PERSONAL-USE SELF-MONITORING BLOOD GLUCOSE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

PERSONAL-USE SELF-MONITORING BLOOD GLUCOSE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Personal-Use Self-monitoring Blood Glucose Devices Market is expected to register a CAGR of more than 9% over the forecast period. The market is estimated to reach a value of more than USD 2 billion by 2027.

The COVID-19 pandemic has substantially impacted the Personal-Use Self-monitoring Blood Glucose Devices Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver diabetes care products to diabetes patients with the help of local governments.

Novo Nordisk stated on their website that “Since the start of COVID-19, our commitment to patients, our employees and the communities where we operate has remained unchanged, we continue to supply our medicines and devices to people living with diabetes and other serious chronic diseases, safeguard the health of our employees, and take actions to support doctors and nurses as they work to defeat COVID-19.” Doctors around the world suggested diabetes patients should check their diabetes levels more often to be careful and the intake of medicine has increased, which lead to an increase in the usage of Self-monitoring Blood Glucose devices.

The pandemic also highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care, through virtual consultations between healthcare providers and people with diabetes, and the use of diabetes technology. Crisis management has created unprecedented interest in remote care from both patients and providers and removed many long-standing regulatory barriers.

The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Leading manufacturers are focusing on technological innovations and developing advanced products to gain a substantial market share.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsIncreasing diabetes prevalence

The diabetes population is expected to rise by more than 1.9% during the forecast period.

According to International Diabetes Federation (IDF), the adult diabetes population in 2021 is approximately 537 million, and this number is going to increase by 643 million in 2030. The main diagnosis for diabetes patients is imbalances in blood glucose levels, which are not in compliance with the standard blood glucose levels. The general lab diagnostic tests can only help to diagnose the disease by physicians. Patients with more fluctuations in glucose levels need to get it checked every day. Patients administering insulin need to check their blood glucose levels frequently, adjust the doses of insulin, or change the medication, if necessary, which is only possible with the use of self-monitoring blood glucose devices.

The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness. Globally, diabetes mellitus has been of wide concern with its high global prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments.

The market players are adopting various strategies such as collaborations, partnerships, mergers, acquisitions, and expansions to increase market share. For instance, in May 2021, Roche Diabetes Care Canada announces a collaboration with Ellerca Health, a Toronto-based company dedicated to improving patient care through innovation and technology. The partnership will include the launch of Accu-Chek and 360Care, combining Roche's Accu-Chek Guide blood glucose meter, customized home delivery of testing strips, and Ellerca's self-management digital program, 360Care, which empowers patients to be in control of their treatment schedule with access to a team of health coaches.

Owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

North America is Expected to Dominate the Personal-Use Self-monitoring Blood Glucose Devices Market

North America holds the highest market share in the Personal-Use Self-monitoring Blood Glucose Market and is also expected to register the highest CAGR of more than 10% in the forecast period.

In North America, there are more than 30 million diabetic patients, and this number is expected to increase to 34 million by 2027. The United States alone recorded over 26 million diabetes patients in 2021. The prevalence of diabetes has increased dramatically during the past two decades in North America, which is a fact driven by the increased prevalence of obesity and lifestyle changes. There is more carbohydrate consumption among the countries in the region, which is also one of the leading causes of obesity. In North America, the US is one of the countries with fast-growing chronic diseases and is the largest demand-generating country for Self-monitoring Blood Glucose Devices.

In the United States, the prevalence of diabetes has increased dramatically during the last two decades, a fact driven by the increased prevalence of obesity and lifestyle changes. Diabetes ranks among the fast-growing chronic diseases in the United States. About 1.75 million US citizens are diagnosed with diabetes every year. The country also has the highest obese population, which is a prominent cause of Type 2 diabetes.

The self-monitoring blood glucose devices are garnering widespread adoption, due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months, and they are very expensive. As a result, most people prefer health insurance plans that cover most of their total expenditure on healthcare devices. Such schemes are covering the costs of diabetes testing supplies, test strips, and blood glucose meters. For example, Medicare, the federal health insurance program in the United States, covers approximately 80% of the cost of BGM devices for diabetic people.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The Personal-Use Self-monitoring Blood Glucose Devices Market is fragmented, with manufacturers having a global market presence and occupying a major share like Abbott, LifeScan, F. Hoffmann-La Roche AG, and Ascensia, while the remaining confined to the other local or region-specific manufacturers. The innovations in self-monitoring blood glucose devices are increasing and are under development.

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