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What Is the Forecast for the Self-Monitoring Blood Glucose (SMBG) Devices Market Growth in 2025?

The market space for self-monitoring blood glucose (SMBG) devices has seen robust growth lately. The market value is set to magnify from $15.23 billion in 2024 to $16.28 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.9%. Factors such as the soaring incidence of diabetes, more pronounced awareness about healthcare, the increasing number of elderly people, government schemes and rules, along with a surge in healthcare budgets led to this growth during the historical period.

What Is the Forecast for the Self-Monitoring Blood Glucose (SMBG) Devices Market Size Through 2029?

Looking forward to the next several years, robust growth is anticipated in the self-monitoring blood glucose (SMBG) devices market. The prospects suggest that this market will reach a value of $22.75 billion by 2029, registering a CAGR of 8.7%. The boost during this projected period can be credited to factors such as the increasing traction of home healthcare, expansion of telehealth services, elevation in disposable income, growing demand for remote monitoring, and a rise in ecommerce. Key developing trends for the period include the incorporation of continuous glucose monitoring (CGM), developments in artificial intelligence (AI) and machine learning, wearable SMBG devices, non-invasive monitoring, as well as the prominence of mobile applications and connectivity.

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What are the Key Market Players in Self-Monitoring Blood Glucose (SMBG) Devices Market and How They’re Evolving?

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.

What Are the Primary Growth Drivers in the Self-Monitoring Blood Glucose (SMBG) Devices Market?

The escalating incidence of diabetes is anticipated to fuel the expansion of the self-monitoring blood glucose device industry in future. Self-monitoring of blood glucose is a method where diabetic patients utilize a glucose meter to assess their blood sugar, making it possible for them to modify or keep track of their treatment’s effectiveness (which could involve diet, exercise, insulin or antidiabetics), or consult their doctor depending upon the test results. For example, in March 2024, the UK’s Office for Health Improvement & Disparities reported that between March 2022 and March 2023, the proportion of people with type 1 diabetes undergoing all eight suggested care procedures rose by 22%, while the increase for type 2 diabetes was 21%. Simultaneously, the percentage of people meeting the target HbA1c levels reached 37.9%, marking the highest value ever recorded by the National Diabetes Audit (NDA). Consequently, the escalating incidence of diabetes is propelling the expansion of the self-monitoring blood glucose devices market.

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What Are the Leading Segments in the Global Self-Monitoring Blood Glucose (SMBG) Devices Industry?

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

What Are the Key Market Trends in the Self-Monitoring Blood Glucose (SMBG) Devices Industry?

The rise of technology is a significant emerging trend in the self-monitoring blood glucose devices market. The dominant companies in this market are concentrating on the creation of technologically advanced products to consolidate their market position. A notable example is the US-based Know Labs Inc., a company known for its glucose monitoring devices. They have recently debuted a new portable, medical-grade glucose monitoring device called KnowU, which employs Bio-RFID technology. This non-invasive glucose monitoring machine consists of a base that powers the device and displays readings, as well as a battery-powered monitor equipped with Bio-RFID sensors, designed to be portable for users to check their sugar levels on the move. KnowU serves as an affordable and more comfortable alternative to other costly and painful blood glucose monitoring devices.

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What Is the Regional Outlook for 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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This Report Delivers Insight On:

1. How big is the self-monitoring blood glucose (smbg) devices market, and how is it changing globally?

2. Who are the major companies in the self-monitoring blood glucose (smbg) devices market, and how are they performing?

3. What are the key opportunities and risks in the self-monitoring blood glucose (smbg) devices market right now?

4. Which products or customer segments are growing the most in the self-monitoring blood glucose (smbg) devices market?

5. What factors are helping or slowing down the growth of the self-monitoring blood glucose (smbg) devices market?

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