NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market research, global self-monitoring blood glucose devices market size is forecasted to reach $18.6 billion by 2023, according to P&S Market Research.
This growth in the market is attributed to the increasing prevalence of diabetes, surge in geriatric population, and technological advancements. Moreover, increasing awareness about diabetic care, rising obese population, and favorable in health insurance and reimbursement scenario are also driving the growth of the market, globally.
On the basis of type, the self-monitoring blood glucose devices market is categorized into strips, glucose meters, lancets and others. Among all types, strips held the largest share in the market, accounting for more than 80.0% contribution in 2017.
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Self-monitoring blood glucose devices are mainly used for monitoring type 1 and type 2 diabetes. Between the two, the use of self-monitoring blood glucose devices is expected to exhibit faster growth for monitoring type 2 diabetes, with a CAGR of 6.0% during the forecast period. This is attributed to the rising prevalence of type 2 diabetes among adults, which is substantiated from the fact that, among all diabetes cases, 90% to 95% of the cases are found to be suspected with type 2.
During the forecast period, the self-monitoring blood glucose devices market is projected to witness the fastest growth in Asia-Pacific (APAC), with a CAGR of 7.0%. This can be attributed to the increasing prevalence of type 2 diabetes, surging geriatric population, and government spending on healthcare in the region. According to the International Diabetes Federation (IDF), in 2017, around 82 million of adults (20-79 years) were found to be suspected with diabetes in Southeast Asia, constituting a prevalence of 8.5% in the region; of those, around 45.8% were undiagnosed.
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In addition, rising awareness about diabetes and its complications such as, delayed wound healing and diabetic foot ulcer) is also accelerating the growth of self-monitoring blood glucose devices market in the region. For instance, in October 2018, IDF has announced to organize an event titled as “IDF Diabetes Complications and Foot Congress 2018”, in Hyderabad, India. The event would provide information diabetes and complications associated with it, along with its management.
Key players are launching various products in the self-monitoring blood glucose devices industry to increase their market share. For instance, in August 2017, Nova Biomedical launched the CE-Marked critical care analyzer, Stat Profile Prime Plus, for improving the testing standards. It provides 22 essential critical care tests that include blood gases, electrolytes, metabolites, hematology, and co-oximetry. Prime Plus also features new and patented, non-lysing whole blood co-oximetry technology, along with automated quality control (QC), powerful data management, bidirectional connectivity, and extensive cybersecurity protection.
Some of the other key players (other than those mentioned above) operating in the self-monitoring blood glucose devices market are Johnson & Johnson, Sinocare Inc., ARKRAY Inc., Medtronic plc, B. Braun Melsungen AG, Abbott Laboratories, and Bayer AG.
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