Self-monitoring Blood Glucose Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product, By Application, By End User, By Region, Competition

The Global Self-monitoring Blood Glucose Devices Market was valued at USD 18.4 billion in 2022 and is projected to experience robust growth in the forecast period, with a CAGR of 8.2% through 2028. Blood glucose monitoring plays a crucial role in empowering diabetic patients to make well-informed daily management decisions regarding food intake, insulin dosage, and physical exercise. Self-monitoring blood glucose (SMBG) represents a contemporary diabetes management procedure that involves the use of blood glucose meters by patients to quickly check their glucose levels and obtain accurate measurements of capillary glucose concentration. SMBG technology, encompassing test strips, lancets, and blood glucose meters, facilitates long-term glycemic control. By analyzing readings, individuals can adjust treatment, evaluate the impact of antidiabetic medications and stress management, and make informed decisions regarding diet, insulin dosage, and physical exercise, among other factors. This comprehensive process involves the utilization of test strips, lancets, and blood glucose meters to achieve sustained glycemic control.

Key Market Drivers:

High Prevalence of Diabetes: The increase in the geriatric population and the high prevalence of diabetes, along with the rising risk factors associated with diabetes, are key drivers for the growth of the self-monitoring of blood glucose (SMBG) market. Furthermore, government initiatives aimed at raising awareness among the population also contribute to the market's growth. However, it should be noted that the devices do not measure the exact level of glucose in the blood, which can result in inaccurate results. Moreover, the lack of reimbursement and stringent regulations for these devices may hinder the overall market growth.

Market Overview
Forecast Period	2018-2028
Market Size 2022	USD 9.73 Billion
Market Size 2028	USD 15.66 Billion
CAGR 2023-2028	8%
Fastest Growing Segment	Type 2 Diabetes
Largest Market	North America

Despite these challenges, there are untapped opportunities in emerging markets, and the growing awareness about diabetes monitoring devices is expected to generate new prospects within the forecast period. However, challenges such as the lack of patient awareness and the high cost of advanced devices and accessories are projected to impede the market's growth.

Technological Advancement

Technological advancements have revolutionized the blood glucose monitoring devices market, enhancing accuracy, user-friendliness, and connectivity with healthcare providers. Continuous Glucose Monitoring (CGM) systems, for instance, offer real-time glucose readings and trends, minimizing the need for frequent fingerstick tests. The integration of mobile apps and wireless connectivity has bolstered data management and improved patient outcomes. Leading market players such as Abbott Laboratories, Medtronic plc, Roche Diabetes Care, Dexcom, Inc., and Ascensia Diabetes Care Holdings AG are investing in research and development to introduce innovative products. Stringent regulations govern the blood glucose monitoring devices market to ensure patient safety and device efficacy, with device approval and post-market surveillance overseen by the FDA and EMA. The rise in technological advancements in the field of blood glucose monitoring devices is driving the growth of the global market. With advancing technology, these devices are now widely accessible in different forms, sizes, and testing durations. The development of compact and portable devices facilitates convenient handling, thereby increasing demand. Furthermore, medical advancements contribute to the early detection of hyper and hypoglycemic diabetes, thus further fueling global market growth.

Rising Cases of Obesity

The changing lifestyle and increasing prevalence of alcohol and smoking consumption have contributed to a continuous rise in diabetes cases, resulting in a heightened demand for such devices. The escalating rates of obesity further drive the growth of the global self-monitoring blood glucose devices market. Additionally, the expanding geriatric population worldwide is fueling market growth. The growing awareness among individuals regarding preventive care for diabetes is a key driver for the global market's expansion. However, the outbreak of the coronavirus has significantly impacted people's lifestyles, with lockdown measures transforming active behaviors into sedentary ones. Consequently, these factors have led to an increase in diabetes cases and subsequently boosted the demand for such devices. The surge in government initiatives aimed at reducing diabetes cases has positively influenced the trajectory of the global self-monitoring blood glucose devices market throughout the forecast period.

Rising Number of Geriatric Population

The aging population is more susceptible to developing diabetes. Self-monitoring blood glucose devices cater to the needs of elderly individuals, allowing them to manage their diabetes independently and efficiently. s people age, their cells may become less sensitive to insulin, leading to insulin resistance. This reduced sensitivity makes it more challenging for the body to regulate blood glucose levels effectively. Many older adults may lead more sedentary lifestyles, which can contribute to weight gain and worsen insulin resistance. Unhealthy eating habits over the years can lead to obesity and metabolic disorders, increasing the risk of type 2 diabetes. elf-monitoring blood glucose devices allow older adults to check their blood glucose levels at home or on the go. Regular monitoring helps them track their condition and make necessary adjustments to their treatment plan. With self-monitoring devices, elderly individuals can manage their diabetes independently, reducing their dependence on others for daily monitoring.

Key Market Challenges

Compliance and Adherence

Regular and consistent blood glucose monitoring is essential for effective diabetes management. However, some individuals may struggle with adherence, either due to forgetfulness, discomfort associated with testing, or a lack of motivation. Properly using self-monitoring blood glucose devices requires some level of technical skill and knowledge. Some elderly individuals or those with limited dexterity may find it challenging to operate the devices correctly. Self-monitoring blood glucose devices need to be accurately calibrated and maintained to provide reliable results. Incorrect calibration or using expired test strips can lead to inaccurate readings.

Low Rate of Diagnosis in Emerging Countries

The presence of a significant proportion of undiagnosed individuals with diabetes is a major contributing factor to the lower adoption of Blood Glucose Monitoring Systems, particularly in emerging countries. The prevalence of delayed diagnosis is higher in countries like China, India, South Africa, Brazil, and others, compared to developed nations. Additionally, limited awareness among the general population regarding chronic diseases such as diabetes mellitus, coupled with restricted access to advanced healthcare infrastructure and inadequate conventional procedures by government or private organizations, may impede growth.

For example, as per data published by the International Diabetes Federation in 2021, nearly half of the diabetes patients in Africa remain undiagnosed, while in the Asia Pacific region, the proportion of undiagnosed individuals with diabetes is around 55.0%, primarily driven by countries like India, China, and Indonesia. Thus, the aforementioned factors, alongside the absence of reimbursement plans for CGM & SMBG systems, significantly contribute to lower diagnosis and treatment rates, subsequently limiting the implementation of these systems in developing countries.

Key Market Trends

New Product Launches in the Market

Prominent companies operating in the self-monitoring blood glucose (SMBG) devices market are strategically focused on developing innovative technological solutions to enhance their market position. For instance, in August 2022, Intuity Medical, Inc., a commercial-stage medical technology and digital health company committed to simplifying life with diabetes, introduced the POGO Automatic® Blood Glucose Monitoring System at over 2,200 US pharmacies operated by Kroger Health, the healthcare division of The Kroger Co. The POGO Automatic from Intuity Medical is the sole FDA-approved automatic blood glucose monitor featuring 10-test cartridge technology, eliminating the need for individuals with diabetes to carry or load separate lancets and test strips. It effortlessly lances, collects blood, and provides a glucose result with just a touch of a button.

Increasing Funding and Investments

Boosting funding and investments will facilitate research and development activities, as well as new technology advancements and projects. Market players are securing funding and investments aimed at digital transformation for improved efficiency. For example, in September 2022, Transdermal Diagnostics, a UK-based technology platform dedicated to enhancing the prevention, diagnosis, and management of chronic conditions, announced the successful completion of their oversubscribed £1.1 million ($1.31 million) pre-seed investment round. This funding will be utilized to develop a cost-effective, 100% needle-free glucose monitor, improving access to affordable blood sugar monitoring and assisting diabetics in leading longer, healthier lives. With the aid of Transdermal Diagnostics' new technology, individuals with diabetes may potentially slow down or even halt the progression of their condition by painlessly monitoring their blood glucose levels. Furthermore, in May 2022, Labcorp, a leading global life sciences company and commercial laboratory, launched an at-home collection kit that measures hemoglobin A1c and assesses the risk of diabetes using a small blood sample.

Segmental Insights

End User Insights

The hospitals segment is projected to dominate the market during the forecast period, driven by the improving infrastructure and increasing healthcare expenditure in hospitals. Furthermore, BGM devices provide reliable data to practitioners within seconds, enhancing patient care quality in both outpatient and inpatient settings. Hospitals also have robust provisions for storing and transferring patient information. Additionally, in response to the COVID-19 pandemic, the FDA authorized the use of CGM devices in hospitals, and the potential for future pandemics is expected to further drive segment growth.

The home care segment is anticipated to exhibit the highest growth rate throughout the forecast period. Self-monitoring of blood glucose has revolutionized home-based glucose monitoring and is widely adopted worldwide as a short-term glucose monitoring method. Self-monitoring blood glucose (SMBG) allows individuals, with or without diabetes, to measure their blood sugar levels in the comfort of their homes. This approach enables patients to assess the effects of their treatment, including diet, insulin, exercise, and stress management, based on their blood glucose readings.

Application Insights

In terms of application, the market can be categorized into gestational, type 2, and type 1 diabetes. Type 2 diabetes holds the largest market share in the global self-monitoring blood glucose devices market. It is a chronic, lifelong condition that affects the processing and monitoring of sugar levels. Type 2 diabetes is the most common form of diabetes, accounting for the majority of diabetes cases globally. The rising prevalence of Type 2 diabetes, particularly due to lifestyle factors like sedentary habits, unhealthy diets, and obesity, is contributing to the expanding market for self-monitoring blood glucose devices. Effective management of Type 2 diabetes requires regular blood glucose monitoring. Self-monitoring blood glucose devices play a vital role in helping individuals with Type 2 diabetes track their glucose levels and make necessary adjustments to their treatment plans, contributing to the market growth.

Regional Insights

The escalating incidence and prevalence of diabetes patients, along with healthcare expenditure, in the United States indicate a growing utilization of Self-monitoring Blood Glucose (SMBG) devices. North America is projected to be the dominant market, driven by factors such as the widespread availability of SMBG devices, high consumer awareness, and favorable reimbursement policies. The prevalence of diabetes has witnessed a significant surge in the past two decades in North America, primarily attributed to the increased prevalence of obesity and lifestyle changes. Furthermore, the region exhibits higher carbohydrate consumption, which contributes to the rising obesity rates. The United States, within North America, represents one of the countries experiencing rapid growth in chronic diseases, and it stands as the largest demand-generating country for SMBG devices.

Key Market Players

• Abbott Laboratories
• Medtronic plc
• F. Hoffmann-La Roche Ltd
• Ascensia Diabetes Care
• Dexcom, Inc.
• Sanofi
• Novo Nordisk
• Insulet Corporation
• Ypsomed Holdings
• Glysens Incorporated

Report Scope:

In this report, the Global Self-monitoring Blood Glucose Devices Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Self-monitoring Blood Glucose Devices Market, By Product:

• Self-monitoring Blood Glucose Devices Meters
• Continuous Glucose Monitors
• Testing Strips
• Lancets

Self-monitoring Blood Glucose Devices Market, By Application:

• Type 1 Diabetes
• Type 2 Diabetes
• Gestational Diabetes

Self-monitoring Blood Glucose Devices Market, By End User:

• Hospitals
• Home Settings,
• Diagnostic Centers

Self-monitoring Blood Glucose Devices Market, By Region:

• North America
  • United States
  • Canada
  • Mexico

• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea

• South America
  • Brazil
  • Argentina
  • Colombia

• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Self-monitoring Blood Glucose Devices Market.

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