Market Size of Australia Self-Monitoring Blood Glucose Industry
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Market Size (2023)||USD 187.35 Million|
|Market Size (2028)||USD 244.86 Million|
|CAGR (2023 - 2028)||5.50 %|
*Disclaimer: Major Players sorted in no particular order
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Australia Self-Monitoring Blood Glucose Market Analysis
The Australia Self-Monitoring Blood Glucose Market size is expected to grow from USD 187.35 million in 2023 to USD 244.86 million by 2028, at a CAGR of 5.50% during the forecast period (2023-2028).
During the COVID-19 pandemic, patients with diabetes were at higher risk for hospitalizations and complications due to hyper- or hypoglycemia, metabolic comorbidities, and more severe illness from SARS-CoV-2 infection. According to the Australian Bureau of Statistics, COVID-19 data from January 2020 to March 2022, pre-existing chronic conditions such as diabetes were reported on death certificates for 3,600 (73%) of the 4,900 deaths due to COVID-19. Diabetes was a pre-existing condition in 20% of the 3,600 deaths. Maintaining euglycemia was important to decrease morbidity and mortality in the hospital setting. According to experts, inpatient use of diabetes technology in patients with proper institutional protocols was safe and improved inpatient glycemic outcomes and played a vital role in managing hypoglycemia and hyperglycemia in hospitalized patients.
Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. The measurement of blood glucose helps determine the effectiveness of blood glucose metabolism and guides in achieving optimal glucose control within the body. Over time the readings provide the patient and their health professionals with the information required to determine the best management strategy for diabetes. Appropriate and timely blood glucose monitoring allows the successful management of out-of-range blood glucose levels, minimizing diabetic-related health complications.
Technological advancements in blood glucose meters, including cellular-connected devices that automatically upload SMBG data to secure cloud-based databases, allow for improved sharing and monitoring of SMBG data. Real-time monitoring of SMBG data presents opportunities to provide timely support to patients responsive to abnormal SMBG recordings. Such advantages can provide patients with poorly controlled T2D additional support needed to improve critical outcomes, thereby enhancing the market prospects in future years.