Self-Monitoring Blood Glucose Devices Market to be driven by Surge in Technological Advancements in the Sector of Blood Glucose Monitoring Devices
Self-monitoring blood glucose is a modern procedure for diabetes management to check the glucose level instantly and measure the precise capillaries glucose concentration. The self-monitoring blood glucose technology utilizes lancets, test strips, and blood glucose meters to facilitate long-term glycemic control. The blood glucose monitoring assists diabetic patients to make regular management decisions like physical exercise, insulin dose, food intake, and others.
Global Self-Monitoring Blood Glucose Devices Market: Growth Factors
The global self-monitoring blood glucose devices market is anticipated to grow significantly during the forecast period due to the increasing incidences of diabetic cases all over the world. The surge in technological advancements in the sector of blood glucose monitoring devices is boosting the global market. With increasing technology, these devices are widely available in various shapes, sizes, and duration of testing time. The development of miniature size portable devices aid in easy handling and thus boosted the demand. Moreover, the medical developments aid in the early detection of hyper and hypo glycemic diabetes which further propelled the market growth globally. The changing lifestyle and increasing trend of alcohol & smoking consumptions are constantly increasing the diabetes cases and thus, boosting the demand for such devices. Rising cases of obesity is another factor driving the growth of the global self-monitoring blood glucose devices market. Furthermore, the growing geriatric population across the world is also fueling market growth. The growing awareness among the people regarding diabetes preventive care is boosting the growth of the global market. However, the outbreak of coronavirus has changed the lifestyle of people. The lockdowns all over the world has transformed the active lifestyle of the people to sedentary behavior. Thus these factors increased the cases of diabetes among people and hence boosted the demand for such devices. The surge in government initiatives to reduce the cases of diabetes has positively shaped the trajectory of the global self-monitoring blood glucose devices market during the forecast period.
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Global Self-Monitoring Blood Glucose Devices Market: Segmentation
The global self-monitoring blood glucose devices market can be segmented into product, application, end-users, and region.
By product, the market can be segmented into blood glucose meters, lancets, test strips, and others. The test strips segment holds the largest share in the global self-monitoring blood glucose devices market owing to its added benefits in managing and monitoring diabetes to prevent hyperglycemic and hyperglycemic conditions. The testing strips are needed for time-to-time blood testing and hence required regular purchase.
By application, the market can be segmented into gestational, type 2, and type 1 diabetes. Type 2 accounts for the largest share in the global self-monitoring blood glucose devices market. Type 2 diabetes is a life-long chronic condition disease affecting the processing and monitoring of sugar levels. The increasing cases of tobacco and alcohol consumption are fueling the growth of the segment significantly.
By end-user, the market can be segmented into hospitals, diagnostic centers, and home settings.
The hospital segment holds hegemony over others due to surging government funding and the preference of patients because of the availability of high technology features.
Global Self-Monitoring Blood Glucose Devices Market: Regional analysis
North America holds the largest share in the global self-monitoring blood glucose devices market due to the growth in the population suffering from diabetes. The technological advancements in the region also facilitate the launch of new products which further boost the regional market growth.
Asia Pacific is anticipated to witness huge growth with high CAGR due to the growing expenditure on the healthcare sector and many government initiatives to lower the burden of disease in the region.
Global Self-Monitoring Blood Glucose Devices Market: Competitive Players
Some of the significant players in the global self-monitoring blood glucose devices market are Ypsomed Holding AG, ARKRAY, Inc., Trividia Health, Inc., Terumo Corporation, PHC Holdings Corporation, LifeScan IP Holdings, LLC, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Bionime Corporation, and Abbott Laboratories.
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