective long-term glycemic control.
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Diabetes is a clinical disorder in which the amount of glucose in blood rises owing to pancreas inefficiency in insulin production. The management of diabetes is used to regulate blood sugar concentrations that can be tracked by blood glucose meters. Blood glucose instruments are self-monitored to track blood glucose concentrations in diabetic clients and monitor them.
The self-monitoring industry for blood glucose instruments is expected to grow in the short term, due to variables such as an increase in the incidence of diabetes, an increase in the diabetes susceptible population, technological advances in the use of diabetes machines and an increase in the need for quicker and safer diagnosis and diabetes treatment. However, blood glucose monitors do not evaluate the precise blood sugar amount, and measurements are given in a certain spectrum. Furthermore, the adverse effects of some of the diabetes treatments hinder market growth. A greater knowledge of diabetes surveillance equipment and untapped market possibilities in emerging areas should offer countless market growth possibilities.
The test strip industry accounted for approximately 80% of the biggest share of revenues in 2018. Similar trend is expected for the prediction era. Test rolls are an important component of the sugar meters. Therefore, elevated acceptance and expense for test strips by patients with diabetes will increase segmental development. For example, about 90 percent of UK nurses use blood sugar meter with test strips with an approximate projected annual expenditure of approximately USD 974. In addition, advances in test strips such as the Solo meter, which includes four test strips, help to provide rapid, more accurate test results. Such innovations, combined with the accessibility of cheap test strips, will increase market growth in test strips during the projection era.
The market for Continuous Glucose Monitors (CGMs) is estimated at more than 5% CAGR in the analytical timeline. CGMs are usually used by physicians requiring frequent surveillance of blood glucose. CGM models assist forecast potential occurrences for up to 60 minutes in hypoglycaemia or hyperglycaemia and provide clinically appropriate data on glucose trends. The advantages of ongoing glucose monitoring in geriatric or critical patients will stimulate segmental development over the next few years.
North America accounted for more than two-fifths of the world market share in 2018. The prediction era is anticipated to stay dominant. This is due to the rise in cancer incidence, development of the geriatric population and the acceptance of the sedentary lifestyle of diabetes-causing individuals. Furthermore, the elevated pace of acceptance of technologically advanced appliances and the existence of advanced healthcare infrastructure are anticipated to give the market players fresh possibilities for development.
Key Players & Strategies
Among the main competitors Dexcom, Roche, Abbott Laboratories, Johnson & Johnson and Medtronic are among the most prominent competitors competing in the worldwide blood sugar monitoring industry. These companies ‘ key policies include purchases, merger, partnerships and brand developments & launch to consolidate their customer base and grow company globally.
In January 2019 Medtronic, in cooperation with Eris Lifesciences, announced the introduction of its first Smart Continuous Glucose Monitoring System (CGMS) in India. The implementation aims to achieve a bigger client base in India with its sophisticated technological tool.
In July 2018 Abbott was approved for the Libre Flash glucose surveillance scheme FreeStyle that makes the unit the most durable private insulin detector and is accessible prescribed for use. The endorsement will improve the company’s brand base and achieve competitive edge.
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