The self-monitoring blood glucose devices market size is projected to grow from US$ 9.5 billion in 2023 to US$ 22.4 billion by 2031; the market is estimated to record a CAGR of 11.3% during 2023–2031. The rising preference for remote glucose checking among diabetic population propels the self-monitoring blood glucose devices market growth. However, product recalls impede the market growth.
The Food and Drug Administration (FDA) supports remote glucose checking by using a glucose meter that offers accurate reading. A few home-use blood glucose meters have built-in wireless data transmission capabilities that facilitate remote patient blood glucose monitoring, providing ease of convenience. Therefore, the FDA encourages regulatory support and policies to allow diabetic patients to self-test using home-use blood glucose meters.
Abbott's "Cobas Pulse" system is an example of smart self-glucose meter. It is a high-end performance glucose meter combined with "Cobas Infinity" technology to offer secure and digital management software solution. Therefore, the rising preference of remote glucose monitoring devices among the diabetic people will have a positive impact on the self-monitoring blood glucose devices market size, facilitating the market expansion.
The self-monitoring blood glucose devices market analysis has been carried out by considering the following segments: product, application, testing site, and end user.
By product, the market is segmented into testing strips, glucose meters, lancets, and others. The testing strips segment held the largest self-monitoring blood glucose devices market share in 2023 and is anticipated to register the highest CAGR of 11.8% during the 2021-2031. The Clinton Health Access Initiative (CHAI), published in October 2021, revealed that testing strips generate the major revenue for the self-monitoring blood glucose devices market. This is due to a large pool of diabetic patients requiring several testing strips per day, resulting in a high volume of consumption. Additionally, many suppliers provide glucose meters for free to diabetic people, which is responsible for driving testing strip sales. To further accelerate the consumption of test strip sales, suppliers limit the compatibility of proprietary test strips with particular meter models, such that test strips do not work with other meter brands or even with other models within the same brand.
In conventional medical practice, lifestyle modifications and medication changes were suggested during consultation visits. Under several circumstances, these face-to-face visits may not be feasible and could be a costly affair. Recent advancements in telemedicine technologies have not only emerged as promising platforms to deliver diabetes management services but also help in reducing unnecessary allocation of health care resources. Telemedicine-based self-monitoring blood glucose devices have been developed with transmission capabilities, allowing these devices to link to smartphone apps or websites. Patients can conveniently measure their blood glucose levels by themselves and share results with their healthcare team in real time. For example, Dexcom company's "G6 software tool" utilized by the Barbara Davis Center clinicians in Colorado provides virtual care for diabetic patients to self-manage glucose levels. Also, Dexcom's G6 is clinically proven to lower A1C, reduce hyper and hypoglycemia levels, and provide a suite of protective alerts. The product is available for both English and Spanish-speaking patients. Thus, the popularity of such telemedicine-based blood glucose monitoring devices can provide lucrative opportunities for the self-monitoring blood glucose devices market growth.
The scope of the self-monitoring blood glucose devices market report entails North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest self-monitoring blood glucose devices market share. Increasing number of product launches by top companies and the presence of key market players favors the market in North America. The US is the largest contributor to the market in North America due to the presence of large pool of diabetic population and regulatory bodies to develop and approve self-monitoring blood glucose devices in this region.
The regional trends and factors influencing the Self-Monitoring Blood Glucose Devices (SMBGDs) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Self-Monitoring Blood Glucose Devices (SMBGDs) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ XX Million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Self-Monitoring Blood Glucose Devices (SMBGDs) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Self-Monitoring Blood Glucose Devices (SMBGDs) Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The self-monitoring blood glucose devices market forecast can help stakeholders in this marketplace plan their growth strategies. A few strategic developments by leading players \
operating in the market are listed below:
B. Braun SE, F. Hoffmann-La-Roche, LifeScan Inc., Medtronic, Abbott, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp are among the prominent companies profiled in the self-monitoring blood glucose devices market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand worldwide.
The List of Companies - Self-Monitoring Blood Glucose Devices (SMBGDs) Market
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The testing strips segment held the largest share of the market in the global self-monitoring blood glucose devices market and held the largest market share in 2023.
Key factors that are driving the growth of this market are the rising preference for remote glucose checking among diabetic population is expected to boost the market growth for the self-monitoring blood glucose devices over the years.
The type 2 diabetes segment dominated the global self-monitoring blood glucose devices market and held the largest market share in 2023.
Self-monitoring blood glucose (SMBGDs) is an important component of modern therapy to manage diabetes mellitus. SMBG has been recommended for people with diabetes and healthcare professionals to achieve a specific level of glycemic control and prevent hypoglycemia.
The CAGR value of the self-monitoring blood glucose devices market during the forecasted period of 2023-2031 is 11.3%.
The self-monitoring blood glucose devices market majorly consists of the players such B. Braun SE, F. Hoffmann-La-Roche, LifeScan Inc., Medtronic, Abbott, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, Terumo Corp, and amongst others.