Europe Self-Monitoring Blood Glucose Devices Market size crossed USD 6,069.3 million in 2020 and is poised to observe around 9.9% growth rate between 2021 and 2027.
SMBG devices (self-monitoring of blood glucose) are portable devices that measure glucose concentration in a blood collected through a finger prick. Type 1 diabetes (T1D) therapy relies heavily on SMBG readings. Self-monitoring is the use of regular blood analysis to identify diabetes control and notify changes to enhance one’s control over treatment.
The development of technologically enhanced SMBG devices augmented with mobility, high precision, and increased dependability will have a positive impact on device adoption. Demand for sophisticated SMBG devices will increase as demand for less invasive and integrated device for disease monitoring grows. Additionally, investments in research and development that result in new product launches, as well as increased knowledge of diabetes care and management. Furthermore, technologically advanced portable and small devices offer ease in handling to patients.
Growing prevalence of diabetes in Europe will drive the market growth. According to the International Diabetes Federation, more than 58 million people in Europe had diabetes in 2017 and the number is projected to reach 67 million by 2045. Increasing diabetes among population is also due to rising prevalence of obesity that has high risk of onset of type 2 diabetes.
COVID-19 pandemic has positively impacted the Europe self-monitoring blood glucose devices market size. Diabetic people are susceptible to COVID-19. Thus, self-monitoring of blood glucose levels was standard of care during the pandemic. Moreover, with the help of telemedicine and digital health technologies, physician consultations were accomplished, thereby guiding patients bout appropriate treatment.
Europe Market, By Product
The continuous glucose monitors (CGM) segment held over USD 1 billion revenue in 2020, attributed to its advantages over traditionally available glucose meters. The CGMs are extensively used in patients that require uninterrupted or regular monitoring of blood glucose. Continuous glucose monitors offer blood glucose readings every 5 minutes or in real-time.
Europe Market, By Application
Type 2 diabetes segment accounted for significant self-monitoring blood glucose devices market share in 2020 owing to increasing incidence type 2 diabetes in the European countries. As per the International Diabetes Federation, there are more than 59 million people in Europe suffering from diabetes and 90% of these patients accounted for type 2 diabetes in 2019. Type 2 diabetes is majorly driven by a complex interplay of socio-economic, environmental, demographic, and genetic factors. With growing target patient pool, the segment will experience robust growth in future.
Europe Market, By Distribution Channel
The online distribution channel segment in the Europe self-monitoring blood glucose devices market will expand at over 10.4% CAGR during the forecast timeframe. Growing penetration of internet in European countries has boosted the adoption of e-commerce platforms. Moreover, expansion of firms to provide online ordering options during the pandemic will further augment the market growth.
Europe Market, By Country
Germany self-monitoring blood glucose devices market dominated more than 18% revenue share in 2020, owing to growing geriatric population base in the region. Population aged 65 years and older in Germany is projected to grow around 24 million by 2050. This age group is highly prone to diabetes that increases demand for SMBG devices. Additionally, high adoption of self-management devices in the country will further enhance the market demand.
Competitive Industry Landscape
Key industry participants are Abbott Laboratories, All Medicus, Arkray, B. Braun Melsungen AG, Bayer Healthcare, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan and Medtronic among others. These companies are undertaking several strategic initiatives such as product launch, acquisition & merger, and collaborations to expand their market footprint.