Self-Monitoring Blood Glucose Devices Market is expected to reach USD 45.8 Billion by 2031 | LifeScan IP Holdings, LL, PHC Holdings Corporation

The global Self-Monitoring Blood Glucose Devices market was valued at USD 18.9 Billion in 2021 and it is anticipated to grow up to USD 45.8 Billion by 2031, at a CAGR of 9.3% during the forecast period.

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A self-monitoring blood glucose device is a portable machine that helps people with diabetes check their blood sugar levels. The device usually consists of a small monitor and a lancet, which is a small, sharp needle used to prick the skin and draw a drop of blood. The blood is then placed on a test strip, which is inserted into the monitor. The monitor displays the blood sugar level on a screen. Self-monitoring blood glucose devices are important tools for people with diabetes. They help people to keep track of their blood sugar levels and to make sure that they are staying within their target range. self-monitoring also allows people to see how their diet and exercise are affecting their blood sugar levels.

Market Trends and Drivers

Growing awareness regarding home monitoring and focus on regular diabetes management to reduce risk of hyperglycemic conditions has led to growing demand for self-monitoring blood glucose devices. Additionally, government is undertaking several initiatives to increase awareness among people regarding early diagnosis. The National Diabetes Education Program (NDEP) is the joint effort of the National Institutes of Health and Centers for Disease Control and Prevention (CDC). NDEP aims at reducing burden of prediabetes by providing diabetes-related education to a range of people such as hard-to-reach population, ethnic minorities, faith-based organizations, community-based organizations, and healthcare providers. Such factors are boosting the adoption rate of Self-Monitoring Blood Glucose Devices contributing to the overall market expansion.

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Major Players in the Global Self-Monitoring Blood Glucose Devices Market

The key players in the Self-Monitoring Blood Glucose Devices market Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings, LL, PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare Inc.), ARKRAY, Inc. and Ypsomed Holding AG., among others.

COVID-19 Impact

The outbreak of COVID-19 pandemic had a negative impact on the Self-Monitoring Blood Glucose Devices market as the pandemic was noted to have disrupted the healthcare system worldwide, causing significant delays in surgeries, treatment, and diagnosis of non-emergency disease conditions. With the increasing number of COVID-19 cases, several local and national regulatory bodies-imposed lockdowns, restricting the movement of people and goods. The pandemic has positively impacted the self-monitoring blood glucose devices market due to high requirement of home care. Furthermore, incidence of COVID-19 has resulted in population shift towards home care. During pandemic, diabetic population were frequently managing blood glucose level to reduce complications and hospitalizations and owing to associated susceptibility to COVID-19.

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The COVID-19 pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. Awareness regarding the benefits of blood glucose monitoring devices increased among the consumers as during the pandemic, there had been an emphasis on the use of virtual clinics and telemedicine for diabetic management. The blood glucose monitoring devices helped patients and healthcare providers improve glycemic control and potentially increase patient self-management, thus changing diabetes care significantly. Further, a surge in the demand for blood glucose monitoring devices due to the quick response by major market players during the Covid-19 pandemic.

Recent Developments

In October 2022, Dexcom has begun the global rollout of its G7 continuous glucose monitoring system by making the device available in the U.K., Ireland, Germany, Austria and Hong Kong. The device is designed to be smaller, easier to use and have a better mobile application than its predecessor, while also powering up faster than rival CGM systems. Still the U.S. launch has been delayed, until late 2022.

In August 2022, Teladoc Health, the announced the addition of a home A1C testing program to its Livongo by Teladoc Health chronic care solution, making it easier for members to manage and control their diabetes

In September 2021, Know Labs Inc, a US-based company that manufactures glucose monitoring devices launched a new portable medical-grade glucose monitoring device named KnowU that utilizes Bio-RFID technology.

This device is a non-invasive glucose monitoring machine that has a base that powers the device and displays readings and, a battery a powered monitor with Bio-RFID sensors that can be carried by the users to check sugar levels on the go.

In May 2021, Roche collaborated with Eli Lilly and Company, to work towards enhancing the management of insulin pen therapy. With this collaboration, Roche follows its ambition to create an open ecosystem including its own and partner devices, solutions, and services, across the continuum of care in diabetes.

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This release was published on openPR.