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.
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There are two categories in the application segment of the self-monitoring blood glucose devices market, i.e. Type 1 diabetes and Type 2 diabetes. Type 2 diabetes is a situation, in which the cells in the human body are not able to use the blood sugar efficiently for generating energy. This happens when the cells lose their sensitivity to insulin and the blood sugar becomes too high gradually. In 2017, sale of SMBG devices for Type 2 diabetes accounted for over 81.6% share. It is quite a common lifestyle disease, but can cause major health complications, specially in the blood vessels in the kidneys, nerves, and eyes.
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.
This post was originally published on Financial Sector