Kenneth Research has evaluated the current market opportunities in SMBG Market in India 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.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for SMBG Market in India Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
SMBG equipments has witnessed strong growth over the last few years on account of large number of diabetics and increasing awareness towards SMBG. People are also becoming aware of the harmful effects of diabetes.
The report begins with macro economic indicators whereby the basic economic indicators have been depicted. In the introduction section market size of point of care testing for both global and Indian market has been provided. The advantages of point of care testing have been listed. The next slide provides the segmentation of the point of care market in India. In the market overview section market size and growth rate of SMBG in value terms has been provided. Further an overview of the harmful aspects of diabetes and promotion adopted by companies has been described. Factors affecting the use of SMBG and working principle of SMBG has been tabulated. The slide also enumerates the benefits of using SMBG. In the next slide the distribution channel of SMBG has been highlighted (both traditional and modern) along with indicative pricing
In the next section drivers and challenges of SMBG market has been explained. Drivers include a large number of diabetic patients in India and a steady growth in their numbers in days to come. So it provides a market to grow for the manufacturers. Also rise in obese people has also provided a lucrative market to SMBG manufacturers. Demand for SMBG equipments are also in rise as people have become more health conscious. They have become aware of the danger diabetes poses. The challenges of SMBG market include not being able to buy SMBG for a large number of people who continue to suffer from diabetes. Moreover, this instrument also requires recurring expenditure in form of strips. Many a times people have problems in understanding the results of the test as they are unable to detect the color change. Many doctors are also skeptical about the results obtained from SMBG. Trends of SMBG market include technological innovations being brought about by the manufacturers so as to make the product even more user friendly. Alternative bloodless glucometers are likely to hit the market as some people do not want to prick themselves. Again, glucometers are easily available in the chemist shop helping to increase penetration and hence the market of SMBG. Better insurance coverage has also helped SMBG market to grow.
The competition section begins with a Porter’s five forces model which analyses the dynamics of the market. The major players in the market have been profiled which includes a financial summary for each of the players. Key ratios and key contacts are also listed. The last section offers strategic recommendations for the players in the SMBG market. For each of the companies a SWOT analysis has been provided.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of SMBG Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Kenneth Research:
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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