The online segment is dominating the BGM consumables market share by distribution channels.
According to the latest Arizton's market research report, the global Blood glucose monitoring consumables market size to reach over USD 29 billion by 2026, growing at a CAGR of around 13% during the forecast period.
BGM Consumables Market Growth
The BGM consumables market is witnessing significant growth in terms of sales volume, especially due to the growing prevalence of diabetes and increasing self-management of the disease. Based on distribution channels, the market is segmented into online and offline segments. The online segment is dominating a larger market share. Technological advances has revolutionized the process of testing glucose levels with a small specimen of blood. These technologies are incorporated with Bluetooth and other wireless functionalities that allows real-time data to be stored on smartphones and this information are shared with the healthcare professionals to analyze their patients’ health. Abbott, Dexcom, and Medtronic play a significant role in such technological advances and they pioneer in introducing transformative medical devices in the healthcare industry. The increasing prevalence of diabetes and growing awareness among the population is soaring the demand for BGM consumables in the global market. Reliable and precise BGM devices is helping CGM to gain widespread popularity.
Interesting Facts to know!
- Nova Biomedical’s StatStrip glucose hospital meter system was the first blood glucose monitoring system to receive FDA clearance for use across hospitals and professional healthcare, including intensive care settings.
- The younger generation is increasingly dependent on online sales channels.
- Around 94% of healthcare equipment buyers first research products online.
- Various global e-commerce rivals in countries such as India, Brazil, and Mexico have reduced the cost of blood glucose monitoring consumables by offering products at discounted prices.
- The local players in China compete with the global players in the SMBG and CGM devices segment by offering devices and consumables at a very low cost.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, end-user, distribution channels and geography
- Competitive Landscape – 6 Key Company Profiles and 30 Other Prominent Vendors
BGM Consumables Market – Geographic Analysis
North America is an attractive region for product launches by global players in the BGM consumables market. The availability of medical reimbursement and well-established healthcare infrastructure is further increasing the demand for monitoring consumables in the market. Several products including Abbotts’ flash blood glucose monitors (CGM) with sensors and Dexcom’s CGM devices sensors were first launched in the US as these products are more affordable for the patient population living in the region. North America is considered to be a mature market with majority of the people using either CGM or SMBG devices. The demand for blood glucose monitoring consumables is expected to increase in the region owing to the presence of several key vendors, increase in awareness among the patient population, high penetration rate, and better product availability. The North America BGM consumables market is expected to reach over USD 14 billion by 2026.
BGM Consumables Market – Competitive Landscape
Medtronic’s Diabetes Group, F. Hoffmann-La Roche’s Diabetes Care, LifeScan, Abbott’s Diabetes Care Division, and Ascensia Diabetes Care are playing a major role in the BGM consumables market. These companies account for significant share in the market. Global players are actively launching innovative devices to penetrate and tap into the huge growth potential prevailing in the BGM consumables market. The increase in the sale of blood glucose meters, test strips, and lancets offers tremendous growth opportunities to global, regional, and local players. In the coming years, players are aggressively engaged in R&D to plan and launch several innovative products.
Abbott is a leading manufacturer and delivers glucose monitoring accessories such as test strips, lancets, lancing devices, and sensors in the BGM consumables market. Abbott also manufactures next-generation wearable sensors such as FreeStyle Libre that lasts up to 14 days, along with real-time alarm facilities. F. Hoffman-La Roche is actively involved in offering diabetic management devices. This company offers glucose monitoring strips with improved efficiency and waste reduction. It is one of the leading companies offering diabetes care products under its brand Accu-Chek. They offer glucose monitoring strips with improved efficiency and waste reduction.
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