The self-monitoring blood glucose devices market comprises testing strips, glucometers and other product segments such as lancets and lancing devices. Increase in aging population, high prevalence of diabetes due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity, creates a huge demand for blood glucose devices across the globe. The global self-monitoring blood glucose devices market is forecast to grow at a CAGR of 4.8% 2018-2023 and will reach USD 9.4 Bn in 2023 from USD 7.4 Bn in 2018. Market players are primarily focusing on product launches, and mergers and acquisitions to broaden their customer base, as well as to consolidate their position in the market.
Access Full Report with TOC @ https://www.planetmarketreports.com/reports/global-self-monitoring-blood-glucose-devices-market-2018-2023
Segmentation based on product type
Based on product type, in 2018, the testing strips segment contributed the highest market share 78.8% , on account of its economical pricing in comparison to glucose meters, and awareness among diabetes patients. The glucometers segment was the second-largest segment, with a market share of 16.1%, owing to its ease of use, painless procedure, and quick results.
The other products segment comprises lancets, lancing devices etc. It accounted for a 5.1% share of the market, and is expected to show moderate growth during the forecast period
Segmentation based on end user type
Based on end user type, the market is segmented into hospitals, home settings, and diagnostics centers and clinics. Home settings segment contributed the highest market share of 86.7% in 2018 and will continue to grow at CAGR 4.9% due to convenience as these devices allow patients to check their blood glucose levels at home, at their own convenience.
During the forecast period, diagnostic centres and clinics are expected to expand at a moderate growth rate; in 2018, the segment witnessed market share of 8.5%. In 2018, hospital segment demonstrated least market share of 4.7%; the segment is projected to expand at a nominal growth in the coming years.
Regional insights
The self-monitoring blood glucose devices market in North America accounted for highest market share of 39.8% in 2018. The segment is expected to increase at CAGR 4.2% from 2018-2023 owing to factors such as growing number of advanced medical facilities, rising healthcare expenditure, and favourable reimbursement policies in the region. In 2018, testing strips segment contributed the highest revenue in North America region due to increase in diabetes cases, increasing disposable income, and technological advancements. The European market is anticipated to expand at a CAGR of 4.6% during the forecast period, given the presence of major market players in the region, improved awareness, and availability of self-monitoring blood glucose devices in a number of variants.
A large population, higher disposable income, and improved awareness about self-monitoring blood glucose devices will help the Asia-Pacific region dominate the global market during the forecast period. The Middle East and Africa and the Latin America markets, though still at nascent stages, will also experience high growth
Companies covered
• Roche Holding AG
• LifeScan, Inc.
• Abbott Laboratories
• Ypsomed AG
• B. Braun Melsungen AG
• Ascensia Diabetes Care
• DiaMonTech
• Nemaura Medical Inc.
• Noviosense BV
Customizations available
In case of any queries or customization requirements please connect with our sales team sales@planetmarketreports.com, which will ensure that your requirements are met.
Browse a Free Sample Report @ https://www.planetmarketreports.com/report-sample/global-self-monitoring-blood-glucose-devices-market-2018-2023
About Us:
Planet Market Reports gives statistical surveying reports to businesses, people and associations with a goal of helping them in their decision making process. We have huge database of market research reports & company profiles across globe. We associated with global market research a publisher who has a wide range of research specialists & industry experts which provides you deeper penetration of market research industry.
We have statistical surveying reports from number of top publishers and update our reports collections on daily basis with most recent research data to furnish our customers with the moment online access to our database. With access to this database, our customers will be able to benefit from expert insights on worldwide businesses, items, and market patterns. We help you in your buy choice by mapping your data needs with our immense accumulation of reports.
Contact US:-
Name: Jennifer Daniel
Email-Id: sales@planetmarketreports.com
US: +1-716-2260907
UK: +447441952057
Organization: Planet Market Reports