Self-Monitoring Blood Glucose Strips Market by End-user and Geography - Forecast and Analysis 2020-2024

The self-monitoring blood glucose strips market size has the potential to grow by USD 10.96 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period. The report analyzes the market's competitive landscape and offers information on several market vendors, including Abbott Laboratories, ACON Laboratories Inc., ARKRAY Inc., Ascensia Diabetes Care Holdings AG, Becton, Dickinson and Co., B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings LLC, Medtronic Plc, and Nipro Corp. Furthermore, this report provides a detailed analysis of the market by end-user (hospitals and diagnostic laboratories, home-care settings, and POL) and geography (North America, Europe, Asia, and ROW).

Market Overview

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Market Competitive Analysis

The market is fragmented due to the presence of a large number of regional and international vendors across the globe. It has been observed that these vendors are increasingly entering partnerships to come up with better and high-quality products, which, in turn, will strengthen the competitive environment in the market. Furthermore, several vendors compete against each other based on factors such as aggressive pricing, product sensitivity, product differentiation, technology upgrades, service models. Abbott Laboratories, ACON Laboratories Inc., and ARKRAY Inc. are some of the major market participants. Although the increase in the global diabetes population will offer immense growth opportunities, the high cost of blood glucose test strips will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this self-monitoring blood glucose strips market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this self-monitoring blood glucose strips market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Abbott Laboratories
• ACON Laboratories Inc.
• ARKRAY Inc.
• Ascensia Diabetes Care Holdings AG
• Becton, Dickinson and Co.
• B. Braun Melsungen AG
• F. Hoffmann-La Roche Ltd.
• LifeScan IP Holdings LLC
• Medtronic Plc
• Nipro Corp.

Self-Monitoring Blood Glucose Strips Market: Segmentation by Geography

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North America was the largest self-monitoring blood glucose strips market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as heavy investments in the healthcare sector, economic growth, and technological advancements in terms of BGM devices will significantly drive self-monitoring blood glucose strips market growth in this region over the forecast period.

38% of the market's growth will originate from North America during the forecast period. The US is one of the key markets for self-monitoring blood glucose strips in North America. Market growth in this region will be slower than the growth of the market in Asia and Europe.

Self-Monitoring Blood Glucose Strips Market: Segmentation by End-user

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One of the major factors responsible for the growing preference for hospitals and diagnostic laboratories among the patients is the availability of early diagnosis that enables appropriate and prompt intervention to promote health by reducing the overall disease burden.

Market growth in the hospitals and diagnostic laboratories segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the self-monitoring blood glucose strips market size.

Self-Monitoring Blood Glucose Strips Market: Key Drivers and Trends

The global SMBG strips market is anticipated to grow rapidly and will post a CAGR of almost 11% during the forecast period. The availability of reimbursements will drive the growth prospects for the global SMBG strips market until the end of 2024. Since diabetes testing equipment, blood glucose test strips, and blood glucose meters are quite expensive, various health insurance plans in the US market provide reimbursement policies to cover the cost of these instruments. For instance, one of the leading insurance companies in the US, Medicare, covers approximately 80% of the cost of BGM devices. Such reimbursement facilities encourage individuals with diabetes to purchase BGM devices, which boosts the sales volume of these devices and accelerate the rate of revenue generation in the market.

The availability of test strips produced from Indian silk will drive the growth prospects for the global SMBG strips market for the next four years. In general, diabetes test strips are produced from plastic or paper. However, recent studies have shown that the production of test strips from silk is a lot simpler and has got strong antibacterial properties. In addition, the manufacturing of test strips from silk reduces the need for embedded electrodes as it has the potential to transmit the electrical signals with enzyme coating alone, unlike other test strips that require enzymes as well as electrodes.

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Self-Monitoring Blood Glucose Strips Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive self-monitoring blood glucose strips market growth during the next five years
• Precise estimation of the self-monitoring blood glucose strips market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the self-monitoring blood glucose strips industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of self-monitoring blood glucose strips market vendors

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