Los Angeles, October 30, 2019 – Diabetic patients are the primary users of blood glucose monitors, which is an essential medical device for immediate testing. Growing need to management this lifestyle disease has bolstered their demand in recent years. QY Research has recently added a report titled “Global Blood Glucose Device (SMBG) Market Insights, Forecast to 2025”, predicting growth opportunities in the global market.
The global glucose meter market was worth US$17000 mn in 2018 and is expected to rise to US$29200 mn by the end of 2025, a registering CAGR of 7.0% during the forecast period.
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Increased Adoption of User-friendly Devices to Bolster Global Market
Patient with diabetes have to monitor the blood glucose level on a daily basis. Monitoring it is an essential part of managing diabetes. Therefore, the need for SMBG device can be as frequent as thrice a day in some cases. The market is escalating due to rising cases of type 1 and type 2 diabetic population, obese population, and insulin-dependent diabetics, and juvenile diabetics. Efforts by governments to raise awareness about diabetes management to avert complications has also been identified as a key driver. Lifestyle changes, lack of physical activity, and alcoholism triggers diabetes which, in turn, is expected to boost the global blood glucose device market.
Moreover, easy-to-operate devices have made it easier for patients to measure blood glucose level at home. Sophisticated healthcare infrastructure and increased healthcare expenditure are leading to penetration of SMBG devices among users in developing countries. Portable and user-friendly glucometers are rising in demand owing to effortless execution. Therefore, companies are partnering with technology firms to develop innovative and self-explanatory devices. These factors are likely to escalate the market during the forecast period.
Availability of Advance Monitoring Devices Augments Home Care Segment
The global blood glucose device market is segmented into type and applications. The type segment is further sub-segmented into 0.5Ul/0.6Ul, 1uL, 1.5uL, and others. The application segment consists of home care and medical. Among the application segment, home care segment is expected to rise during the forecast period as the undemanding and hassle-free SMBG devices have made it easier for people to operate from home.
United States to Lead the Market Owing to Active Government Participation
China has the largest number of self-monitoring glucose device users as the population is ever-increasing, creating a huge population pool. However, the United States has the largest share in the self-monitoring blood glucose market due to innumerable efforts taken by government and organizations working to reducing the burden and cost of the disease on the healthcare industry. American Diabetes Association is actively creating awareness and providing medical support to patients.
The key players operating in the global glucose device market are Yuwell, Roche, Yicheng, Lifescan, Sinocare, Abbott, Trividia Health, Terumo, Sannuo, Ascensia (Bayer), Nipro, Johnson & Johnson, Nova Biomedical, OMRON, Infopia, ARKRAY, I-SENS, Grace Medical, and B. Braun Medical.
Roche collaborated with mySugr to produce digital diabetes management solution for patients. mySugr is Vienna based digital health start up that has a mission to develop easy to use digital diabetes solution. Other companies are merging and acquiring shares as the market is very lucrative with endless opportunities.
· American Diabetes Association to trigger market growth in North America due to adoption of medical support and strategies.
· Invention of various applications to use at home conveniently is expected to boost the market.
QY Research established in 2007, focus on custom research, management consulting, IPO consulting, industry chain research, data base and seminar services. The company owned a large basic data base (such as National Bureau of statistics database, Customs import and export database, Industry Association Database etc), expert’s resources (included energy automotive chemical medical ICT consumer goods etc.
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