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Self-Monitoring Blood Glucose (SMBG) Devices Market Size Valuation Forecast: What Will the Market Be Worth by 2025?

In recent times, the market size for self-monitoring blood glucose (SMBG) devices has seen substantial growth. Projected to escalate from $15.23 billion in 2024 to $16.28 billion in 2025, it would witness an impressive compound annual growth rate (CAGR) of 6.9%. This observed surge during the historic period results from factors such as the rising prevalence of diabetes, enhanced healthcare consciousness, an aging demographic, government efforts and legislations, as well as increased expenditure in the healthcare sector.

Self-Monitoring Blood Glucose (SMBG) Devices Market Size Forecast: What's the Projected Valuation by 2029?

The market for self-monitoring blood glucose (SMBG) devices is projected to witness significant growth in the coming years, expected to reach $22.75 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.7%. The driving factors for this growth during the forecast period include an increase in home healthcare, expansion of telehealth services, growing disposable income, heightened demand for remote monitoring, and a surge in e-commerce. The forecast period is also expected to see major trends such as integration of continuous glucose monitoring (CGM), the utilization of artificial intelligence (AI) and machine learning, wearable SMBG devices, non-invasive monitoring, and the rise of mobile apps and connectivity.

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What Are the Drivers Transforming the Self-Monitoring Blood Glucose (SMBG) Devices Market?

The escalating incidence of diabetes is set to catalyze the growth of the market for self-monitoring blood glucose devices. Self-monitoring blood glucose enables diabetic individuals to utilize a glycemic monitoring tool to evaluate their blood sugar (via a glucose meter), which guides them to adjust or observe the effectiveness of their regimen (such as diet, exercise, insulin or antidiabetics) or visit their doctor depending on their test results. For instance, figures from March 2024 reveal that, per the Office for Health Improvement & Disparities, a UK government department, the portion of type 1 diabetic individuals receiving all eight recommended care processes surged by 22% between March 2022 and March 2023. Likewise, for those with type 2 diabetes, the increase was 21%, whereas the percentage of individuals achieving target HbA1c levels climbed to 37.9% - a record high, as per the National Diabetes Audit (NDA). As such, the escalating incidence of diabetes is fuelling the advancement of the self-monitoring blood glucose device market.

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What Long-Term Trends Will Define the Future of the Self-Monitoring Blood Glucose (SMBG) Devices Market?

The advent of technological progress is a leading trend gaining traction in the market for self-monitoring blood glucose devices. Major companies within this industry are focusing on the creation of technologically advanced products to fortify their market position. One such company, Know Labs Inc., based in the US and known for manufacturing glucose monitoring devices, has introduced a novel portable medical-grade glucose monitoring device called KnowU. This device, employing Bio-RFID technology, is non-invasive and offers a base unit that powers it and shows readings. It also includes a battery-powered monitor with Bio-RFID sensors that enables users to easily check their sugar levels on the move. The KnowU device provides a cost-effective and convenient alternative to other pricier and discomforting blood glucose monitoring devices.

Which Segments in the Self-Monitoring Blood Glucose (SMBG) Devices Market Offer the Most Profit Potential?

The self-monitoring blood glucose (SMBG) devices market covered in this report is segmented -

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

Subsegments:

1) By Self-Monitoring Blood Glucose Meters: Traditional Glucose Meters, Smart Glucose Meters

2) By Continuous Glucose Monitors (CGMs): Real-Time CGMs, Flash Glucose Monitoring Systems

3) By Testing Strips: Standard Testing Strips, Test Strips for Specific Meters

4) By Lancets: Standard Lancets, Safety Lancets

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Which Firms Dominate the Self-Monitoring Blood Glucose (SMBG) Devices Market by Market Share and Revenue in 2025?

Major companies operating in the self-monitoring blood glucose (SMBG) devices market include 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 dic*kinson 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.

Which Regions Offer the Highest Growth Potential in the Self-Monitoring Blood Glucose (SMBG) Devices Market?

North America was the largest region in the self-monitoring blood glucose (SMBG) devices market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the self-monitoring blood glucose (SMBG) devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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