Self-monitoring Blood Glucose (SMBG) Market Set to Garner Staggering Revenues by 2026
Global Self-monitoring Blood Glucose (SMBG) Market: Overview
Glucose monitoring is a necessary step towards managing diabetes. Diabetes is a kind of clinical condition where the blood glucose level increases due to the pancreas inability in producing insulin. Self-monitoring blood glucose helps diabetic patients in deciding the dosage of insulin, food intake, and type of physical exercise needed for a day.
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SMBG or self-monitoring blood glucose is a modern procedure of diabetes management where the blood glucose meters are used for checking glucose levels. Such procedure provides a precise measure of capillary glucose concentrations. Apart from blood glucose meters, self-monitoring blood glucose technology also uses lancets, and test strips for controlling glycaemia.
The global self-monitoring blood glucose (SMBG) market is mainly segmented on the basis of product type, distribution channel, and geography. Under product type, glucose meters, lancets, and test strips are the prominent segments comprising the market. Whereas, with respect to distribution channel, key segments present in the global self-monitoring blood glucose (SMBG) market are online retailers, hospital pharmacies, retail pharmacies, and mail order pharmacies. Geographically, the key regions comprising the market are Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe.
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Global Self-monitoring Blood Glucose (SMBG) Market: Key Trends
Growing incidences of diabetes among aging population globally, rising demand for controlling glycemic, and increasing need for preventing hypoglycemia are factors driving the demand in the global self-monitoring blood glucose (SMBG) market. Self-monitoring blood glucose procedure helps in improving hypoglycemia recognition and enables patients in authorizing harmful effects of pharmaceutical intervention. Rising demand for continuously checking blood sugar, and increasing need for tracking blood glucose level in order to stay healthy and fit are also boosting the global self-monitoring blood glucose (SMBG) market.
Furthermore, growing government and non-government initiatives in controlling diabetes, rising awareness about the surge in diabetic epidemic, and increasing demand for preventive measures against glycaemia are also fueling the demand in the global self-monitoring blood glucose (SMBG) market. Apart from this, rapid incorporation of technology into SMBG products such as glucometer helps in monitoring blood glucose level effortlessly. Such factors is anticipated to propel the global self-monitoring blood glucose (SMBG) market.
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Global Self-monitoring Blood Glucose (SMBG) Market: Regional Outlook
With respect to geography, North America is leading the global self-monitoring blood glucose (SMBG) market as the region has seen rapid establishment of healthcare industry. Growing governments funding for developing new and innovative products for treating diabetes are also responsible for fueling the self-monitoring blood glucose (SMBG) market in the region. However, rising number of people suffering from diabetes in Asia Pacific makes this region exhibit a substantially fast growth.
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Global Self-monitoring Blood Glucose (SMBG) Market: Competitive Landscape
Key players operating in the global self-monitoring blood glucose (SMBG) market include Abbott Laboratories, LifeScan, Ascensia Diabetes Care Holdings AG, B. Barun Melsungen AG, Johnson & Johnson, and Hoffmann-La Roche Ltd. Each of these companies has been broadly described in the report in terms of prime strategies, revenue gained in recent times, and growth projected to attain in forthcoming years, in terms of market shares.
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