The worldwide self-monitoring blood glucose (SMBG) devices market is expected to attain significant earnings by 2022, according to a report on Radiant Insights, Inc. It is projected to expand at a decent growth rate over the forecast period (2012-2022) due to high prevalence of diabetes globally. Self-monitoring blood glucose devices are medical devices that provide users with accurate readings of glucose levels. These can be used to manage diabetes and encourage self-management among outpatient individuals and those who cannot afford round-the-clock care.
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High adoption of home healthcare devices and expanding geriatric populace are factors expected to boost global market volumes. Increase in healthcare expenditure of various countries is projected to positively affect the market. Excess alcohol consumption, lack of exercise, and current sedentary lifestyles are other factors that can affect market sales. The success of drug testing and urinary tract infection kits may play a significant role in influencing consumer behavior in the forthcoming years. Lack of consumer awareness regarding these devices and unclear government guidelines are challenges faced by the market.
Emphasis on customized and individual therapies by the European Association for the Study of Diabetes and the American Diabetes Association is predicted to boost SMBG market volumes till 2022. For instance, Glucobeam, an SMBG device by RSP Systems, has been approved by the U.S. Food and Drug Administration (FDA) for commercialization. The non-invasive device allows 4-8 tests of glucose levels in a day.
The global self-monitoring blood glucose (SMBG) devices market is segregated by product, end user, and region. Products in the market comprise blood glucose lancet, blood glucose test strips, and blood glucose meters. Major end users include home care, clinics, and hospitals.
Regions covered in the global SMBG devices market include India, Japan, China, United States, Europe, and Southeast Asia. The India and China markets hold great potential for growth due to their massive populaces. These countries also present a high incidence rate of diabetes. Unavailability of blood glucose meters in rural areas can provide good growth opportunities for the market. In addition, supportive government policies that have slashed prices of SMBG devices to make them affordable for all consumers may act as a stimulus for market growth.
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The United States self-monitoring blood glucose (SMBG) devices market has become saturated in the last decade and may need to reinvent itself. Changing reimbursement policies and declining sales have led to major companies looking for greener pastures. United Kingdom and Russia are two of the biggest markets in Europe. High number of type 2 diabetics in both nations is expected to play a major role in Europe market sales. Other countries contributing to regional self-monitoring blood glucose (SMBG) devices market revenue are Italy, Norway, Spain, Germany, and the Netherlands.
Prominent participants in the self-monitoring blood glucose (SMBG) devices market include Medtronic Public Limited, F. Hoffmann-La Roche AG, Abbott Laboratories, B. Braun Melsungen AG, and Bionime Corporation. These players are focusing their efforts on improving their product to generate accurate data. The non-invasive nature of future devices and display of accurate insights may be the biggest game changer in the market.
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