Global Self-Monitoring Blood Glucose Devices Market Size, Share, And Demand | Hit 3.9 % CAGR Over The Forecast 2028

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Global Self-Monitoring Blood Glucose Devices Market

Self-Monitoring Blood Glucose Devices Market- Zion market Research

The global self-monitoring blood glucose devices market size was worth around USD 8,925.1 mn in 2021 and is estimated to grow to about USD 11,228.1 mn by 2028

Self-monitoring blood glucose devices are predicted to showcase a high growth rate. Self-monitoring blood glucose devices are witnessing robust advances along with several launches by major players.” - Zion Market ResearchNEW YORK, UNITED STATES, December 22, 2022 /einpresswire.com / -- The report analyzes the global self-monitoring blood glucose devices market's drivers , restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the self-monitoring blood glucose devices market. The global self-monitoring blood glucose devices market is segregated based on product, application, end-user, and region. The market is divided into test strips, lancets, and blood glucose meters based on product. Among these, the test strip segment dominated the market, accounting for a major share of global sales in 2021. Based on application, the market is classified into type-1 diabetes, type-2 diabetes, and gestational diabetes. In 2021, the type-2 diabetes segment dominated the global self-monitoring blood glucose devices market. Based on end-user, the market is classified into hospitals and home settings. The hospital's segment dominated the market, accounting for a major share of global revenue in 2021. Key players functioning in the global self-monitoring blood glucose devices market include Abbott Laboratories, Arkray, Inc., B. Braun Melsungen AG, Bionime Corporation, F. Hoffmann-LA Roche LTD., Lifescan IP Holdings, LLC (Platinum Equity), PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare), and Ypsomed Holding AG.

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global self-monitoring blood glucose devices market overview:

Blood glucose levels should be monitored often since they can seriously influence a person's body at both high and low levels. Diabetes is a common chronic condition that affects blood sugar or insulin levels and damages the body by disrupting the body's ability to produce insulin. Blood glucose monitoring helps patients with diabetes make daily management decisions such as insulin dose, food intake, and physical exercise. Self-monitoring blood glucose (SMBG) is an advanced diabetes management procedure. It includes using blood glucose metrics by patients to check their respective glucose levels and provide an appropriate measure of capillary glucose concentration. Self-monitoring blood glucose technology uses lancets, test strips, and blood glucose meters to achieve long-term glycemic control.

The growth of the global self-monitoring blood glucose devices market can be attributed to increased risk factors that lead to diabetes and a rise in the incidence rate of diabetes. Additionally, the rise in the geriatric population and technological advancements in blood glucose monitoring devices will boost the growth of self-monitoring blood glucose devices. However, blood glucose monitoring devices have some shortcomings. They do not measure the exact glucose level in the blood and can give inaccurate results, thereby hampering the market growth. At the same time, increasing awareness of diabetes monitoring devices is expected to promote the market's growth.

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The Key Audiences for Global Self-Monitoring Blood Glucose Devices Market Report: (Who can Buy Our Report)

Global Self-Monitoring Blood Glucose Devices Market Consulting Firms & Research Institutes
Industry Leaders & Companies aim to enter the Self-Monitoring Blood Glucose Devices market
Universities and Student
Service Providers, Product Providers, Solution Providers, and other players in the Self-Monitoring Blood Glucose Devices market
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Individuals interested to learn about the Self-Monitoring Blood Glucose Devices market

Global Self-Monitoring Blood Glucose Devices Market Geography Analysis:

North America dominated the self-monitoring blood glucose devices market in 2021. however, The global self-monitoring blood glucose devices market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America acquired a major share of the self-monitoring blood glucose devices market in 2021 due to the region's high incidence rate of diabetes. Moreover, the presence of key players in North America promotes the market's growth. Additionally, the market expansion in this region is driven by the healthcare sector, which is continually changing. In 2020, 34.2 million Americans were predicted to develop diabetes, and one in three citizens of the nation have prediabetes, according to the CDC. Obesity, unhealthy eating habits, and other environmental factors significantly increase the patient population. Several initiatives established by national and international organizations to lessen the illness load will fuel the industry's expansion.

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Recent developments:

February 2020: Abbott partnered with Insulet to integrate its Continuous Glucose Monitor technology with Insulet's automated insulin delivery system.

January 2020: Tandem Diabetes Care, Inc., an insulin delivery and diabetes technology company, announced the launch of the t:slim X2TM insulin pump with Control-IQTM technology.

Global Self-Monitoring Blood Glucose Devices Market: Growth Drivers

Increasing awareness regarding the use of self-monitoring blood glucose devices to drive the market growth

Self-monitoring blood glucose devices are predicted to showcase a high growth rate. Self-monitoring blood glucose devices are witnessing robust advances along with several launches by major players. Moreover, demand for self-monitoring blood glucose devices increased due to a rise in awareness regarding the usage of self-monitoring blood glucose devices and their benefits. Additionally, the rise in the geriatric population and technological advancements in blood glucose monitoring devices will boost the growth of the global self-monitoring blood glucose devices market.

Global Self-Monitoring Blood Glucose Devices Market: Restraints

Shortcomings of self-monitoring blood glucose devices hinder the market growth

Self-monitoring blood glucose devices have shortcomings, such as not measuring the exact blood glucose level, and can give inaccurate results, which hampers the market growth.

Global Self-Monitoring Blood Glucose Devices Market: Opportunities

Technological advancements to present market opportunities

Technological advancements in self-monitoring blood glucose devices owing to an increase in the adoption of these technologies to manage diabetes will provide opportunities for key players in the global self-monitoring blood glucose devices market. At the same time, increasing awareness of diabetes monitoring devices is expected to promote the market's growth.

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Varsharani Lavate
Zion Market Research
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