Self-Monitoring Blood Glucose Devices Market: Asia-Pacific region would exhibit the highest CAGR of 5.5% during 2020-2027.

According to a new report published by Allied Market Research, titled, "Self-monitoring Blood Glucose Devices market by Product, Application, and End User: Opportunity Analysis and Industry Forecast, 2020-2027," the global self-monitoring blood glucose devices market was valued at $8.49 Billion in 2019, and is projected to reach $11.9 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

Diabetes is metabolic disease wherein patients high blood sugar either due to insufficient production of insulin or due to irresponsiveness of body's cells to respond to insulin. Diabetes management is used to control the blood sugar levels, which can be monitored by using blood glucose meters. Self-monitoring blood glucose devices are used to track and monitor blood glucose in diabetic patients with the help of test strips, lancets, and glucose meters.

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COVID-19 Impact Analysis:
Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being self-monitoring blood glucose devices. It has been noted that diabetic patients are more vulnerable to becoming severely ill with the COVID-19 virus. In addition, the pandemic also resulted in surge in adoption of self-monitoring blood glucose devices for home settings in order to reduce from hospitals and clinics visits. Therefore, presently, the self-monitoring blood glucose devices market is witnessing a significant growth owing to high demand in self-monitoring blood glucose devices.
The self-monitoring blood glucose devices market is anticipated to grow considerably in the near future, owing to factors such as alarming rise in prevalence of diabetes, technological advancements in the field of diabetes monitoring devices, and increase in geriatric population. However, blood glucose monitoring devices can give inaccurate results, which hinder the market growth. On the contrary, rise in awareness about diabetes monitoring devices and high growth potential in developing regions are expected to provide remunerative opportunities for the expansion of the global market during the forecast period.

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The global self-monitoring blood glucose devices is highly competitive, and prominent players have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings, LLC, PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare Inc.), ARKRAY, Inc., and Ypsomed Holding AG.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬:
• This report entails a detailed quantitative analysis of the current market trends from 2019 to 2027 to identify the prevailing opportunities.
• Self-monitoring blood glucose devices market size and market estimations are based on comprehensive analysis of the key developments in the industry.
• In-depth analysis based on region assists to understand the regional market and the strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

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