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European SMBG Devices Market size to hit $11.5 Bn by 2027
Published Date: 2022-01-18
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European SMBG Devices Market size is estimated to surpass USD 11.5 billion by 2027, according to a latest forecast report by Graphical Research.
Growing awareness about diabetes monitoring devices coupled with better reimbursement policies are projected to offer significant growth opportunities. The presence of organizations such as the Primary Care Diabetes Society, increases awareness about the disease and encourages the use of diabetes monitoring devices.
Companies have introduced technologically advanced devices that allow real-time monitoring of insulin-dependent patients. These devices aid in the detection of hypoglycemic and hyperglycemic diabetes. Companies are also robustly spending on R&D for development and launch of novel devices in the region. For instance, in September 2020, Dexcom launched G6 CGM system in Turkey.
The testing strips segment accounted for more than USD 3 billion revenue in 2020 due to its effectiveness in preventing hypoglycemic and hyperglycemic situations by monitoring and managing diabetes. Testing strips are essential for on-going glucose testing and must be purchased on a regular basis. In the future, the demand and supply of testing strips in homecare settings will be fueled by the rapid expansion in the number of patients and diagnostic needs.
Type 1 diabetes segment accounted over USD 300 million revenue in 2020 on account of increasing genetic issues and environmental factors. According to the data published by World Diabetes Foundation, around 140,000 children aged 0-14 years are diagnosed with type 1 diabetes in Europe. Additionally, approximately 21,600 new cases are reported every year in this region. Therefore, increasing incidence rate of type 1 diabetes will boost the adoption of SMBG devices among children, thereby stimulating the market growth.
Browse detailed statistical insights from the report, “Europe Self-monitoring Blood Glucose (SMBG) Devices Market Forecast 2027 By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers), By Product (Self-monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Ukraine, Poland, Switzerland, Belgium, Greece, Czech Republic, Netherlands, Sweden), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The diagnostic centers and clinics segment is projected to grow at 10.2% CAGR through 2027 attributed to increasing number of people suffering from irregular blood glucose levels and rising awareness regarding diabetes and diabetic treatment. Additionally, growing healthcare infrastructure and specialty centers for diabetes coupled with awareness levels will boost the market expansion.
UK self-monitoring blood glucose (SMBG) devices industry is anticipated to witness 9.3% CAGR till 2027. Availability of authentic and structured information and education programs from the nationalized associations will augment the uptake of SMBG devices in the country. Further, growing obesity and adoption of unhealthy eating habits has increased the burden of diabetes up to significant extent in the country.
The SMBG devices in European market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Europe Market, By Product
- Self-monitoring Blood Glucose Meters
- Continuous Glucose Monitors
- Testing Strips
Europe Market, By Application
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Europe Market, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics & Centers
The above information has been provided for the following countries:
- Czech Republic