PUBLISHER: The Business Research Company | PRODUCT CODE: 1470327
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470327
Self-monitoring blood glucose (SMBG) devices refers to portable systems that allow measuring glucose concentration in a small drop of blood obtained via a minimally invasive method, typically by a finger-prick. SMBG is an important component of modern therapy for diabetes mellitus.
The self-monitoring blood glucose (SMBG) devices market consists of sales, by entities (organizations, sole traders and partnerships), of self-monitoring blood glucose (SMBG) devices that are used by people with diabetes to measure their blood sugar level themselves.
The global self-monitoring blood glucose (SMBG) devices market was valued at $9,479.38 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Increasing Prevalence Of Obesity
During the historic period, increasing prevalence of obesity globally supported the growth of the self-monitoring blood glucose (SMBG) devices market. The risk of diabetes increases among the obese population and this provided opportunities for self-monitoring blood glucose (SMBG) devices market players. For example., according to the Health Survey of England (a provider of series of annual surveys about the health of people living in England) 2019, a total of 8,205 adults (aged 16 and over) and 2,095 children (aged 0 to 15) were interviewed in the 2019 survey. 4,947 adults and 1,169 children had a nurse visit. Among adults 16 and over, 68% of men and 60% of women were overweight or obese. Obesity increased across age groups up to 75 years old. Among children, 18% of boys and 13% of girls were obese. Children with an obese parent were more likely to be obese. 14% of men and 11% of women had untreated high blood pressure. The highest proportions were seen in the North West and North East of England. Therefore, increasing prevalence of obesity helped the growth of the self-monitoring blood glucose (SMBG) devices market.
Increased Investments In Developing Low Cost And Efficient Devices
Companies in the market are focusing on new investments to support research and development activities and new technology developments and projects. Investors have also realized the benefits of investing in this market for the future, with rising healthcare expenditure and rising cases of diabetes globally. For example, in September 2022, Transdermal Diagnostics, a UK-based technology platform to improve the prevention, diagnosis and management of chronic conditions with diabetes, announced the completion of its oversubscribed £1.1 million ($1.31 million) pre-seed investment round to develop a low cost, 100% needle-free, glucose monitor to improve access to affordable blood sugar monitoring and help diabetics live longer, healthier lives. With the help of new technology from Transdermal Diagnostics, persons with diabetes may be able to dramatically slow down or possibly stop the evolution of their condition by painlessly monitoring blood glucose levels.
The global self-monitoring blood glucose (SMBG) devices market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 76.2% of the total market in 2022.
Self-Monitoring Blood Glucose (SMBG) Devices Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global self-monitoring blood glucose (SMBG) devices market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for self-monitoring blood glucose (SMBG) devices? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The self-monitoring blood glucose (SMBG) devices market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider self-monitoring blood glucose (SMBG) devices market; and compares it with other markets.
Conclusions And Recommendations- This section includes recommendations for self-monitoring blood glucose (SMBG) devices providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
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