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GlobalData: Global Self Monitoring Blood Glucose Market (SMBG) - Increasing Adoption to Drive Growth
A new report by GlobalData, finds that rise in the diabetic population, increasing reliability of glucose monitoring systems and the advent of minimally and non-invasive glucose monitoring systems is expected to lead to double -
The Global Self Monitoring Blood Glucose Market (SMBG) to Grow In Double Digits for the Next Seven Years
The global self monitoring blood glucose market is forecast to grow annually at a rate of 10.8% for the next seven years to reach $19,685 million in 2015. The market is mainly driven by the increasing diabetic population, lack of cure for the diabetes disease, increasing awareness of the diabetes disease condition, positive reimbursement policies of the insurers, technological advances aiming at minimally and non-invasive blood glucose testing methods and availability of blood glucose meters at a very nominal or no cost.
High fees taken by healthcare professionals for glucose testing is leading to more patients opting for self monitoring of blood glucose levels. Self monitoring of blood glucose, which is more prevalent in developed countries, is increasingly finding favor in the developing economies.
Blood Glucose Test Strips Are Driving the Global Self Monitoring Blood Glucose Market (SMBG)
The global blood glucose test strip market is forecast to reach $17,913.4 million in 2015 with an annual growth rate of 12.1% from 2008 to 2015. In 2001, the blood glucose test strips accounted for approximately 78.5% of the overall global self monitoring blood glucose market and the percentage increased steadily in the last seven years reaching 84% in 2008. In 2015, the percentage contribution of blood glucose test strips towards the overall self monitoring blood glucose market is forecast to increase to 91%.
The self monitoring blood glucose market is primarily driven by the consumable aspect of the blood glucose test strips. The cost of each blood glucose test strip is approximately $1. On an average, diabetic patients are recommended to test their blood glucose levels four times a day. The cost of testing comes to $4 a day per patient.
Medtronic to Gain in the Expansion of Global Continuous Glucose Monitoring (CGM) Systems Market
The global market for CGM systems is forecast to reach $210 million in 2015 with an annual growth rate of 17%. Abbott Laboratories, Medtronic, Inc and Dexcom, Inc CGM systems have FDA approval and are currently available on the market. Medtronic is expected to have a higher market share in the expansion of the CGM systems market because of its 200,000 strong insulin pump customer base. Apart from this, Medtronic’s MiniMed Paradigm REAL – Time Insulin Pump and Guardian CGM system come as a single device making it easier for the patients to read the blood glucose levels and adjust the insulin dose delivery accordingly. Abbott and Dexcom product portfolios consist of standalone CGM systems.
Asia Pacific and South and Central American Countries to Drive the Future Growth in the Global Self Monitoring Blood Glucose Market (SMBG)
The Asia Pacific and South and Central American countries are forecast to grow annually at a rate of 15.2% and 13% respectively. China, Brazil, India, Taiwan, Korea and Japan are forecast to grow above the market rate of 10.8% for the next seven years. India and China are projected as the most diabetic populous countries in the world. The high market growth forecasted in the Asia Pacific and South and Central American countries is primarily driven by the increasing diabetic population, increasing patient awareness through diabetes screening programs, very low penetration of the glucose monitoring systems in countries like India and China and highly insured populations of Japan, Korea, Taiwan and Brazil.
GlobalData: Global Self Monitoring Blood Glucose Market (SMBG): Increasing Adoption to Drive Growth:
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