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Self-Monitoring Blood Glucose Devices (SMBG) Market Insights 2024: Demand Surge and Key Players
Self-Monitoring Blood Glucose Devices (SMBG) Market Insights
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancement is a key trend gaining popularity in the self-monitoring blood glucose devices market. Major companies operating in the self-monitoring blood glucose devices market are focused on developing technologically advanced products to strengthen their position in the market. For instance, 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. The KnowU is an affordable and convenient replacement for other expensive and painful blood glucose monitoring devices.
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Major Key Players of the Market:
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.
Self-Monitoring Blood Glucose (SMBG) Devices Market 2024 Key Insights:
• 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%.
• Rising Prevalence Of Diabetes Drives Self-Monitoring Blood Glucose Devices Market Growth
• Non-Invasive Glucose Monitoring Devices Gaining Popularity In The Market
• North America was the largest region in the self-monitoring blood glucose (SMBG) devices market in 2023
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