Published on : Jan 23, 2017
ALBANY, New York, January 23, 2017: ResearchMoz.us has announced the addition of a new market intelligence report to its repository. The report is titled, “Blood Glucose Device Market & Forecast (SMBG) (Test Strips, Lancet, Meter) Worldwide Analysis.” The study probes into the growth prospects of the blood glucose device market in the coming years and the trajectory of the last few years. The report further presents an evaluation on the pricing and other publicity and marketing strategies implemented by the leading market players. The changing dynamics and their impact on the growth of the market has also been analyzed in the report. The research report further highlights the procurements in the industry, institutional perspective on e-procurement, capital expenditure changes, supplier price variations, and the chief business priorities.
According to the report, the self-monitoring blood glucose (SMBG) device market is likely to cross US$16 bn by the end of 2020 owing the alarming rise in diabetes across the globe. It has been estimated that almost a population of 642 million of the population across the world will eventually be affected from diabetes by the end of 2040. As a result of this, governments and public organizations are focusing on monitoring the prevalence of this disease and are taking required steps to avoid complications and keep the impact minimum. The U.S. has subsequently emerged as the leading market for self-monitoring blood glucose devices closely trailed by Russia and the U.K. in the exact order. Nevertheless, China has been reported to have the most number of users of blood glucose device users in comparison to other countries. The U.K., Russia, and the U.S. collectively account for above 63% of the total share in the overall test strips market whereas China led the blood glucose meter market.
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One of the chief drivers of the blood glucose device market is the presence of compensation options for glucose meters. Basically, it has been noticed that glucose meter devices need replacement in every six to eight month and are thus expensive. Thus, many people select health insurance plans that cover over 80% of the overall money spent on healthcare devices. Another trend that is fostering the growth of the market is the recent development in the strategies implemented in online marketing. In order to improve brand equity and increase sales, companies are focusing on improving their promotional activities and online marketing strategies. Moreover, online channels have a low set-up cost and need incur low operational costs and have a user friendly interface. Thus, dealers and manufacturers of blood glucose devices are routing towards online retail platforms for a better market approach.
The countries covered in the report are the U.S., the U.K., Germany, Italy, Spain, Norway, Sweden, Switzerland, Netherlands, Brazil, Australia, Russia, India, China, and Kuwait. The report analyzes four leading companies namely Abbott Laboratories, Bayer HealthCare, LifeScan Inc., and Roche Diagnostic.
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