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Self-Monitoring Blood Glucose (SMBG) Devices Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast | Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd
Self-Monitoring Blood Glucose (SMBG) Devices Market
The Business Research Company presents an extensive market research report on the Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The self-monitoring blood glucose (smbg) devices market size has grown strongly in recent years. It will grow from $14.35 billion in 2023 to $15.71 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to rise in prevalence of diabetes, increase in healthcare awareness, aging population, government initiatives and regulations, rise in healthcare spending.
The self-monitoring blood glucose (smbg) devices market size is expected to see strong growth in the next few years. It will grow to $22.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rising home healthcare, telehealth expansion, rise in disposable income, rising demand for remote monitoring, rise in e-commerce. Major trends in the forecast period include continuous glucose monitoring (cgm) integration, artificial intelligence (ai) and machine learning, wearable smbg devices, non-invasive monitoring, mobile apps and connectivity.
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Key Market Players:
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. are prominent players in the industry.
Market Drivers:
The rising prevalence of diabetes is expected to propel the growth of the self-monitoring blood glucose device market going forward. Self-monitoring of blood glucose is a method in which person with diabetes use a glycemic reading gadget to measure their blood sugar (glucose meter) where they can change or monitor the effectiveness of their treatment (diet, exercise, insulin, antidiabetics) or see their physician based on the results of the test. For instance, according to the report published by the International Diabetes Federation in December 2021, diabetes affected 537 million adults (20-79 years old) in 2021, and it is predicted that the number is going to climb to 643 million people by 2030 and a total of 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the growth of the self-monitoring blood glucose devices market.
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Market Segments Include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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