The global self-monitoring blood glucose devices market, valued at USD 18.4 billion in 2022, is set for substantial growth in the forecast period, boasting a robust CAGR of 8.2% through 2028.
Self-monitoring blood glucose (SMBG) has emerged as a pivotal tool empowering diabetic patients to make informed daily decisions regarding their food intake, insulin dosage, and physical activity. SMBG technology, encompassing test strips, lancets, and blood glucose meters, enables long-term glycemic control and plays a crucial role in diabetes management.
Key Market Drivers:
- High Prevalence of Diabetes: The market is driven by the increasing prevalence of diabetes, especially among the elderly population. Government initiatives aimed at raising awareness are contributing to market growth. However, it’s essential to note that SMBG devices may not always provide exact glucose levels, which could result in occasional inaccuracies. Stringent regulations and limited reimbursement options pose challenges to market growth.
- Technological Advancement: Technological advancements have revolutionized blood glucose monitoring devices, enhancing accuracy and connectivity. Continuous Glucose Monitoring (CGM) systems offer real-time glucose readings, reducing the need for frequent fingerstick tests. Leading market players are investing in research and development to introduce innovative products, increasing accessibility and demand.
- Rising Cases of Obesity: Changing lifestyles and increasing obesity rates have led to a continuous rise in diabetes cases, boosting the demand for SMBG devices. Government initiatives aimed at reducing diabetes cases are positively influencing market growth, despite challenges posed by the COVID-19 pandemic.
- Rising Number of Geriatric Population: As the aging population is more susceptible to diabetes, SMBG devices cater to their needs, allowing them to manage their condition independently. Regular monitoring helps older adults track their condition and make necessary adjustments to their treatment plan, reducing their dependence on others.
Key Market Challenges:
- Compliance and Adherence: Some individuals struggle with adherence to regular and consistent blood glucose monitoring, leading to challenges in diabetes management. Technical skill and knowledge are required to use SMBG devices correctly, and some individuals, particularly the elderly, may find it challenging to operate the devices.
- Low Rate of Diagnosis in Emerging Countries: The presence of undiagnosed diabetes cases in emerging countries contributes to lower adoption of Blood Glucose Monitoring Systems. Limited awareness and access to healthcare infrastructure impede growth in these regions.
Key Market Trends:
- New Product Launches: Prominent companies are focusing on developing innovative technological solutions. For instance, Intuity Medical introduced the POGO Automatic Blood Glucose Monitoring System, a game-changer in diabetes management. This FDA-approved device simplifies blood glucose monitoring, improving convenience for individuals with diabetes.
- Increasing Funding and Investments: Funding and investments are facilitating research and development, driving technological advancements. Transdermal Diagnostics, for example, secured funding to develop a cost-effective, needle-free glucose monitor. Labcorp launched an at-home collection kit to assess the risk of diabetes, advancing preventive care.
The global self-monitoring blood glucose devices market is on a trajectory of growth driven by technological advancements, rising diabetes cases, and increased awareness. Despite challenges, opportunities abound in emerging markets, and ongoing innovation promises a brighter future for diabetes management.
Key Market Players
- Abbott Laboratories
- Medtronic plc
- F. Hoffmann-La Roche Ltd
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
Report Scope:
In this report, the Global Self-monitoring Blood Glucose Devices Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Self-monitoring Blood Glucose Devices Market, By Product:
- Self-monitoring Blood Glucose Devices Meters
- Continuous Glucose Monitors
- Testing Strips
- Lancets
Self-monitoring Blood Glucose Devices Market, By Application:
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Self-monitoring Blood Glucose Devices Market, By End User:
- Hospitals
- Home Settings,
- Diagnostic Centers
For more information about this report visit https://www.researchandmarkets.com/r/d6q7rp
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