The global Self-Monitoring Blood Glucose (SMBG) Devices market is forecast to reach USD 21.00 Billion by 2030, according to a new report by Reports and Data. Blood glucose strips are one of the key components to test the glucose level of a sample blood. The sample blood is put onto the strip and then the other end of the test strip is placed inside the blood glucose test meter. The glucose oxidase provided by each test strip help determine the testing meter of the glucose level of blood. The global market is growing at a substantial pace as the amount of diabetes patients and patients with pre-diabetes symptoms are drastically being propelled. Type 2 diabetes by application is calculated to dominate the market. Amongst the end-users, the hospitals sub-segment is leading in the market due to the highest number of test and use of the strips in the hospitals. The use of alternatives to blood glucose strip test are predominantly restraining the market growth.

The North American market is forecasted to generate the highest revenue of USD 5.76 Billion in the year 2030, owing to its huge demand for Self-Monitoring Blood Glucose (SMBG) Devices in the hospitals and individuals sub-segments. Asia Pacific, with its elevated increase of using the test strips over other alternatives and a drastic increase in the number of diabetes patients in China, India, and Japan, are likely to surpass the European market. China and India are some of the fastest-growing markets, while the United States and Switzerland hold some of the most prominent players in the market.

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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.

Further key findings from the report suggest:

• Online retailing supply of the Self-Monitoring Blood Glucose (SMBG) Devices has been trendy especially in emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the pharmacies medical stores due to the non-involvement of the sub-distributors chain in the process. This sub-segment is expected to grow at a CAGR of 7.4% during the forecast period.
• The hospitals around the world have been incorporating the Self-Monitoring Blood Glucose (SMBG) Devices to test out the blood glucose levels for its superfast output and nearly accurate results. The hospitals sub-segment is expected to reach a market share of 59.8% by 2030 and the CAGR is forecasted to be 5.9% during the period 2021 – 2030.
• Use and through strips are standard Self-Monitoring Blood Glucose (SMBG) Devices which are available at a very low cost. These strips require the blood glucose level testing meter in order to get the final result. On the other hand, the built-in indicator is a special kind of Self-Monitoring Blood Glucose (SMBG) Devices that come with the regents inbuilt which changes the color and indicates the level based on the chart of specified colors provided. These testing strips are less accurate than the blood glucose test meters used with the use-and-throw-type sub-segment.
• European region is forecasted to witness a significant growth in the overall market, with 27.6% of market possession by 2030, having grown with a CAGR of 6.3% during the forecast period. Germany holds some of the most prominent players in this region.

  Research Methodology:

Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Self-Monitoring Blood Glucose (SMBG) Devices Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and RD activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

  Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

• Abbott Laboratories
• F. Hoffmann-La Roche Ltd.
• Agamatrix
• Ascensia Diabetes Care Holdings AG
• LifeScan, Inc.
• ARKRAY, Inc.
• Medtronic plc
• Bionime Corporation
• Care Touch LLC
• DarioHealth Corporation

  Self-Monitoring Blood Glucose (SMBG) Devices Market Segmentation:

Distribution Type Outlook:

• Over the counter
• Online

Diabetes Type Outlook:

• Type-1 Diabetes
• Type-2 Diabetes
• Prediabetes
• Gestational Diabetes
• Others

End-use Outlook:

• Hospitals
• Diagnostic Centers
• Nursing Homes and Polyclinics
• Pharmacies and Retail Outlets

Regional Outlook:

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Latin America (Brazil, Rest of LATAM)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)

  Frequently asked questions addressed in the report:

• What is the revenue growth rate of the global Self-Monitoring Blood Glucose (SMBG) Devices market over the forecast period?
• What are the major factors driving the growth of the Global Self-Monitoring Blood Glucose (SMBG) Devices Market?
• What are the key challenges impacting the global Self-Monitoring Blood Glucose (SMBG) Devices market growth?
• What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

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