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Worldwide Industry for Blood Glucose Monitoring Consumables to 2026 - Increasing Demand for Test Strips & Lancets Due To COVID-19

Research and Markets
·7-min read

Dublin, April 15, 2021 (GLOBE NEWSWIRE) -- The "Blood Glucose Monitoring Consumables Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global blood glucose monitoring consumables market by revenue is expected to grow at a CAGR of over 13% during the period 2020-2026.

The market has witnessed significant growth due to the growing prevalence of diabetes and the increasing awareness of self-management of diabetes. The prevalence of diabetes worldwide increases at an alarming rate due to changing lifestyles, growing alcohol consumption, and increasing smokers. However, the outbreak of the COVID-19 pandemic and the introduction of advanced test strips and lancets influence the digital diabetes management market's growth. The increased demand for self-care/homecare devices is also contributing to the usage of BGM consumables. With an increase in the sale of blood glucose meters, test strips, and lancets, the market offers tremendous growth opportunities for global, regional, and local vendors. Therefore, many vendors strategically focus on the development and commercial launches for regular blood glucose monitoring, which increases the demand for consumables.

The following factors are likely to contribute to the growth of the blood glucose monitoring consumables market during the forecast period:

  • COVID-19 Pandemic Increasing Demand for Test Strips & Lancets

  • Advances in Test Strip & Lancet Technology

  • High Availability of Generic Test Strips

The study considers the global glucose monitoring consumables market's present scenario and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Global Blood Glucose Monitoring Consumables Market Segmentation

The global blood glucose monitoring consumables market research report includes a detailed segmentation by products, end-users, distribution channel, geography. Test strips accounted for over 64% of the global blood glucose monitoring consumables market in 2020. As revenues from test strips are recurring, vendors strategize to maximize sales volume and profit margins by offering innovative products. However, the growing use of self-monitoring blood glucose testing by patients and professionals in several POC testing sites such as emergency care, physician offices, ambulatory settings, and nursing homes increases test strips' consumption. Hospitals across the world have been using test strips for superfast output and nearly accurate results. These factors have increased the demand for test strips in the market.

In 2020, the end-user segment was segmented into individuals, hospitals and clinics, and others. The individuals segment accounted for the highest share of the market with 75%. The individual segment accounts for the highest share due to the wide acceptance of SMBG monitoring devices and consumables such as test strips, lancets, and lancing devices among consumers. The acceptance of these consumables and machines is confined to developed countries and in developing and underdeveloped countries, which has influenced their revenue growth. SMBG and CGM devices use sensors, lancets, lancing devices, and test strips as consumables to measure the blood glucose. The usage of CMBG is higher in developed countries such as the US and UK, France, Spain, Italy, and Germany due to the increased awareness of these devices and reimbursement options.

Online distribution channels are increasing significantly, although retail channels are maintaining their lead. Online purchasing channels expect to grow at a CAGR of over 12% during the forecast period. However, retail stores continue to be preferred for purchasing consumables and BGM devices in low- and middle-income countries. As the older generation patients prefer retail chains to purchase blood glucose consumables, the X generation prefers online channels for consumables due to high smartphone penetration. With the outbreak of the COVID-19 pandemic, most offline pharmacies were closed, which directly boosted consumables' sales via online channels. Hospital pharmacies, standalone pharmacies, and other retail pharmacies are the primary retail offline mode of distribution. Around 80% of BGM devices & consumables sales occur via retail channels in low- and middle-income countries.

KEY QUESTIONS ANSWERED
1. What is the expected growth rate of the Global Blood Glucose Monitoring Consumables Market?
2. How big is the blood glucose test strips and lancet market?
3. What is the growth of the European blood glucose monitoring consumables market?
4. Who are the key vendors in the blood glucose consumables market?
5. Which segment accounted for the most significant blood glucose monitoring devices market share in 2020?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview

8 Market Opportunities & Trends
8.1 Increasing Demand for Test Strips & Lancets Due To COVID-19
8.2 Technological Advancements in Test Strips & Lancets
8.3 Availability of Large Number Of Generic Test Strips

9 Market Growth Enablers
9.1 Increasing Prevalence Of Diabetes
9.2 Increasing Vendor Focus On Recurring Revenue Through Consumables
9.3 Availability Of Wide Range Of Blood Glucose Monitoring Devices

10 Market Restraints
10.1 High Cost of Consumables & Lack Of Health Insurance
10.2 Presence of Large Undiagnosed Population
10.3 Increasing use Of Unauthorized & Counterfeit Test Strips

11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis

12 Product
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Test Strips
12.4 Lancets & Lancing Devices
12.5 CGM Sensors

13 Distribution Channel
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Online
13.4 Offline

14 End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Individuals
14.4 Hospitals &Clinics
14.5 Others

15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview

16 North America
16.1 Market Overview
16.2 Market Size & Forecast
16.3 North America: Product Segmentation
16.4 North America: Distribution Segemntation
16.5 North America: End-User Segmentation
16.6 Key Countries

17 Europe
17.1 Market Overview
17.2 Market Size & Forecast
17.3 Europe: Product Segmentation
17.4 Europe: Distribution Segmentation
17.5 Europe: End-User Segmentation
17.6 Key Countries

18 APAC
18.1 Market Overview
18.2 Market Size & Forecast
18.3 APAC: Product Segmentation
18.4 APAC: Distribution Segmentation
18.5 APAC: End-User Segemntation
18.6 Key Countries

19 Latin America
19.1 Market Overview
19.2 Market Size & Forecast
19.3 Latin America: Product Segmentation
19.4 Latin America: Distribution Segmentation
19.5 Latin America: End-User Segmentation
19.6 Key Countries

20 Middle East & Africa
20.1 Market Overview
20.2 Market Size & Forecast
20.3 Middle East & Africa: Product Segmentation
20.4 Middle East & Africa: Distribution Channels
20.5 Middle East & Africa: End-User Segmentation
20.6 Key Countries

21 Competitive Landscape
21.1 Competition Overview

22 Key Company Profiles
22.1 Abbott
22.2 F. Hoffmann-La Roche
22.3 Dexcom
22.4 Medtronic
22.5 Ascensia Diabetes Care Holdings
22.6 Lifescan

23 Other Prominent Vendors
23.1 77 ELEKTRONIKA KFT.
23.2 Arkray
23.3 A. Menarini Diagnostics
23.4 Agamatrix
23.5 Alliance International
23.6 B. Braun Melsungen
23.7 Bionime
23.8 Bioptik
23.9 Biotest Medical
23.10 BTNX
23.11 Easymax
23.12 I-SENS
23.13 IHealth Labs
23.14 MED Trust
23.15 Medisana
23.16 Major Biosystem
23.17 SANOFI
23.18 Taidoc Technology
23.19 Terumo
23.20 Trividia Health
23.21 Bioland Technology
23.22 Rossmax International
23.23 E-Linkcare Meditech
23.24 DIAGNOSIS S.A
23.25 Microlife
23.26 HMD
23.27 YPSOMED
23.28 National Diagnostics Products
23.29 Norditalia
23.30 IME-DC

24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations

25 Quantitative Summary
25.1 Market By Geography
25.2 Market By Product
25.3 Market By End-User
25.4 Market By Distribution Channel

26 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/jdup2b

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