Global Self-Monitoring Blood Glucose Devices Market is Likely to Grow at a CAGR Value of 3.9% By 2028

The global self-monitoring blood glucose devices market size was worth around USD 8,925.1 million in 2021 and is estimated to grow to about USD 11,228.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period. The report analyzes the self-monitoring blood glucose devices market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the self-monitoring blood glucose devices market.

Blood glucose levels should be monitored often since they can seriously influence a person's body at both high and low levels. Diabetes is a common chronic condition that affects blood sugar or insulin levels and damages the body by disrupting the body's ability to produce insulin. Blood glucose monitoring helps patients with diabetes make daily management decisions such as insulin dose, food intake, and physical exercise. Self-monitoring blood glucose (SMBG) is an advanced diabetes management procedure. It includes using blood glucose metrics by patients to check their respective glucose levels and provide an appropriate measure of capillary glucose concentration. Self-monitoring blood glucose technology uses lancets, test strips, and blood glucose meters to achieve long-term glycemic control.

The growth of the global self-monitoring blood glucose devices market can be attributed to increased risk factors that lead to diabetes and a rise in the incidence rate of diabetes. Additionally, the rise in the geriatric population and technological advancements in blood glucose monitoring devices will boost the growth of self-monitoring blood glucose devices. However, blood glucose monitoring devices have some shortcomings. They do not measure the exact glucose level in the blood and can give inaccurate results, thereby hampering the market growth. At the same time, increasing awareness of diabetes monitoring devices is expected to promote the market's growth.

The global self-monitoring blood glucose devices market is segregated based on product, application, end-user, and region. The market is divided into test strips, lancets, and blood glucose meters based on product. Among these, the test strip segment dominated the market, accounting for a major share of global sales in 2021. Based on application, the market is classified into type-1 diabetes, type-2 diabetes, and gestational diabetes. In 2021, the type-2 diabetes segment dominated the global self-monitoring blood glucose devices market. Based on end-user, the market is classified into hospitals and home settings. The hospital's segment dominated the market, accounting for a major share of global revenue in 2021.

The global self-monitoring blood glucose devices market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America acquired a major share of the self-monitoring blood glucose devices market in 2021 due to the region's high incidence rate of diabetes. Moreover, the presence of key players in North America promotes the market's growth. Additionally, the market expansion in this region is driven by the healthcare sector, which is continually changing. In 2020, 34.2 million Americans were predicted to develop diabetes, and one in three citizens of the nation have prediabetes, according to the CDC. Obesity, unhealthy eating habits, and other environmental factors significantly increase the patient population. Several initiatives established by national and international organizations to lessen the illness load will fuel the industry's expansion.

Key players functioning in the global self-monitoring blood glucose devices market include Abbott Laboratories, Arkray, Inc., B. Braun Melsungen AG, Bionime Corporation, F. Hoffmann-LA Roche LTD., Lifescan IP Holdings, LLC (Platinum Equity), PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare), and Ypsomed Holding AG.

Recent developments:

• February 2020: Abbott partnered with Insulet to integrate its Continuous Glucose Monitor technology with Insulet's automated insulin delivery system.
• January 2020: Tandem Diabetes Care, Inc., an insulin delivery and diabetes technology company, announced the launch of the t:slim X2™ insulin pump with Control-IQ™ technology.

Browse the full “Self-Monitoring Blood Glucose Devices Market By Product (Test Strips, Lancets, Blood Glucose Meters), By Application (Type-1 Diabetes, Type-2 Diabetes, Gestational Diabetes), By End-User (Hospitals, Home Settings), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/self-monitoring-blood-glucose-devices-market

Global Self-Monitoring Blood Glucose Devices Market is segmented as follows:

By Product

• Test Strips
• Lancets
• Blood Glucose Meter

By Application

• Type-1 Diabetes
• Type-2 Diabetes
• Gestational Diabetes

By End-User

• Hospitals
• Home Settings

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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