SMBG Devices Market
Global Self-Monitoring Blood Glucose (SMBG) Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 Billion by 2024 from $12.3 Billion in 2016, growing at a CAGR of 6.2% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.1% and 6.3%, respectively, during the forecast period.
Rising occurrence of diabetes, increasing patient education, falling prices of devices, and availability of economic incentives are some of the factors propelling in the growth of the self-monitoring blood glucose (SMBG) devices market. Although, increasing penetration of private label brands, and dearth of awareness on benefits of regular blood glucose testing may limit the market growth. Moreover, new players with innovative technologies and enhanced marketing strategies are expected to generate numerous profitable opportunities in the upcoming years.
Type and geography are the major classification considered in the global self-monitoring blood glucose (SMBG) devices market. Among which, the type segment comprises of blood glucose test strips, blood glucose meter, blood glucose lancet, and others. Where, blood glucose test strip is expected to lead with principal market share and fastest CAGR during the forecast period.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major geographical segmentation of SMBG market. North America accounted the majority of the share in the market in 2016, with 39.8%, followed by Europe with 34.7%. In terms of growth, Asia-Pacific is expected to govern with fastest CAGR throughout the forecast period, due to increasing regularity of diabetes, easy access to detection kits, and implementation of advanced technologies.
Major players operating in this market include B. Braun Melsungen AG, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Life Scan Inc.(J&J), Medtronic Public Limited, Bayer AG, Arkray, Inc., Dexcom Inc., Trividia Health Inc., and Bionime Corporation, among others
Scope of SMBG Devices Market
- Blood Glucose Meter
- Blood Glucose Lancet
- Blood Glucose Test Strips
- Other Types