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

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

The self-monitoring blood glucose market is set to witness a CAGR of more than 6%, during the forecast period 2022-2027 and is estimated to reach around USD 17 billion by 2027. North America holds the highest market share in the self-monitoring blood glucose market and is expected to register the highest CAGR of more than 7% in the forecast period.

The COVID-19 pandemic positively impacted the self-monitoring blood glucose market growth. Patients with diabetes, infected with COVID-19 may experience elevated blood glucose, abnormal glucose variability, and diabetic complications. To avoid aggravation, a patient's blood glucose monitoring should be monitored during the COVID-19 emergency which has underlined the importance of self-monitoring blood glucose devices.

The US Food and Drug Administration has also allowed the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals for the duration of the pandemic. Pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers. Thus, the COVID-19 outbreak increased the self-monitoring blood glucose market's growth globally.

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.

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

Key Market TrendsTest strips Hold Highest Market Share in 2021

Test strips hold the highest market share of about 78% as of 2021. The growth in market volume and share of test strips are expected to be higher than that of glucose meters, because of the difference in use-case frequency. The Glucometer is a one-time purchase. However, test strips, on the other hand, are a continuous investment, as a test strip needs to be disposed of after one use. However, test strips, on the other hand, are a continuous investment. Thus, it presents a considerable cost impact to the consumers. Overall, the global demand for blood glucose test strips is projected to witness significant growth over the forecast period. The growth of the market studied is expected to be spurred by the rising global diabetic population. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost, during the same time frame, the corresponding use of multiple (in the range of thousands) test strips may occur, causing a recurrent cost impact.

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.

Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.

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

North America holds the highest market share in the Self-monitoring Blood Glucose Market and is also expected to register the highest CAGR of more than 7% in the forecast period.

The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in the United States indicate the increasing usage of Self-monitoring Blood Glucose devices. North America is expected to dominate the market owing to factors such as the easy availability of Self-monitoring Blood Glucose, high awareness among consumers, and reimbursement policies.

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.

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

Competitive Landscape

The self-monitoring blood glucose market is consolidated, with a few major 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 competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known.

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