Self-Monitoring Blood Glucose Devices Market Report - 2031

The self-monitoring blood glucose devices market size is projected to grow from US$ 9.5 billion in 2023 to US$ 22.4 billion by 2031; the market is estimated to record a CAGR of 11.3% during 2023–2031. The rising preference for remote glucose checking among diabetic population propels the self-monitoring blood glucose devices market growth. However, product recalls impede the market growth.

Growth Drivers:

Rising Preference for Remote Glucose Checking Among Diabetic People

The Food and Drug Administration (FDA) supports remote glucose checking by using a glucose meter that offers accurate reading. A few home-use blood glucose meters have built-in wireless data transmission capabilities that facilitate remote patient blood glucose monitoring, providing ease of convenience. Therefore, the FDA encourages regulatory support and policies to allow diabetic patients to self-test using home-use blood glucose meters.

Abbott's "Cobas Pulse" system is an example of smart self-glucose meter. It is a high-end performance glucose meter combined with "Cobas Infinity" technology to offer secure and digital management software solution. Therefore, the rising preference of remote glucose monitoring devices among the diabetic people will have a positive impact on the self-monitoring blood glucose devices market size, facilitating the market expansion.

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Self-Monitoring Blood Glucose Devices (SMBGDs) Market: Strategic Insights

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Report Segmentation and Scope:

The self-monitoring blood glucose devices market analysis has been carried out by considering the following segments: product, application, testing site, and end user.

Segmental Analysis:

By product, the market is segmented into testing strips, glucose meters, lancets, and others. The testing strips segment held the largest self-monitoring blood glucose devices market share in 2023 and is anticipated to register the highest CAGR of 11.8% during the 2021-2031. The Clinton Health Access Initiative (CHAI), published in October 2021, revealed that testing strips generate the major revenue for the self-monitoring blood glucose devices market. This is due to a large pool of diabetic patients requiring several testing strips per day, resulting in a high volume of consumption. Additionally, many suppliers provide glucose meters for free to diabetic people, which is responsible for driving testing strip sales. To further accelerate the consumption of test strip sales, suppliers limit the compatibility of proprietary test strips with particular meter models, such that test strips do not work with other meter brands or even with other models within the same brand.

Self-Monitoring Blood Glucose Devices Market Trends

Telemedicine-Based Self-Monitoring Blood Glucose Devices

In conventional medical practice, lifestyle modifications and medication changes were suggested during consultation visits. Under several circumstances, these face-to-face visits may not be feasible and could be a costly affair. Recent advancements in telemedicine technologies have not only emerged as promising platforms to deliver diabetes management services but also help in reducing unnecessary allocation of health care resources. Telemedicine-based self-monitoring blood glucose devices have been developed with transmission capabilities, allowing these devices to link to smartphone apps or websites. Patients can conveniently measure their blood glucose levels by themselves and share results with their healthcare team in real time. For example, Dexcom company's "G6 software tool" utilized by the Barbara Davis Center clinicians in Colorado provides virtual care for diabetic patients to self-manage glucose levels. Also, Dexcom's G6 is clinically proven to lower A1C, reduce hyper and hypoglycemia levels, and provide a suite of protective alerts. The product is available for both English and Spanish-speaking patients. Thus, the popularity of such telemedicine-based blood glucose monitoring devices can provide lucrative opportunities for the self-monitoring blood glucose devices market growth.

Regional Analysis:

The scope of the self-monitoring blood glucose devices market report entails North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest self-monitoring blood glucose devices market share. Increasing number of product launches by top companies and the presence of key market players favors the market in North America. The US is the largest contributor to the market in North America due to the presence of large pool of diabetic population and regulatory bodies to develop and approve self-monitoring blood glucose devices in this region.

Self-Monitoring Blood Glucose Devices Market Report Scope

Self-Monitoring Blood Glucose Devices (SMBGDs) Market Regional Insights

The regional trends and factors influencing the Self-Monitoring Blood Glucose Devices (SMBGDs) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Self-Monitoring Blood Glucose Devices (SMBGDs) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Self-Monitoring Blood Glucose Devices (SMBGDs) Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Self-Monitoring Blood Glucose Devices (SMBGDs) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Self-Monitoring Blood Glucose Devices (SMBGDs) Market are:

1. Abbott Laboratories Limited
2. ALLMEDICUS
3. ARKRAY, Inc.
4. Ascensia Diabetes Care Holdings AG
5. B. Braun Melsungen AG

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities:

The self-monitoring blood glucose devices market forecast can help stakeholders in this marketplace plan their growth strategies. A few strategic developments by leading players \

operating in the market are listed below:

• In March 2023, Astellas Pharma I 1`1` bvp. pp, "TempoSmart," and a prefilled insulin pen, "Tempo Pen" that work together to deliver personalized guidance for adults suffering from diabetes. The app was developed in partnership with Welldoc company and is a private label iteration of the company's "BlueStar," a diabetes management app customized to receive insulin dose-related data from the Tempo Smart Button.

Competitive Landscape and Key Companies:

B. Braun SE, F. Hoffmann-La-Roche, LifeScan Inc., Medtronic, Abbott, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp are among the prominent companies profiled in the self-monitoring blood glucose devices market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand worldwide.