The Road Ahead for the Self-Monitoring Blood Glucose (SMBG) Devices Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Self-Monitoring Blood Glucose (SMBG) Devices Market During the Forecast Period, and Why?
There has been significant growth in the market size for self-monitoring blood glucose (SMBG) devices in the past few years. The market size, which is forecasted to expand from $15.23 billion in 2024 to $16.28 billion in 2025, presents a compound annual growth rate (CAGR) of 6.9%. The historic escalations have been due to a higher prevalence of diabetes, enhanced knowledge about healthcare, an aging demographic, government policies, and increased expenditure on healthcare.
The market size for self-monitoring blood glucose (SMBG) devices is predicted to witness substantial expansion in the coming years, growing to a value of $22.75 billion in 2029 with a compound annual growth rate (CAGR) of 8.7%. Reasons for this growth in the forecasted period can be linked to increased use of home healthcare, advancement in telehealth, elevated disposable income, a growing need for remote monitoring and a rise in e-commerce. Noteworthy trends during the forecast period are expected to include the integration of continuous glucose monitoring (CGM), incorporation of artificial intelligence (AI) and machine learning, wearable SMBG devices, non-invasive monitoring methods, and the use of mobile applications and connectivity.
How Are the key drivers Contributing to the Expansion of 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 market in the future. The self-monitoring of blood glucose is a procedure where diabetics use a glucose measurement device to check their blood sugar, enabling them to assess the efficiency of their treatment such as diet, physical activity, insulin, and antidiabetics, or consult their doctor based on the test results. For instance, the Office for Health Improvement & Disparities, a UK government department, noted in March 2024 that between March 2022 and March 2023, there was a 22% rise in the number of individuals with type 1 diabetes receiving all eight suggested care processes, while for type 2 diabetes, there was a 21% increase. Moreover, the percentage of people reaching target HbA1c levels jumped to 37.9%, the highest figure ever recorded by the National Diabetes Audit (NDA). Therefore, the escalating diabetes prevalence is steering the growth of the self-monitoring blood glucose devices market.
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Which Companies Are Poised to Shape the Future of the Self-Monitoring Blood Glucose (SMBG) Devices Market?
Major companies operating in the self-monitoring blood glucose (SMBG) devices market include:
• Abbott Laboratories_x000D_
• Bionime Corporation_x000D_
• B. Braun Melsungen AG_x000D_
• F. Hoffmann-La Roche Ltd_x000D_
• LifeScan Inc_x000D_
What Are the Latest Innovations and Trends Influencing the Self-Monitoring Blood Glucose (SMBG) Devices Market?
The emergence of technological innovation is a significant trend gaining traction in the self-monitoring blood glucose devices sector. To solidify their presence in the market, major players are focused on producing state-of-the-art products. A notable instance is Know Labs Inc, a US-based firm specializing in glucose monitoring devices, which recently launched KnowU – a portable medical-grade glucose monitoring device leveraging Bio-RFID technology. The device, designed for non-invasive glucose monitoring, comprises a power base that both charges the monitor and displays readings, while there’s also a battery-powered monitor fitted with Bio-RFID sensors. This portable device allows users to check sugar levels anywhere, providing an affordable and more convenient alternative to costlier and more intrusive blood glucose monitoring tools.
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How Are the Key Segments of the Self-Monitoring Blood Glucose (SMBG) Devices Market Impacting Its Expansion and Revenue Streams?
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 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.
What Key Elements Shape the Definition of the Self-Monitoring Blood Glucose (SMBG) Devices Market?
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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