Self-Monitoring Blood Glucose Devices Market Overview
The global self-monitoring blood glucose devices market generated $13.2 billion revenue in 2017 and is projected to witness a CAGR of 5.9% during the forecast period. The growth in the market is characterized by the increasing prevalence of diabetes, surge in geriatric population, technological advancements, increasing awareness about diabetic care, rise in obese population, and favorable health insurance and reimbursement scenario.
GLOBAL SELF-MONITORING BLOOD GLUCOSE DEVICES MARKET, BY APPLICATION, $M (2013-2023)
On the basis of type, the self-monitoring blood glucose devices market is categorized into strips, glucose meters, lancets, and others. Among all types, the sale of strips is expected to exhibit the fastest growth in this market, recording a CAGR of 6.0% during the forecast period. These strips are made up of disposable plastic and are impregnated with glucose oxides that help in determining glucose level in blood. Blood glucose strips are cost-effective and are also used for testing the ketone level in the blood.
Further, various advancements related to the designing of strips are also boosting the sales of the category. For instance, some of the glucose monitoring strips can be reused and other types do not require a meter, as the glucose level can be determined by matching the color of the strip against the chart.
Self-monitoring blood glucose devices find application in the monitoring of diseases such as type 1 diabetes, type 2 diabetes, and others. Among all applications, self-monitoring blood glucose devices for type 2 diabetes held the largest share in the market, valued at over 81.6% in 2017. Type 2 diabetes is a common lifestyle disease and can cause major health complications, particularly in the blood vessels of kidney, eyes, and nerves. Some of the major complications of the disease are diabetic nephropathy and diabetic retinopathy.
Geographically, North America held the largest share in the self-monitoring blood glucose devices market, accounting for 40.9% contribution in 2017. This can be attributed to the increasing prevalence of diabetes and growth of aging population in the region, which have made diabetes one of the major lifestyle diseases in North America. In addition, the increasing technological advancements with launch of innovative products is also driving the growth of the market in the region.
According to American Diabetes Association, in 2015, around 30.3 million Americans (9.4% of the population) had diabetes, of which, around 23.1 million were diagnosed and 7.2 million were undiagnosed. In accordance to the recent statistics, 1.5 million Americans are diagnosed with the disease every year. Prediabetes, a condition when blood sugar level is higher than normal but not yet high enough to be termed as type 2 diabetes, is found in most of the Americans. In 2015, 84.1 million Americans aged 18 years and above had prediabetes.
Self-Monitoring Blood Glucose Devices Market Dynamics
Factors such as increasing prevalence of diabetes, surge in geriatric population, rising obese population, and technological advancements are driving the growth of the self-monitoring blood glucose devices market. In addition, increasing awareness about diabetic care and favorable health insurance and reimbursement scenario are also contributing to the growth of the market, globally.
The aging population is increasing rapidly around the world. According to United Nations Department of Economic and Social Affairs (UNDESA) report on the global aging population, population aged 60 years or above is growing at a very high rate; Its share in the world increased from 9.2% in 1990 to 11.7% in 2013 and is expected to reach 21.1% by the end of the year 2050. The aging population acts as a major driver for the growth of the self-monitoring blood glucose devices market, as the geriatric population is more prone to illnesses due to low immunity levels.
According to the population division of UNDESA in the United Nations Secretariat, aged people are expected to make up 30% of the population in China by 2050. The population of people aged 60 years and above is expected to reach 437 million in China and 324 million in India, as compared to 107 million in the U.S., by 2050. According to the UNDESA, the aging population in the world is projected to be around 3.1 billion in 2100 from 0.5 billion in 1990.
Self-Monitoring Blood Glucose Devices Market Competitive Landscape
The intensity of rivalry in the self-monitoring blood glucose devices market is medium to high. There is moderate degree of product differentiation among existing players. Also, these products have high prices, in comparison to the traditional methods used for diagnosing and monitoring blood glucose.
There is moderate threat of new players entering the market, as every incoming player has to abide by the stringent and mandatory regulatory standards set by the government. Also, the capital required for research and development activities involved in the development of these devices is moderate, which acts as a barrier for players willing to enter the market.
Some of the key players operating in the self-monitoring blood glucose devices industry are Johnson & Johnson, Sinocare Inc., ARKRAY Inc., Nova Biomedical, Bionime Corporation, Medtronic plc, B. Braun Melsungen AG, Abbott Laboratories, and Bayer AG.