Global Self-Monitoring Blood Glucose (SMBG) Devices Market is Estimated to Reach $20 Billion by 2024, Says Accurize Market Research
Global self-monitoring blood glucose (SMBG) devices market report published by Accurize Market Research forecast that the global market is expected to reach $20 billion by 2024; growing at a CAGR of 6.1% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing prevalence of diabetes due to unhealthy lifestyle, lack of exercise or other physical activity and poor diet across the globe to drive the growth of the market
Increasing prevalence of diabetes due to unhealthy lifestyle, lack of exercise or other physical activity and poor dietfuels the demand for the global self-monitoring blood glucose (SMBG) devices market. Moreover,declining prices, increasing patient education and economic incentives also boosts the growth of the market.
MarketSegmentation
The global self-monitoring blood glucose (SMBG) devices market has been bifurcated on the basis of type, and geography. The type segment is further categorized as blood glucose meter, blood glucose test strips, blood glucose lancet, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., Canada and Mexico whereas Europe consists of UK, Russia, Germany, France, Italy, Spain, and others. Asia-Pacific is segmented into India, China, Japan, and others while RoW is bifurcated into South America, Middle East and Africa.
“Blood glucose test stripis expected to accountfor the largest market share in the type segment ", says Accurize
By typesegment, blood glucose test strip is likely to dominate with largest market share and fastest CAGR during the forecast period.
“North Americadominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America and Europe accounted the majority of the share in the market with 39.8% and 34.7%, respectively. In terms of growth, Asia-Pacific is anticipated to dominate with fastest CAGR during the forecast period, driven by increasing commonness of diabetes, easy access to detection kits, and adoption of advanced technologies.
Top players in the market
The key market players include Abbott Laboratories, B. Braun Melsungen AG, Bayer AG, Arkray, Inc., Dexcom Inc., Trividia Health Inc.,edtronic Public Limited, F. Hoffmann-La Roche Ltd, Bionime Corporation, and Life Scan Inc.(J&J) among others.
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