Global Self-monitoring Blood Glucose (SMBG) Market: Introduction
Glucose monitoring is a necessary step toward managing diabetes. Diabetes is a clinical condition wherein the glucose level in the blood increases due to the inability of the pancreas to produce insulin. Self-monitoring blood glucose (SMBG) helps diabetic patients in deciding the dosage of insulin, food intake, and type of physical exercise needed for a day. SMBG is a modern procedure of diabetes management wherein blood glucose meters are used to check glucose levels. This procedure provides a precise measure of capillary glucose concentrations. Apart from blood glucose meters, self-monitoring blood glucose technology also utilizes lancets and test strips to control glycaemia.
Key Drivers of Global Self-monitoring Blood Glucose (SMBG) Market
Rising prevalence of blood disorders
According to Office of Disease Prevention and Health Promotion, a large number of people in the U.S. have genes for bleeding and clotting disorders and hemoglobinopathies. About 1.2 million U.S. develop blood clots in veins of the leg. This condition is called deep venous thrombosis (DVT). According to WHO World Health Organization, hemoglobin disorders were originally endemic in 60% of 229 countries, potentially affecting 75% of births; however, they are common in 71% of countries among 89% of births (either in the whole population or among minorities), which prompts policy makers to consider the most appropriate strategy for treatment and prevention. At least 5.2% of the world population (and over 7% of pregnant women) carry a significant variant. Hemoglobin S accounts for 40% of carriers but causes over 80% of disorders owing to localized very high carrier prevalence: around 85% of sickle-cell disorders, and over 70% of all affected births occur in Africa. Thus, rising blood disorders is expected to drive the market.
Rising prevalence of diabetes
According to American Diabetes Association, the prevalence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% in 2030. The total number of people with diabetes is projected to rise from 171 million in 2000 to 366 million in 2030. According to WHO, in 2019, an estimated 1.5 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributable to high blood glucose in 2012. According to WHO, the number of people with diabetes rose from 108 million in 1980 to 422 million in 2014. The global prevalence of diabetes among adults over 18 years of age rose from 4.7% in 1980 to 8.5% in 2014. In 2016, an estimated 1.6 million deaths were caused directly by diabetes. In 2012, another 2.2 million deaths were attributable to high blood glucose. Regular checkup and analysis of blood components and management of insulin can reduce diabetic conditions. Thus, the diagnosis of such diseases is expected to drive the market.
North America to Account for Major Share of Global Self-monitoring Blood Glucose (SMBG) Market
North America is projected to account for a major share of the global self-monitoring blood glucose (SMBG) market during the forecast period. North America is leading the global self-monitoring blood glucose (SMBG) market, as the region has witnessed rapid expansion of the healthcare industry. Growing funding by governments for the development of new and innovative products to treat diabetes are also fueling the self-monitoring blood glucose (SMBG) market in the region. However, a rise in the number of people suffering from diabetes in Asia Pacific is estimated to significantly boost the market in the region during the forecast period.
Key Players Operating in Global Self-monitoring Blood Glucose (SMBG) Market
The global self-monitoring blood glucose (SMBG) market is highly consolidated owing to the presence of several key players. Leading players operating in the global self-monitoring blood glucose (SMBG) market include:
- Abbott Laboratories
- Bionime Corporation
- B. Braun Melsungen AG
- F. Hoffmann-La Roche Ltd.
- LifeScan IP Holdings, LLC
- PHC Holdings Corporation
- Terumo Corporation
- Trividia Health, Inc. (Sinocare Inc.)
- ARKRAY, Inc.
- Ypsomed Holding AG
Global Self-monitoring Blood Glucose (SMBG) Market: Research Scope
Global Self-monitoring Blood Glucose (SMBG) Market, by Product Type
- Glucose meters
- Test strips
Global Self-monitoring Blood Glucose (SMBG) Market, by Application
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Global Self-monitoring Blood Glucose (SMBG) Market, by End-user
- Home Settings
- Diagnostic Centers
Global Self-monitoring Blood Glucose (SMBG) Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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