Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 8,925.1 Million | USD 11,228.1 Million | 3.9% | 2021 |
FrequentlyAsked Questions
The growth of self-monitoring blood glucose devices can be attributed to factors such as an increase in risk factors that lead to diabetes and a rise in the incidence rate of diabetes. Additionally, the rise in the geriatric population and technological advancements in blood glucose monitoring devices will boost the growth of self-monitoring blood glucose devices. However, blood glucose monitoring devices have some shortcomings. They do not measure the exact blood glucose level and can give inaccurate results, hamper the market growth. At the same time, increasing awareness of diabetes monitoring devices is expected to promote the market's growth.
According to the report, the global self-monitoring blood glucose devices market was worth about 8,925.1 million in 2021 and is predicted to grow to around 11,228.1 million by 2028, with a compound annual growth rate (CAGR) of around 3.9 percent.
North America acquired a major share of the self-monitoring blood glucose devices market in 2021 due to the region's high incidence rate of diabetes. Moreover, the presence of key players in North America promotes the market's growth. Further, the constantly evolving healthcare industry drives the market growth in this region. The CDC estimates that 34.2 million Americans will have diabetes in 2020, and one in three people in the country have prediabetes. The patient base is further augmented by obesity, unhealthful eating patterns, and other environmental variables. The industry's expansion will also be fueled by several initiatives launched by national and international organizations to lower the disease burden.
Some of the main competitors dominating the global self-monitoring blood glucose devices market include - Abbott Laboratories, Arkray, Inc., B. Braun Melsungen AG, Bionime Corporation, F. Hoffmann-LA Roche LTD., Lifescan IP Holdings, LLC (Platinum Equity), PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare), and Ypsomed Holding AG.
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