The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Self Monitoring Blood Glucose Devices Global Market Report 2023, the self monitoring blood glucose devices market is expected to show significant growth in the forecast period.

The global self-monitoring blood glucose (SMBG) devices market has experienced remarkable growth, advancing from $13.24 billion in 2022 to $14.59 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 10.2%. The journey continues with the market expected to expand further, reaching $20.29 billion in 2027 at a robust CAGR of 8.6%. Let’s delve into the driving factors and trends propelling this growth.

**1. Diabetes Dynamics: Rising Prevalence Driving Market Surge

– Prevalence of Diabetes:

The growth of the self-monitoring blood glucose devices market is intricately linked to the escalating prevalence of diabetes globally. Self-monitoring of blood glucose is a pivotal method for individuals with diabetes, involving the use of a glycemic reading gadget to measure blood sugar levels. With 463 million individuals living with diabetes worldwide in 2019, expected to increase to 537 million in 2021, and projections reaching 783 million by 2045, the rising prevalence of diabetes is a significant catalyst for the market’s expansion.

**2. Industry Giants: Major Players Shaping the Landscape

– Major Players in SMBG Devices Market:

Leading the charge in the SMBG devices market are major players such as 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, Glysens Incorporated, and Senseonics Holdings. These industry giants play a pivotal role in driving innovation and shaping the dynamics of the SMBG devices market.

**3. Innovation Unleashed: Technological Advancements

– Technological Advancements:

A key trend gaining prominence in the SMBG devices market is the surge in technological advancements. Major players in the sector are actively engaged in developing technologically advanced products to maintain a competitive edge. An illustrative example is Know Labs Inc.’s launch of KnowU, a portable medical-grade glucose monitoring device utilizing Bio-RFID technology. This non-invasive glucose monitoring device is not only affordable but also offers a convenient replacement for traditional, more expensive, and painful blood glucose monitoring devices.

**4. Market Segmentation: Navigating the Diverse Landscape

– Segmentation Breakdown:

The global SMBG devices market is segmented based on product, distribution channel, and application.

• By Product: Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets
• By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers
• By Application: Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes

**5. Global Landscape: Regional Leaders and Growth Forecasts

– Regional Dynamics:

In 2022, North America took the lead as the largest region in the SMBG devices market. However, the forecast indicates that Europe is poised to emerge as the fastest-growing region during the forecast period, highlighting the global expansion of the SMBG devices market.

**6. Beyond Metrics: Charting the Future of SMBG Devices

As we navigate the SMBG devices landscape, it becomes evident that it’s not just about numbers; it’s about transforming lives. From addressing the global surge in diabetes prevalence to pioneering technological advancements, the SMBG devices market is at the forefront of revolutionizing diabetes management globally.

View More On The Self Monitoring Blood Glucose Devices Market Report 2023 – https://www.thebusinessresearchcompany.com/report/self-monitoring-blood-glucose-smbg-devices-global-market-report

Request A Sample Of The Global Self Monitoring Blood Glucose Devices Market Report 2023:
https://www.thebusinessresearchcompany.com/sample_request?id=6969&type=smp

 The Self Monitoring Blood Glucose Devices Global Market Report 2023  provides an in-depth analysis on the self monitoring blood glucose devices market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the self monitoring blood glucose devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Blood Glucose Meters Global Market Report 2023
Blood Transfusion Diagnostics Global Market Report 2023
Anemia And Other Blood Disorder Drugs Global Market Report 2023

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model