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Self-Monitoring Blood Glucose Device Market Growth Forecast Report 2024-2032

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Self-Monitoring Blood Glucose Device Market Size

The market for self-monitoring blood glucose devices is projected to reach US$ 21.05 billion by 2032, up from US$ 11.68 billion in 2023, with a CAGR of 6.76% from 2024 to 2032.

Monitoring your blood glucose levels is a crucial part of managing diabetes. It helps people with diabetes and their healthcare providers to keep their blood sugar levels within a specific range and avoid dangerously low levels. Regular monitoring allows for more consistent blood glucose control through more precise treatment plans. Monitoring also enables adjustments to treatment based on blood glucose values and helps individuals make beneficial changes to their diet, exercise, and insulin doses to better manage their blood sugar levels every day.

Driving Factor of SMBG Market Worldwide

Increasing Diabetes Prevalence: The rising number of diabetes cases globally fuels the demand for Self-Monitoring of Blood Glucose (SMBG) devices, as regular blood glucose monitoring is essential for effective diabetes management. With diabetes becoming increasingly prevalent, both Type 1 and Type 2 patients require reliable tools to monitor their blood sugar levels accurately. SMBG devices provide critical data that helps patients and healthcare providers make informed decisions about diet, exercise, and medication. Frequent monitoring aids in maintaining optimal glucose levels, preventing complications, and improving overall health outcomes. As diabetes incidence continues to grow, the need for SMBG devices intensifies, driving market expansion and innovation in monitoring technologies.

Technological Advancements: Innovations in SMBG devices, such as more accurate readings, user-friendly interfaces, and connectivity with smartphones and health apps, significantly enhance user experience and adherence, driving market growth. Advanced SMBG devices provide precise blood glucose readings, reducing errors and increasing patient confidence. User-friendly designs make the devices easier to use, encouraging consistent monitoring. Integration with smartphones and health apps allows users to track their glucose levels conveniently, receive real-time feedback, and share data with healthcare providers. These technological advancements not only improve diabetes management but also make SMBG devices more appealing to a wider audience, thereby supporting the market’s expansion and development.

Growing Awareness and Education: Increased awareness about the importance of regular blood glucose monitoring, coupled with educational initiatives by healthcare providers and organizations, significantly boosts the adoption of SMBG devices. Educational campaigns emphasize the critical role of consistent monitoring in effective diabetes management, helping to prevent complications and improve quality of life. Healthcare providers actively promote SMBG devices, offering guidance on their use and interpreting results. Organizations and support groups provide resources and training, empowering patients to take control of their health. This heightened awareness and education drive more individuals to adopt SMBG devices, fostering better disease management and contributing to market growth.

Favorable Reimbursement Policies: Improved insurance coverage and favorable reimbursement policies significantly enhance the accessibility of SMBG devices to a broader patient population, encouraging their use and supporting market expansion. These financial supports lower the out-of-pocket costs for patients, making it easier for them to obtain and regularly use SMBG devices. Insurance plans and healthcare policies increasingly recognize the importance of diabetes management, incorporating SMBG devices into their coverage. This reduction in financial barriers enables more patients to monitor their blood glucose levels consistently, leading to better health outcomes and increased demand for these devices, thus driving the growth and development of the SMBG market.

China SMBG Market

China is facing a significant challenge with the world’s largest population of people suffering from diabetes, with an estimated 141 million adults living with the disease. Alarmingly, more than half of these adults are currently undiagnosed. In response to this growing health concern, the Chinese government has implemented a comprehensive plan spanning from 2017 to 2025 to tackle non-communicable diseases, particularly diabetes. The plan focuses on increasing regular monitoring and self-management among diabetes patients. Embracing innovative technologies, such as digital health apps, is seen as a crucial step in supporting individuals in managing their condition while reducing the overall disease burden.

As part of this effort, in 2023, Sinocare Inc. took a significant step by establishing offline after-sales service outlets. This initiative aims to explore new avenues for preventing and controlling chronic diseases in China, with a particular emphasis on diabetes management.

Self-Monitoring Blood Glucose Device Company Analysis

Abbott Laboratories, Medtronic, Dexcom, Inc., B. Braun Melsungen AG, DarioHealth Corp, Sanofi, Bionime Corporation, and Novo Nordisk are the major companies in the global self-monitoring blood glucose device market.

Self-Monitoring Blood Glucose Device Industry News

Dexcom G7, the latest CGM system, became available in Canada in October 2023. It features a subcutaneous sensor that transmits data via Bluetooth to a mobile app or receiver every five minutes.

In June 2023, South Korea’s Ministry of Food and Drug Safety has approved CareSens Air, the smallest and lightest continuous glucose monitoring (CGM) device developed by i-SENS, for use in the country. The device features a calibration mechanism and can be used continuously for 15 days.

In March 2023- The U.S. FDA approved Abbott’s FreeStyle Libre 2 and FreeStyle Libre 3 sensors for integration with automated insulin delivery systems.

In Feb 2023- Apple significantly advanced non-invasive blood glucose monitoring for its Watch.

In Feb 2023, Ascensia Diabetes Care Holdings AG, the inventor of the CONTOUR BGM system portfolio, globally partnered with SNAQ, a mobile application that presents nutritional understandings for people with diabetes.

One Drop announced a study on their AI-powered blood glucose forecasting in July 2022.

Products – Market breakup in 3 viewpoints: