The Global SMBG Market
Increasing Popularity of Less Invasive Glucose Monitoring Devices
The global self-monitoring blood glucose (SMBG) devices market accounted for $11,171.1 million in 2014, and it is expected to grow with a CAGR of 5.7% during 2015-2022. The strips segment dominated the global market in 2014 with about 83.5% share. The strips segment in the global self-monitoring blood glucose devices market is witnessing high growth rate, due to increasing cases of diabetes. In addition, many tests can be performed using a single glucose meter with different blood glucose strips. Also, the increase in healthcare expenditure leads to increase spending on self-monitoring blood glucose devices, resulting in the growth of the market.
The increasing prevalence of diabetes is one of the key drivers, fuelling the growth of the global SMBG devices market. The numbers of diabetes cases are increasing due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity. The increase in diabetes cases worldwide is leading to the growth in the sales of glucose monitoring devices, which is generating the demand for global self-monitoring blood glucose devices market. The strips market grew with an average annual growth rate of over 5.1% during 2011-2014.