Comprehensive Analysis of the Self-Monitoring Blood Glucose (SMBG) Devices Market 2025-2034: Growth Rates, Trends, and Future Opportunities
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How has the self-monitoring blood glucose (smbg) devices market size evolved in recent years?
In recent times, there has been significant growth in the market size of self-monitoring blood glucose (SMBG) devices. The market’s progression is projected to rise from $15.23 billion in 2024 to $16.28 billion in 2025, marking a compound annual growth rate (CAGR) of 6.9%. Factors influencing this notable growth during the historic period include the climbing prevalence of diabetes, heightened healthcare awareness, an aging demographic, government policies and regulations, and an upswing in health care expenditure.
What are the predictions for the self-monitoring blood glucose (smbg) devices market size in the coming years?
Experts predict a robust expansion in the market size of self-monitoring blood glucose (SMBG) devices in the upcoming years. With a compound annual growth rate (CAGR) of 8.7%, the market is anticipated to reach a valuation of $22.75 billion by 2029. The growth during this forecast period is linked to several factors including the increase in home healthcare, expansion of telehealth, a rise in disposable income, growing requirement for remote monitoring, and a surge in e-commerce. Key trends expected to be observed in the forecast period are the integration of continuous glucose monitoring (CGM), artificial intelligence (AI) and machine learning technologies, wearable SMBG devices, non-invasive monitoring methods, and the progression of mobile apps and connectivity.
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What key factors are fueling the growth of the self-monitoring blood glucose (smbg) devices market?
The increasing incidence of diabetes is anticipated to boost the self-monitoring blood glucose equipment market’s expansion in the future. Individuals living with diabetes utilize a self-monitoring blood glucose method, using a device for glycemic readings (glucose meter), allowing them to adjust or oversee their treatment effectiveness (diet, exercise, insulin, antidiabetics) or consult their doctor based on the test results. For instance, the Office for Health Improvement & Disparities, a government department in the UK, indicated in March 2024 that between March 2022 and March 2023, the proportion of people with type 1 diabetes receiving all eight suggested care processes rose by 22%, while it was a 21% increase for type 2 diabetes. Moreover, the percentage of individuals reaching the target HbA1c levels climbed to 37.9%, which is the highest number ever reported by the National Diabetes Audit (NDA). Consequently, the escalating incidence of diabetes is encouraging the surge of the self-monitoring blood glucose devices market.
How is the global self-monitoring blood glucose (smbg) devices market divided into key segments?
The self-monitoring blood glucose (SMBG) devices market covered in this report is segmented –
1) By Product: Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers
3) By Application: Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes
Subsegments:
1) By Self-Monitoring Blood Glucose Meters: Traditional Glucose Meters, Smart Glucose Meters
2) By Continuous Glucose Monitors (CGMs): Real-Time CGMs, Flash Glucose Monitoring Systems
3) By Testing Strips: Standard Testing Strips, Test Strips for Specific Meters
4) By Lancets: Standard Lancets, Safety Lancets
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Who are the key firms paving the way for growth in the self-monitoring blood glucose (smbg) devices market?
Major companies operating in the self-monitoring blood glucose (SMBG) devices market include Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd, LifeScan Inc, PHC Holdings Corporation, Home Diagnostics Inc, Terumo Pharmaceutical Solutions, ARKRAY Inc, Ypsomed Holding AG, Dexcom Inc, Medtronic plc, Novo Nordisk A/S, Glysens Incorporated, Senseonics Holdings Inc., AgaMatrix Inc., All Medicus Co. Ltd., Ascensia Diabetes Care Holdings AG, Bayer AG, Becton Dickinson and Company, Bio-Rad Laboratories Inc., Bioptik Technology Inc., Cnoga Medical Ltd., ForaCare Inc., Glucovation Inc., Hainice Medical Inc., Infopia Co. Ltd., Insulet Corporation, Integrity Applications, Johnson & Johnson, Menarini Diagnostics, Nemaura Medical Inc., Nipro Corporation, Nova Biomedical Corporation, Omron Healthcare Inc., Optiscan Biomedical Corporation, OrSense Ltd., Pinnacle Technology Inc., Prodigy Diabetes Care LLC, PTS Diagnostics, TaiDoc Technology Corporation, Trividia Health Inc., WaveForm Technologies Inc.
Which trends are expected to transform the self-monitoring blood glucose (smbg) devices market?
The rise of technology is an evolving trend in the self-monitoring blood glucose devices market, with leading corporations aiming to launch products featuring the latest advancements. One such firm, Know Labs Inc., headquartered in the US, has released a new portable medical-grade device named KnowU, which employs Bio-RFID technology for glucose monitoring. This non-invasive blood sugar monitor has a power-providing base, a visual display for results, and a battery-operated monitor equipped with Bio-RFID sensors for mobility. This user-friendly KnowU device boasts an economical alternative to its costly and uncomfortable counterparts in the blood glucose monitor market.
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What regions are contributing significantly to the growth of the self-monitoring blood glucose (smbg) devices market?
North America was the largest region in the self-monitoring blood glucose (SMBG) devices market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the self-monitoring blood glucose (SMBG) devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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