Global Self-Monitoring Blood Glucose (SMBG) Devices Market size is projected to be valued $20 Billion by 2024; with a CAGR of 6.1% from 2017 to 2025. SMBG device refers to home blood glucose testing for people with diabetes that allow measuring glucose concentration in a small drop of blood obtained via finger-prick. SMBG can help patients maintain their blood glucose levels within the appropriate range. The basic principle works on the current SMBG method involves a finger prick test to obtain a blood drop, which is applied onto a reagent strip and then read by an automated device. SMBG can be a key component of the treatment regimen as it provides the person with diabetes a means to distinguish fasting, pre-prandial, and postprandial blood glucose levels, allowing them to monitor the immediate effects of food, physical activity, and medications on glycemic management.
The increasing prevalence of diabetes due to unhealthy lifestyle, lack of exercise or other physical activity, and poor diet is the major key factor that drives the SBMG devices market globally. Moreover, declining prices, increasing patient education, and economic incentives would also fuel the growth of the market. However, restraints associated with the growth would include the high penetration of private label brands and lack of awareness on importance of regular blood glucose testing. Furthermore, new entrants with major technological innovations, and strategic marketing coupled with pricing tactics would provide several market growths in the coming years.
Self-monitoring blood glucose devices market is bifurcated as type, and geography. The type segment is further categorized as blood glucose meter, blood glucose test strips, blood glucose lancet, and others.
Based on 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.
Major companies operating in the global SELF-MONITORING BLOOD GLUCOSE (SMBG) DEVICESmarket are Medtronic Public Limited, F. Hoffmann-La Roche Ltd, Abbott Laboratories, B. Braun Melsungen AG, Bayer AG, Arkray, Inc., Dexcom Inc., Trividia Health Inc., Bionime Corporation, and Life Scan Inc.(J&J), among others.
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Scope of SELF-MONITORING BLOOD GLUCOSE (SMBG) DEVICES Market