The value of the worldwide self-monitoring blood glucose devices market was calculated to be $13.2 billion in terms of revenue in 2017, and it is expected to progress at a 5.9% CAGR during the forecast period (2018–2023). The factors driving the market growth are surge in the geriatric population, increasing prevalence of diabetes, technological advancements, rise in obese population, increase in awareness about diabetic care, and favorable health insurance and reimbursement scenario. Self-monitoring blood glucose (SMBG) devices are portable systems that enable people to measure their glucose concentration using a blood sample obtained via a finger prick.
For proper understanding of the growth of the self-monitoring blood glucose devices market, P&S Intelligence has segment it by type, application, and region. On the basis of type, the SMBG market is further categorized into glucose meters, lancets, strips, and others. Among all, strips were preferred by consumers in 2017, contributing over 80.0% of the total revenue, as these are made up of disposable plastic, are pocket-friendly and can also be used to test the ketone level. This is why, the strips category is also projected to witness the highest CAGR, of 6.0%, during the forecast period.
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Hence, unbalanced diet and changing lifestyle is leading to the growing prevalence of diabetes, which is forcing people to use SMBG devices for their daily blood sugar check-up. With the help of these devices, people can anytime check their blood sugar level, thus avoiding clinic visits and reducing healthcare expenses. Increasing awareness about such devices are resulting in a the surging demand for these, which is further boosting the self-monitoring blood glucose devices market.
Therefore, we see that geriatric population, which is more prone to Type 2 diabetes than other age groups, will lead to the market progress in the coming years.