Demand for Self-Monitoring Blood Glucose Devices
The Most Important Factors Driving the Market
The global market for self-monitoring blood glucose devices is expected to experience strong growth in the forecast period, boasting a solid compound annual growth rate of 8.2% from 2022 all the way through 2028. In 2022, the market was valued at USD 18.4 billion.
Giving Diabetic Patients More Independence
The ability of diabetes patients to self-monitor their self-monitoring blood glucose devices has emerged as a critical tool that empowers them to make informed daily decisions regarding their food consumption, insulin dosage, and physical activity levels.
The SMBG technology, which consists of test strips, lancets, and blood glucose meters, makes it possible to maintain long-term glycemic control and is an essential component in the management of diabetes.
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Market Movers
High Prevalence of Diabetes: The high prevalence of diabetes is the primary factor driving the market, particularly in the senior population. The expansion of the market is being fueled in part by efforts spearheaded by the government to heighten public awareness.
However, it is vital to keep in mind that self-monitoring blood glucose devices might not always offer exact glucose levels, which could lead to sporadic instances of inaccurate readings. There are obstacles in the way of market growth, including stringent restrictions and restricted reimbursement choices.
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Technological Progress: Blood glucose monitoring systems have undergone a revolution as a result of technological progress, which has led to improvements in both accuracy and connectivity.
Continuous Glucose Monitoring (CGM) devices provide glucose readings in real time, which eliminates the requirement for performing fingerstick tests on a regular basis. The leading competitors in the market are expanding their investments in research and development in order to bring innovative items to market, which will increase both accessibility and demand.
Changing Lifestyles and Rising Obesity Rates: Changing lifestyles and rising obesity rates have led to a continual rise in diabetes cases, which has boosted the need for self-monitoring blood glucose devices.
Despite the obstacles presented by the COVID-19 pandemic, government programs that aim to reduce the number of people diagnosed with diabetes are having a positive influence on market growth.
Increasing Number of Senior Citizens: Because older people are at a greater risk of developing diabetes, self-monitoring blood glucose (SMBG) devices are designed to meet the requirements of senior citizens and enable them to self-manage their condition.
Regular monitoring enables older persons to better track their status and make any required adjustments to their treatment plan, which in turn reduces their dependence on the assistance of others.
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Obstacles Faced in the Market
Compliance and adherence: Some people have difficulty adhering to checking their blood glucose on a regular and consistent basis, which can lead to complications in the management of diabetes.
It is necessary to have the appropriate level of technical ability and knowledge in order to operate SMBG devices appropriately. Because of this, it may be difficult for some people, particularly the elderly, to utilize the devices.
A Low Rate of Diagnosis in Emerging Countries The occurrence of undiagnosed diabetes cases in emerging countries correlates to a lower uptake of blood glucose monitoring systems. In these places, there is a lack of awareness as well as access to healthcare infrastructure, which impedes progress.
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Current and Future Market Trends
Launches of Innovative Products Successful businesses are concentrating their efforts on the creation of cutting-edge technology solutions. For instance, Intuity Medical changed the face of diabetes management by introducing the POGO Automatic Blood Glucose Monitoring System.
This system is a game-changer. Monitoring one’s blood glucose levels is made less complicated and more convenient for diabetics thanks to this device, which has been given the OK by the FDA.
Increasing Funding and Investments The increase of funding and investments will help research and development, which will in turn drive technical breakthroughs.
For instance, Transdermal Diagnostics was successful in acquiring funding in order to create a needle-free, cost-efficient glucose monitor. Labcorp has introduced a collection kit that may be completed in the comfort of one’s own home in order to better provide preventive care.
Principal Participants in the Market
- Medtronic, a subsidiary of Abbott Laboratories
- The F. Hoffmann-La Roche Company, Limited
- Diabetes care is provided by Ascensia.
Defibtech, Inc. - Sanofi Novo Nordisk Insulet Corporation Ypsomed Holdings Glysens Incorporated are the companies that comprise this group.
The Scope of the Report
In this study, the global market for self-monitoring blood glucose devices is broken down into the following categories, in addition to the trends in the industry, which are also mentioned below in the same section:
The market for self-monitoring blood glucose devices, broken down by product:
- Meters and devices capable of self-monitoring blood glucose
- Continuous Glucose Monitors Testing Strips Lancets, Continuous Glucose Monitors
Market for Blood Glucose Self-Monitoring Devices, Segmented by Application:
Self-monitoring Blood Glucose Devices Market, Self-monitoring Blood Glucose Devices Market for Type 1 Diabetes Type 2
Diabetes and Gestational Diabetes, To the End User:
- Healthcare Facilities at Home Diagnostic Centers Hospitals
- Find out how the global demand for self-monitoring blood glucose monitors is skyrocketing as a result of the increased prevalence of obesity and an older population. Investigate some of the most important market drivers, challenges, and trends in the rapidly expanding healthcare industry.
