The global self-monitoring blood glucose devices market generated $7.77 billion in 2017 and is expected to reach $10.83 billion by 2025, registering a CAGR of 4.2% during the forecast period, 2018-2025.
The growth of the global self-monitoring blood glucose devices market is driven by rise in prevalence of diabetes worldwide, increase in risk factors that lead to diabetes, surge in geriatric population, and technological advancements in diabetes monitoring. However, the lack of precise results by such devices significantly hampers market growth. Nonetheless, the surge in awareness for diabetes monitoring devices would provide lucrative opportunities for emerging market players in the near future.
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The report segments the global self-monitoring blood glucose devices market by product, application, end user, and geography. Based on product, the report sub-segments the market into test strips, lancets, and blood glucose meters. The test strips segment dominated the global market in 2017, owing to an increase in demand for test strips in various diabetes monitoring devices. Based on application, the market is fragmented into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment generated almost three-fourths of the global revenue in 2017 and is expected to maintain its dominance through 2025 due to surge in prevalence of type 2 diabetes across the world. Meanwhile, the gestational diabetes segment is projected to grow at the highest CAGR during the forecast period.
Based on end user, the market is further divided into hospitals, home settings, and diagnostic centers. The hospitals segment dominated the global market in 2017, occupying more than two-fifths of the total share. However, the home settings segment is expected to grow at the fastest rate during the forecast period. Regionally, North America is projected to maintain its dominance through 2025, owing to the increase in incidence of diabetes, growth in geriatric population, and adoption of sedentary lifestyle of people that leads to diabetes. On the other hand, Asia-Pacific is anticipated to dominate the market during the analysis period, owing to high population base, increase in disposable income, and improvement in patient awareness about self-monitoring blood glucose devices.
The report also profiles key players involved in the global self-monitoring blood glucose devices market, such as Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, PHC Holdings Corporation, Sanofi, Terumo Corporation, and Trividia Health, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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