The North America self-monitoring blood glucose (SMBG) market is expected to witness a CAGR of above 8% during the forecast period (2020-2025). As per the ADA, around 67.3% of the cost for diabetes care in the US, is provided by government insurance (including Medicare, Medicaid, and the military). The rest is paid for by private insurance (30.7%) or by the uninsured (2%). Since 1998, the US government has invested USD 2.5 billion towards Type 1 diabetic research through the Special Diabetes Program. Currently, the US government spends USD 150 million annually on diabetes research at the National Institutes of Health (NIH). Similarly, medical treatment standards in Canada are defined by the Canada Health Act of 1985 which empowers the Canadian government to regulate the safety and efficacy of medical devices, pharmaceuticals, and natural health products; fund health research; and administer a range of services for certain populations. For the cost categories analyzed, care for people with diagnosed diabetes adds up to USD 1 in every USD 4 spent for healthcare in the United States, and more than 50% of that expenditure is directly accountable to diabetes.
Key Market Trends
Blood Glucose Test Strips Held the Largest Market Share in 2019
In 2019, Blood glucose test strips accounted for about 81% of the North America SMBG market. The glucometer is considered to be a one-time purchase. However, test strips, on the other hand, are a continuous investment, as a test strip needs to be disposed of after one use. Thus, it presents a considerable cost impact to the consumers. In North America demand for blood glucose test strips is projected to witness significant growth over the forecast period. The growth of the market studied is expected to be spurred by the rising diabetic population in the North American region. The growth in market volumes and share of the test strip segment is expected to be better than that of glucometers, because of the difference in the use-case frequency. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost, during the same time frame, the corresponding use of multiple (in the range of thousands) test strips may occur, causing a recurrent cost impact.
The United States Held the Largest Market Share in 2019
The diabetic population in the United States is expected to cross 40 million by 2045, and in 2019 United States registered about 10 million obese population. Monitoring blood glucose levels is necessary, as poor blood glucose levels result in diabetes-related complications, like diabetic retinopathy, diabetic neuropathy, etc. In the United States, the type 1 diabetes population is expected to witness a CAGR of 1.01% for the coming years. In North America Blood glucose meters are now portable and accurate to use. Advancements in technology in SMBG devices have bought awareness among patients in the use of the products at home. The SMBG market in the United States is estimated to value greater than USD 4 billion in 2019.
The North America self-monitoring blood glucose market is fragmented, with a few major manufacturers having a global market presence, while the remaining manufacturers confined to local or region-specific manufacturers. Mergers and acquisitions that occurred between the players in the recent past have helped companies strengthen their market presence. Panasonic acquired Bayer’s diabetes care unit and named it Ascensia diabetes care, which continued its operations in North America.
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