The self-monitoring blood glucose devices market is expected to exhibit a CAGR of 5.9% during the forecast period (2018–2023), owing to the booming elderly population, rising burden of diabetes, surging public awareness about diabetes, growing obese population, and rapid technological advancements in the medical device sector.
The surging cases of diabetes is one of the primary growth drivers of the market. The International Diabetes Federation (IDF) reveals that 206 million, 90 million, 73 million, 61 million, 51 million, and 32 million people in West Pacific, Southeast Asia (SEA), Middle East and North Africa, Europe, North America and Caribbean, and South and Central America, respectively, were living with diabetes in 2021. The organization forecasts that the number of diabetic patients aged 20–79 years will rise from 537 million in 2021 to 643 million by 2030.
In recent years, the players operating in the self-monitoring blood glucose devices market have launched new and advanced products to gain a competitive edge. Market players, such as Johnson & Johnson, Sinocare Inc., Abbott Laboratories, ARKRAY Inc., Bayer AG, Nova Biomedical, B. Braun Melsungen AG, Medtronic plc, and Bionime Corporation, have to comply with the stringent regulatory standards that have been laid down by several governments. At present, there is a moderate degree of product differentiation among the market players.
Whereas, the Asia-Pacific self-monitoring blood glucose devices market is expected to showcase the fastest growth in the forecast years, owing to the growing prevalence of type-2 diabetes, mounting government healthcare expenditure, soaring public awareness about diabetes and its complications, and expanding population base of aging people. The IDF predicts that the population of diabetic people aged 20–79 years in SEA will reach 151,500,000 by 2045. Further, the United Nations Population Fund (UNFPA) forecasts that the number of people aged 60 years and more in APAC will rise to over 1.3 billion by 2050.
Therefore, the booming population of diabetic patients and the soaring number of old people will drive the demand for self-monitoring blood glucose devices.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
