Self-Monitoring Blood Glucose Devices Market Report - 2031

Self-Monitoring Blood Glucose Devices (SMBGDs) Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Testing Strips, Glucose Meters, Lancets, and Others), Application (Type 1 Diabetes and Type 2 Diabetes), Testing Site (Fingertip Testing and Alternate Site Testing), End User (Hospitals & Clinics and Self/Homecare), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

  • Report Code : TIPRE00008684
  • Category : Medical Device
  • No. of Pages : 150
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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.

Growth Drivers:

Rising Preference for Remote Glucose Checking Among Diabetic People

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.

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Self-Monitoring Blood Glucose Devices (SMBGDs) Market: Strategic Insights

Self-Monitoring Blood Glucose Devices (SMBGDs) Market

  • CAGR (2023 - 2031)
    XX%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Market Dynamics

GROWTH DRIVERS
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  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
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OPPORTUNITIES
  • XXXXXXX
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Key Players

  • Abbott Laboratories Limited
  • ALLMEDICUS
  • ARKRAY, Inc.
  • Ascensia Diabetes Care Holdings AG
  • B. Braun Melsungen AG
  • Bionime Corporation
  • Dexcom, Inc.
  • F. Hoffmann-La Roche Ltd
  • Johnson & Johnson Services, Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product Type
  • Blood Glucose Meters
  • Lancets
  • Test Strips
  • Other Product Types
Application
  • Type 1 Diabetes
  • Type 2 Diabetes and Gestational Diabetes
End User
  • Hospitals & Clinics
  • Diagnostic Centers
  • Home Care Settings
  • Other End Users
Geography
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Report Segmentation and Scope:

The self-monitoring blood glucose devices market analysis has been carried out by considering the following segments: product, application, testing site, and end user.

Segmental Analysis:

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.

Self-Monitoring Blood Glucose Devices Market Trends

Telemedicine-Based Self-Monitoring Blood Glucose Devices

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.

Regional Analysis:

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.

Self-Monitoring Blood Glucose Devices Market Report Scope

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
  • Blood Glucose Meters
  • Lancets
  • Test Strips
  • Other Product Types
By Application
  • Type 1 Diabetes
  • Type 2 Diabetes and Gestational Diabetes
By End User
  • Hospitals & Clinics
  • Diagnostic Centers
  • Home Care Settings
  • Other End Users
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Abbott Laboratories Limited
  • ALLMEDICUS
  • ARKRAY, Inc.
  • Ascensia Diabetes Care Holdings AG
  • B. Braun Melsungen AG
  • Bionime Corporation
  • Dexcom, Inc.
  • F. Hoffmann-La Roche Ltd
  • Johnson & Johnson Services, Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Industry Developments and Future Opportunities:

    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:

    • In March 2023, Astellas Pharma I 1`1` bvp. pp, "TempoSmart," and a prefilled insulin pen, "Tempo Pen" that work together to deliver personalized guidance for adults suffering from diabetes. The app was developed in partnership with Welldoc company and is a private label iteration of the company's "BlueStar," a diabetes management app customized to receive insulin dose-related data from the Tempo Smart Button.

    Competitive Landscape and Key Companies:

    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.

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which application segment held the largest share in the self-monitoring blood glucose devices market?

    The type 2 diabetes segment dominated the global self-monitoring blood glucose devices market and held the largest market share in 2023.

    Who are the key players in the self-monitoring blood glucose devices market?

    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.

    What is the market CAGR value of self-monitoring blood glucose devices market during forecast period?

    The CAGR value of the self-monitoring blood glucose devices market during the forecasted period of 2023-2031 is 11.3%.

    What is self-monitoring blood glucose devices market?

    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.

    What are the driving factors for the self-monitoring blood glucose devices market across the globe?

    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.

    Which product segment leads the self-monitoring blood glucose devices market?

    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.

    The List of Companies - Self-Monitoring Blood Glucose Devices (SMBGDs) Market

    1. B. Braun SE
    2. F. Hoffmann-La-Roche
    3. LifeScan Inc.
    4. Medtronic
    5. Abbott
    6. Ypsomed Holding AG
    7. Sensionics
    8. Nipro Corp
    9. GE Healthcare
    10. Terumo Corp

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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