The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2024, the self-monitoring blood glucose (SMBG) devices market is expected to show promising growth in the forecast period.

1. Strong Growth in Recent Years

• The self-monitoring blood glucose (SMBG) devices market has experienced robust growth, reaching $14.35 billion in 2023.
• Expected growth to $15.71 billion in 2024, boasting a CAGR of 9.5%.
• Growth contributors in the historic period: rise in diabetes prevalence, increased healthcare awareness, aging population, government initiatives, and regulations, along with a surge in healthcare spending.

2. Anticipated Strong Growth

• The market is poised for continued strong growth, projected to reach $22.15 billion in 2028.
• Forecasted CAGR of 9.0%.
• Factors driving growth in the forecast period: rising home healthcare, telehealth expansion, increased disposable income, growing demand for remote monitoring, and a rise in e-commerce.

3. Major Trends in the Forecast Period

• Integration of continuous glucose monitoring (CGM).
• Implementation of artificial intelligence (AI) and machine learning.
• Adoption of wearable SMBG devices.
• Non-invasive monitoring.
• Development of mobile apps and connectivity.

Diabetes Prevalence Propels Market Growth

1. Rising Prevalence of Diabetes

• Diabetes affects 537 million adults globally in 2021.
• Predicted to climb to 643 million by 2030 and 783 million by 2045.
• Self-monitoring blood glucose devices crucial for managing and monitoring diabetes.
• Market leaders include Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., and others.

Embracing Technological Advancements

1. Non-Invasive Glucose Monitoring Devices Gain Popularity

• Technological advancement is a key trend in the market.
• Know Labs Inc. introduces KnowU, a portable non-invasive glucose monitoring device utilizing Bio-RFID technology.
• KnowU offers affordability and convenience, providing an alternative to traditional, painful monitoring devices.

2. Strategic Partnership for Smart Add-On Device

• Biocorp partners with Novo Nordisk to develop and distribute a Mallya smart add-on device for the FlexTouch pen.
• This collaboration aims to provide innovative solutions for people with diabetes.
• Novo Nordisk, a Denmark-based healthcare company, contributes to advancements in diabetes management.

Market Segmentation and Regional Overview

1. Market Segmentation

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

2. Regional Dominance and Fastest-Growing Region

• North America leads the SMBG devices market in 2023.
• Europe expected to be the fastest-growing region in the forecast period.

Conclusion: Transforming Diabetes Management
The self-monitoring blood glucose devices market stands at the forefront of healthcare innovation, addressing the rising prevalence of diabetes globally. With a strong historical growth trajectory and anticipated advancements in technology, the market not only supports diabetes management but also enhances the quality of life for individuals. As the market continues to evolve, embracing non-invasive monitoring and strategic collaborations, it remains a beacon of hope for diabetics worldwide. The future promises a more connected, technologically advanced landscape, offering personalized solutions for effective diabetes care.

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