One of the recent developments in the self-monitoring blood glucose devices market comprises a study conducted by researchers from the University of Texas Health Science Center, San Antonio.
One of the recent developments in the self-monitoring blood glucose devices market comprises a study conducted by researchers from the University of Texas Health Science Center, San Antonio. The research focuses on how adults diagnosed with Type 2 diabetes make use of technology for self-monitoring health and lifestyle behaviors.
The study reportedly found that technology-assisted self-monitoring devices are safe and effective in the generation of positive health outcomes. The researchers have also recorded a number of limitations so that the findings are considered in future studies and clinical practice. Similar studies are expected to support novel product development, in turn driving the demand for self-monitoring blood glucose devices over the forthcoming years.
As per the latest research by Global Market Insights, Inc., the self-monitoring blood glucose devices market size accounted for a valuation of more than USD 15.5 billion in 2019 and is estimated to escalate at a commendable CAGR of 5.3 per cent through 2026.
Major players in the self-monitoring blood glucose devices industry include Dexcom, Inc., Johnson & Johnson, Abbott Laboratories, Medtronic Plc., F. Hoffmann-La Roche Ltd., and others. They are expanding their market presence by favoring the adoption of several strategies including partnerships as well as product portfolio enhancements.
Considering an instance, Abbott Laboratories, in June 2020, obtained the approval of the U.S. Food and Drug Administration for the next generation of its iCGM (integrated continuous glucose monitoring) system. Such product approvals are expected to provide opportunities for business growth, stimulating industry expansion over the forecasted period.
Few prominent trends in the global self-monitoring blood glucose devices market comprise:
Surging demand for self-monitoring blood glucose meters
Multiple glucometer benefits comprising the detection of the risk of hypoglycaemia as well as the reduction of frequent facility visits have been instrumental in boosting the demand for self-monitoring blood glucose meters in the diabetes market.
The self-monitoring blood glucose meters segment is anticipated to advance at an appreciable CAGR of 5.7 per cent over the estimated span. This growth is prominently ascribed to the advantage of testing as well as regular blood glucose monitoring in-home settings.
To access sample pages of this report titled, “Self-monitoring Blood Glucose Devices Market Size By Product (Self-monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End-use (Hospitals, Home Settings, Diagnostic Centers & Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/2743
Greater diabetes burden in the U.S. self-monitoring blood glucose devices market
As per the Centers for Disease Control and Prevention, nearly 34.5 per cent of the adult population in the United States has been diagnosed with prediabetes. This group exhibits greater diabetes burden, making the government, as well as various industry organizations, collaboratively focus on the generation of awareness and the provision of efficient blood glucose measure devices.
The U.S. SMBG industry accounted for a substantial revenue of more than 85.0 per cent of the overall North America self-monitoring blood glucose devices market size in 2019.
Rising healthcare expenditure in developed regions
A surge in the diabetes associated health expenditure in developed regions is likely to propel diabetes market size, in turn bolstering the demand for self-monitoring blood glucose devices industry over the projected period. As per the American Diabetes Association, the annual cost of diagnosed diabetes in North America has recorded a considerable spike from a valuation of USD 245 billion in 2012 to USD 327 billion in 2017.
In a nutshell, rapidly evolving trends in lifestyle along with the soaring prevalence of diabetes are likely to stimulate self-monitoring blood glucose devices industry outlook, impelling revenue expansion through the ensuing years.
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