How Will The Self Monitoring Blood Glucose Devices Market Globally Expand In 2023?
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
The Business Research Company’s self monitoring blood glucose devices market report forecasts the self monitoring blood glucose devices market size to grow to $20.29 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Self Monitoring Blood Glucose Devices Market Size Forecast
The global self monitoring blood glucose devices market is expected to grow from $13.24 billion in 2022 to $14.59 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The self-monitoring blood glucose (SMBG) devices market size is expected to grow to $20.29 billion in 2027 at a CAGR of 8.6%.
North America held the largest self monitoring blood glucose devices market share, and Europe was the fastest-growing region in 2022.
Key Self Monitoring Blood Glucose Devices Market Driver – Rise In The Prevalence Of Diabetes
For instance, according to the report published by International Diabetes Federation in 2021, there are 463 million individuals living with diabetes around the world in 2019 and increase to 537 million in 2021. Also, by the year 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Therefore, the rising prevalence of diabetes is driving the growth of the self-monitoring blood glucose devices market.
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Key Self Monitoring Blood Glucose Devices Market Trend – Technological Advancement
Major companies operating in the self-monitoring blood glucose devices market are focused on developing technologically advanced products to strengthen their position in the market. For instance, in September 2021, Know Labs Inc., a US-based company that manufactures glucose monitoring devices launched a new portable medical-grade glucose monitoring device named KnowU that utilizes Bio-RFID technology. This device is a non-invasive glucose monitoring machine that has a base that powers the device and displays readings and, a battery a powered monitor with Bio-RFID sensors that can be carried by the users to check sugar levels on the go. The KnowU is an affordable and convenient replacement for other expensive and painful blood glucose monitoring devices.
Self Monitoring Blood Glucose Devices Market Segment
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
Self Monitoring Blood Glucose Devices Market Major Players and Strategies
Major players in the self monitoring blood glucose devices market are 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.
In September 2021, Biocorp, a France-based manufacturer of medical devices including blood glucose monitoring has partnered with Novo Nordisk. This partnership was announced for the development and distribution of a Mallya smart add-on device for the FlexTouch pen that was developed by Novo Nordisk for people with diabetes. Biocorp and Novo Nordisk believe that with this partnership they can provide the best solutions for people with diabetes. Novo Nordisk is a Denmark-based healthcare company.
The Self Monitoring Blood Glucose Devices Global Market Report 2023 covers regional data on self monitoring blood glucose devices market size, self monitoring blood glucose devices market trends and drivers, opportunities, strategies, and self monitoring blood glucose devices market competitor 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.
Self-monitoring blood glucose (SMBG) device refers to portable instruments that can identify the possibilities of diabetes. These devices usually measure glucose levels by obtaining a small drop of blood from patients by pricking their fingers. International guidelines recommend this method for managing a patient’s diabetes successfully. The self-monitoring blood glucose (SMBG) device are used to measure the concentration of glucose in the blood.
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