- The Global Self-Monitoring Blood Glucose Devices Market was valued at USD 8.93 Billion in 2021
- It is anticipated to reach USD 15.3 Billion by 2028
- A CAGR of 8.02% is anticipated over the forecast period
A self-monitoring blood glucose device is used to measure blood glucose to monitor a person's glucose level. Both high and low blood glucose has the potential to seriously affect the human body and therefore require regular monitoring. Diabetes is a widely prevalent chronic disease of insulin or blood glucose that interferes with the body's production of insulin and thereby damages the body.
Glucose monitoring is an essential step toward diabetes management by testing blood glucose levels. Blood glucose monitoring provides important data for patients to make daily management decisions such as food intake, insulin dosage, and physical exercise. Self-monitoring blood glucose (SMBG) is a modern diabetes management technique in which patients use a blood glucose meter to quickly check their glucose levels and accurately measure capillary glucose concentration. Self-monitoring blood glucose (SMBG) technology uses test strips, lancets, and blood glucose meters to achieve long-term glycemic control.
The Covid-19 pandemic has shown a positive impact on the growth of the global self-monitoring blood glucose devices market. For example; diabetic patients are more likely to become seriously affected with the Covid-19 virus which has led to increase the adoption of self-monitoring blood glucose devices for home settings to reduce the number of visits to hospitals and clinics. This has impacted the market positively.
Some of the key players for global Self-Monitoring Blood Glucose Devices Market are
Test strips segment is expected to witness lucrative growth during the forecast period, owing to increase in demand for low-cost and easy-to-use products. Furthermore, rise in awareness about self-testing that allows diabetic patients to keep record of their blood glucose level regularly without visiting a clinic or diagnostic laboratory.
In addition, development of new glucose meters with advanced technologies, such as Bluetooth connectivity and enhanced accuracy, will create growth opportunities for the market players. Moreover, launch of new products that are compatible with smartphones, and increasing prevalence of lifestyle diseases, such as diabetes, are some of the factors that strengthen the market growth. However, stringent government regulations, and high cost of glucose meters and test strips are some of the factors that limit the growth of this market.
The self-monitoring blood glucose (SMBG) devices market is highly dominated by the type 2 diabetes segment, due to its high prevalence. This segment is projected to experience the fastest growth rate during the forecast period, as a result of the rising geriatric population, the increasing prevalence of obesity, and the growing prevalence of sedentary lifestyles.
The hospital pharmacies segment dominated the self-monitoring blood glucose devices market, due to the growth of healthcare settings in emerging economies and an increase in hospitalizations. However, the home settings segment is projected to experience the fastest growth over the forecast period, as self-monitoring blood glucose devices become more widely adopted, and people increasingly prefer portable and technologically advanced products.
Geographically, North America is expected to capture a major share in the global self-monitoring blood glucose devices market within the forecast period due to the increasing prevalence of diabetes, rising healthcare expenditure, and growing technological advancement in this region. The increasing prevalence of diabetes is one of the major factors driving the market growth. For instance; according to the Central for Disease Control & Prevention; on January 18th, 2022; 37.3 million people have diabetes (11.3% of the US population). Therefore, the increasing prevalence of diabetes is expected to fuel the market growth over the forecast period. In addition, the rising healthcare expenditure is another factor supplementing the market growth in this region. For instance; according to the Centers for Medicare and Medicaid Services; U.S. health care spending rose 9.7 percent in 2020 to $ 4.1 trillion, or $ 12,530 per capita. As a share of the country’s GDP, the share of health expenditure is 19.7 percent.
The Asia Pacific is the fastest-growing region in the global self-monitoring blood glucose devices market due to the increasing prevalence rate of diabetes, improvements in healthcare facilities, and growing awareness regarding diabetes preventive care. For instance; according to Down to Earth; on December 6th, 2021; the estimated number of diabetic patients in the age group of 20-79 is 74.2 million in 2021 and is expected to increase to 124.8 million in 2045 in India.
One of the major factors driving the growth of the self-monitoring blood glucose devices market is the increasing awareness regarding home monitoring and the focus on routine diabetes management. Increasing awareness about home monitoring and focus on routine diabetes management to reduce the risk of hyperglycemic conditions are driving the demand for self-monitoring of blood glucose devices. In addition, the government is undertaking several initiatives to increase public awareness about early diagnosis.
The National Diabetes Education Program (NDEP) is a joint effort of the National Institutes of Health and the Centers for Disease Control and Prevention (CDC). NDEP aims to reduce the burden of pre-diabetes by providing diabetes-related education to unreached populations, such as ethnic minorities, faith-based organizations, community-based organizations, and health care providers. The global pandemic has affected millions of people worldwide, resulting in high mortality. The pandemic has positively impacted the self-monitoring blood glucose devices market due to the high demand for home care.
Moreover, the population has shifted to home care due to the incidence of Covid-19. During the pandemic, the diabetic population frequently monitored blood glucose levels to reduce complications and hospitalizations, and to reduce susceptibility to Covid-19.
In addition, the rising prevalence of diabetes is also boosting the growth of the self-monitoring blood glucose devices market. For instance; according to the international diabetes foundation; in 2021; 537 million adults (20-79 years) are living with diabetes one in 10. This number is projected to rise to 643 million by 2030 & 783 million by 2045.
However, the high cost of advanced devices associated with self-monitoring blood glucose devices may hinder the growth of the market. Despite that, the rise in awareness about diabetes monitoring devices, and technological advancement may create more opportunities for the further growth of the global self-monitoring blood glucose devices market.
- On February 13th, 2021; Blood glucose monitoring technology has become a topic of global research due to the increasing growth in the diabetic population. This has since sent self-monitoring technology into the mainstream, as it has proven practical and convenient. Wearable devices such as continuous glucose monitoring (CGM) products are changing, as more companies adopt the technology. Both healthcare providers and patients rely on digital-based diabetes management systems and virtual care.
- On May 16th, 2019; Socrates Health Solutions appointed John Maynard to the role of Special Advisor, bringing to Socrates more than 25 years of experience developing and commercializing non-invasive medical diagnostic devices. Maynard was the co-founder & executive vice president of VeraLight which commercialized the SCOUT DS, a non-invasive diabetes screening device. Prior to VeraLite, he was co-founder and vice president of engineering at InLite Solutions, a 10-year strategic partnership with Johnson & Johnson's LifeScan division to develop noninvasive glucose measurement devices.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 8.93 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 15.3 Billion
|Tables, Charts & Figures:
|Self-Monitoring Blood Glucose Devices Key Players
|Braun Melsungen AG, F. Hoffmann-La Roche Ltd. LLC,PHC Holdings Corporation,Terumo Corporation, Trividia Health, Inc. (Sinocare Inc.),ARKRAY, Inc.,Ypsomed Holding AG.,Bionime Corporation,Abbott Laboratories, LifeScan IP Holdings, Medtronic plc, Ascensia Diabetes Care, Dexcom Inc, Sanofi, Novo Nordisk, Insulet Corporation, Glysens Incorporated, Sensionics and others.
|By Product, By Distribution Channel, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination interested? please email us email@example.comJOIN US
BrandEssence® Market Research and Consulting Pvt ltd.
124, City Road, London EC1V 2NX
© Copyright 2024-25 BrandEssence® Market Research and Consulting Pvt ltd. All Rights Reserved | Designed by BrandEssence®