Top four factors driving North America self-monitoring blood glucose devices market

The North America self-monitoring blood glucose devices market is poised for remarkable expansion due to the increasing adoption of unhealthy and detrimental dietary habits, alongside the physically inactive lifestyles resulting in the growth of obese populace. A majority of individuals with obesity are also being diagnosed with type 2 diabetes. As the incidence of this health condition escalates, the self-monitoring blood glucose devices industry in North America is expected to soar.

By 2024, the industry is projected to surpass $7.5 billion, with the emergence of home glucometers that require comparatively lesser amount of blood than conventional systems. The following factors have been serving as enablers of growth for the North America self-monitoring blood glucose devices industry forecast.

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Demand for testing strips to ascend as consumption of blood glucose testing kits increases

The industry share from the testing strips segment is anticipated to contribute significantly toward the North America self-monitoring blood glucose devices market share. During 2017, the share from the segment was estimated at over $4.4 billion.

The immense segmental growth is ensured by the expanding demand for home blood glucose monitoring devices as the number of individuals suffering from diabetes has been ascending. Since testing strips form an indispensable component of blood glucose testing kits, the North America self-monitoring blood glucose devices industry forecast is likely to spiral upward.

High consumption rate of tobacco and alcohol to trigger expansion across Canada

The SMBG devices market in Canada is projected to witness significant growth due to multiple factors. One of them is the increasing number of technological breakthroughs in the area of medicine have been resulting in innovative and advanced testing kits frequently.

Anther key driver of the industry in the region is the growing rate of consumption of tobacco and alcohol across the country. The growth in geriatric and obese population has also been aiding the progress of the North America SMBG devices market forecast.

Hospitals to account for substantial market revenue

The hospitals segment is likely to surface as the frontrunner amongst the end-user segments, pushed by the increase in number of hospitalized patients in the recent times. It accounted for over 48% of the total North America self-monitoring blood glucose devices industry share in 2017.

The spread of the deadly coronavirus has been partially responsible for this spike. Since ICU patients are usually detected with fluctuating blood glucose levels, they need to be constantly monitored. This can present favorable conditions for the growth of the North America self-monitoring blood glucose devices market size through the upcoming years.

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Demand for minimally invasive products to drive growth

Since the region has been witnessing a spiraling demand for minimally invasive procedures and products even during the precarious times of the COVID-19 pandemic, the North America self-monitoring blood glucose devices market is expected to gain considerably from this trend.

The rising preference for minimally invasive procedures has spread awareness pertaining to the utilization of minimally invasive devices as well. Since minimally invasive self-monitoring blood glucose devices eliminate the necessity of piecing one’s skin, the 100% pain-free technology has been promoting the deployment of these products which feature advanced sensors.

Arkray, Nipro Diagnostics, Abbott Laboratories, LifeScan, Nova Biomedical, Trividia Health, Sinocare All Medicus, Bionime Corporation, and Bayer Healthcare are some notable manufacturers of SMBG devices in North America.

 

Table of content:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

 

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