Self-Monitoring Blood Glucose Devices Market Poised for Consistent Growth

[Pramod Kumar]

The self-monitoring blood glucose devices market generated $13.2 billion in 2017, and it is projected to reach $18.6 billion by 2023, advancing at a CAGR of 5.9% during the forecast period (2018–2023). The market growth is driven by the rising cases of diabetes, escalating awareness about diabetes care, growing obese population, and surging aging population. The International Diabetes Federation (IDF) states that by 2045, around 700 million people will be affected by diabetes. Moreover, the continuous technological developments and favorable health insurance and reimbursement scenario are supporting the market growth.

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One of the prime factors driving the self-monitoring blood glucose devices market growth is the rapid increase in the aging population, as old people are more susceptible to this illness due to their malfunctioning biological processes. According to a recent report on the aging population by the United Nations Department of Economic and Social Affairs (UNDESA), China, India, and the U.S. will account for nearly 437 million, 324 million, and 107 million people aged 60 years or above, respectively, by 2050.

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Geographically, the North American market generated the highest revenue in 2017 due to the increasing incidence of diabetes, booming geriatric population, and changing lifestyle pattern. According to the American Diabetes Association (ADA), nearly diabetes is detected in around 1.5 million Americans every year. Besides, technological developments and the introduction of innovative products have supported the market growth here. A lot of Americans suffer from prediabetes, a condition wherein the blood sugar level is higher than normal, but not enough to qualify as type 2 diabetes.

Thus, the growth in the aging population and diabetic patients will boost the market advance in the coming years.