Global Self Monitoring Blood Glucose Devices Market 2022 Demand Analysis, Industry Size-Share Estimation, Top Leading Companies, Future Strategies, Growth Statistics 2031

Kenneth Research has evaluated the current market opportunities in Global Self Monitoring Blood Glucose Devices Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The global market for self-monitoring blood glucose (SMBG) device estimated to exceed USD 21 billion in 2021 and is expected to grow at a compound annual growth rate of over 6% from 2022 to 2030. Technological advances in blood glucose monitoring equipment will significantly drive the growing market. The development of portable and miniaturized equipment makes it easier for patients to operate. In addition, researchers in this field are focusing on electromagnetic technology to build non-invasive, continuous blood glucose monitoring solutions for patients. With the participation of new technologies and the development of advanced monitoring equipment that can provide higher accuracy and precision. Various government initiatives in developing economies will reduce the burden of disease and increase awareness, which will have a positive impact on product adoption in the coming years. For example, the Australian Government’s National Diabetes Services Program provides subsidized products to people registered in the program. In addition, the Centers for Disease Control and Prevention (CDC) Diabetes Transformation Department (DDT) provides funding for healthcare organizations that manage diabetes. Such initiatives and plans by governments and health organizations in developed and developing countries will strengthen the growth of the industry in the coming years.

The growing demand for products with a high prevalence of diabetes will stimulate the expansion of the industry:
due to the need to monitor blood glucose frequently, the increase in the prevalence of diabetes worldwide will encourage the use of self-glucose monitoring equipment. According to data from the International Diabetes Federation, in 2019, the global adult population with diabetes was approximately 463 million. It is estimated that by 2045, this number will reach 700 million. One-fifth of the population 65 years and older is diagnosed with diabetes. Therefore, the increase in the elderly population further aggravates the burden of disease, which will provide huge growth opportunities for the market. Manufacturers and industry developers are focusing on developing improved monitoring solutions to serve the growing number of diabetic patients. Therefore, the preference for self-monitoring devices that provide superior and simple blood glucose monitoring among patients will drive market value.

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A significant increase in government funding for monitoring and managing a growing population of diseases will drive the use of SMBG devices:
Hospital end-use segments in the USD 9 billion self-monitoring blood glucose device market in 2020 Government funding and patients in developed regions Preference to increase the availability of advanced hospital facilities is some of the factors that promote growth. In addition, the increase in hospitalizations and patient visits will drive demand for this product.

The regional burden has increased the demand for advanced monitoring solutions in North America:
Due to the diabetic population and the introduction of new products through innovation, the North American blood glucose self-monitoring equipment market will grow by more than 5% by 2030. Increased health expenditures, advanced health infrastructure and public awareness of new technologies will have an impact on regional growth in the coming years.

Major market participants attach great importance to product innovation and strategic cooperation to achieve competitive advantage:
some of the leading companies operating in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, and Medtronic Plc. And Dexcom and other actors. These industry leaders are adopting various inorganic growth strategies to gain a competitive advantage and strengthen their market position.

Some recent industry developments:
In November 2020, Abbott Laboratories announced the launch of the FreeStyle Libre system in India, which is a continuous blood glucose monitoring technology. Launching products in new regions will help the company’s business expansion, which will lead to revenue growth. In January 2019, Eris Lifesciences and Medtronic plc collaborated on a diabetes management plan in India to develop smart diabetes management solutions for patients. This strategic alliance will help the two companies improve their business performance. In February 2018, Roche Diabetes Care India announced the launch of the new Accu-Chek Instant S blood glucose meter, thereby strengthening its existing product portfolio. The blood glucose self-monitoring equipment market research report includes in-depth industry reports to estimate and forecast the dollar revenue of the following market segments from 2022-2030: By product blood glucose self-monitor continuous blood glucose monitor test paper lancet application type 1 diabetes 2 Type Diabetes Gestational Diabetes According to End Use Hospital Home Environment Diagnosis Center and Clinic.

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