The report, titled "Global Smart Glucose Meter Market" examines the global market for smart glucose meters based on the product type, application, measurement technology, end use, and region. A thorough report offers an in-depth historical and forecast market size, along with trend analysis. RationalStat offers market share analysis as well as the production capabilities of the most prominent companies, Covid-19's impact analysis, a summary of the market, competition strategies, and growth opportunities for the players analyzed for the global smart glucose meters market analysis.
Market Dynamics: The expansion of Smart Glucose Meters market in developing economies is heavily backed by support from the government and is expected to boost market expansion.
The global market for smart glucose meters is projected to expand at a growth rate of nearly 10% over the forecast period of 2022-2028. The incidence of diabetes has increased significantly in recent years, which has prompted the need for glucose meters. As per the World Health Organization (WHO), diabetes was the 9th leading cause of mortality, with about 1.5 million mortalities directly caused by it.
• The growing support of the government of different economies is expected to aid in the expansion of the global market for smart glucose meters since these governments are focused on modernizing healthcare infrastructures in their nations.
• Additionally, a wireless network connection as well as the multi-parameter versions that are available within the glucose meters that are smart makes them simpler to use which, in turn, increases the demand for them.
• Additionally, the increasing incidence of Type-2 diabetes due to poor diet and increased consumption of alcohol is predicted to boost the expansion of the market for smart glucose meters.
Segmental Analysis: The growing adoption of advanced technological devices and the upsurge in the number of diabetic patients are expected to lead the growth of the global smart glucose meter market in the upcoming years
• Among these, Self-Monitoring Blood Glucose (SMBG) is estimated to hold a prominent share of the market while Continuous Glucose Monitoring (CGM) is projected to exhibit a considerable growth rate during the forecast period.
• Based on the distribution channel, the offline channel is estimated to hold a prominent share in the global market as the majority of the population prefers to purchase smart glucose meters from hospital pharmacies and retail pharmacies and is a source of trusted and genuine products for the population.
• Based on End-use, the Hospital sector holds a majority of the market share in the global smart glucose meter market owing to the demand from patients who prefer hospitals for treatment.
• Based on region, Asia Pacific holds a dominant share of the global smart glucose meter market owing to increasing healthcare awareness, an increasing number of diabetic patients, and the presence of various industry players in the region.
Due to the presence of many well-established companies in the global smart glucose meter market, there is intense competition in the global smart glucose meter market. The global smart glucose meter market is expected to witness a pool of opportunities due to the emergence of obesity as a result of lifestyle changes, unhealthy eating habits, increasing alcohol consumption, reduced physical activity, etc. are in turn increasing obesity cases which are expected to fuel the demand for smart glucose meters in the global smart glucose meter market.
Acquisitions, product launches, and partnerships are the identified industry trend in the global smart glucose meter market. Significant consolidation is expected in the global smart glucose meter market during the forecasting period 2022-2028.
• In April 2022, DexCom, Inc launched the new Dexcom ONE Continuous Glucose Monitoring System, which will be available in the UK. The Dexcom ONE system is a simple-to-use real-time CGM (rt-CGM) that will be more inexpensive and accessible for diabetics in the UK and it will be evaluated for inclusion in drug tariffs in the United Kingdom.
• In December 2021, Medtronic plc announced that the US Centers for Medicare & Medicaid Services (CMS) will expand into all forms of continuous glucose monitors (CGMs), including adjunctive and non-adjunctive CGMs, and would be covered by Medicare. CGMs that work with Medtronic insulin pumps are included in this category.
Some of the prominent players include Novo Nordisk, Medtronic plc, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer AG, LifeScan IP Holdings LLC, Dexcom Inc., Sanofi SA, Elly Lilly and Company, and B Braun Melsungen AG among others. These companies use several tactics to reinforce their market share and acquire a competitive advantage over their competitors.
RationalStat has segmented the global smart glucose meter market on the basis of product type, application, distribution channel, end-use, and region.
• By Product Type
o Self-Monitoring Blood Glucose (SMBG) Systems
o Continuous Glucose Monitoring (CGM) Systems
• By Application
o Type 2 Diabetes
o Type 1 Diabetes
o Gestational Diabetes
• By Distribution Channel
• By End Use
o Home Care
o Diagnostic Centre
o Others (Clinics)
• By Region
o North America
o Latin America
Rest of Latin America
o Western Europe
Rest of Western Europe
o Eastern Europe
Rest of Eastern Europe
o Asia Pacific
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
o Middle East & Africa
Rest of the Middle East & Africa
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