Self-monitoring Blood Glucose Devices Market Size, Share, and Trends 2024 to 2034

Self-monitoring Blood Glucose Devices Market Size and Forecast

The global self-monitoring blood glucose devices market size was USD 10.10 billion in 2023, calculated at USD 11.27 billion in 2024 and is expected to reach around USD 33.30 billion by 2034. The market is expanding at a solid CAGR of 11.63% over the forecast period 2024 to 2034. The North America self-monitoring blood glucose devices market size reached USD 3.94 billion in 2023. The rising number of diabetes patients especially type 2 diabetes drives the growth of the self-monitoring blood glucose devices market.

Self-monitoring Blood Glucose Devices Market Key Takeaways

• North America dominated the market with the largest revenue share of 39% in 2023.
• Asia Pacific is observed to grow at the fastest rate during the forecast period.
• By product, the testing strips segment held the largest share of the market in 2023.
• By product, the Self-monitoring Blood Glucose (SMBG) Meters segment is observed to grow at a notable rate during the forecast period.
• By application, the type 2 diabetes segment has generated more than 56% of revenue share in 2023.

U.S. Self-monitoring Blood Glucose Devices Market Size and Growth 2024 to 2034

The U.S. self-monitoring blood glucose devices market size was exhibited at USD 2.76 billion in 2023 and is projected to be worth around USD 9.09 billion by 2034, poised to grow at a CAGR of 11.83% from 2024 to 2034.

North America led the self-monitoring blood glucose devices market with the largest market share in 2023. While considering the overall pace of research and development along with product launch, the region is observed to sustain in the upcoming years. The growth of the market in the region is increasing due to the rising number of diabetes patients due to the sudden change in lifestyle, eating and sleeping habits, accepting sedentary lifestyle by the younger generation like smoking, drinking alcohol, and obesity are the major factors causing diabetes in the population. The rapid urbanization and changing environment and lifestyle in economically developed countries like the United States and Canada are causing a higher number of diabetes patients that anticipated the higher demand for self-monitoring blood glucose (SMBG) devices, and the technological advancements and the presence of the major market players in the healthcare devices that contributing in the expansion of the self-monitoring blood glucose devices market in the region.

• As per the American Diabetes Association published the Economic cost of Diabetes in 2022, the annual expenditure on diabetes by the people was $412.9 billion in 2022.

Asia Pacific is expected to witness the fastest growth in the market during the forecast period. The market development in the region is attributed to the rising population in countries like India and China and the rising number of diabetes cases in the middle and older age population, which drives the demand for the market. The rising awareness among people for regularity in health checkups for better health and the increasing healthcare infrastructure, such as the number of healthcare institutes and pharmaceutical industries, are contributing to the expansion of the region's self-monitoring blood glucose devices market.

• In 2019, there were 77 million people diagnosed with diabetes in India and it was then anticipated to increase the number by 134 million by 2045.
• As per the IDF, the India will be having the 101.0 million diabetic patients by 2030.

Market Overview

The self-monitoring blood glucose (SMBG) device is one of the essential parts of diabetes management in individuals or patients. It is a modern therapy for diabetes mellitus. Physicians and patients approve the self-monitoring blood glucose (SMBG) device to achieve a certain level of glycemic control and prevent hypoglycemia. The primary role of the self-monitoring blood glucose (SMBG) device is to measure and inform about the exact blood glucose level in the patient's body, which helps maintain the constant glucose level with more valuable insights. The rising awareness about regular blood sugar monitoring and the increasing prevalence of diabetes patients are driving the expansion of the self-monitoring blood glucose devices market.

Self-monitoring Blood Glucose Devices Market Growth Factors

• The increasing number of diabetes patients worldwide due to changing lifestyle habits, eating habits, sleeping cycles, etc. is driving the demand for Self-monitoring Blood Glucose (SMBG) Devices.
• The growing population and the rising number of the geriatric population that is more likely to get infected by diseases like diabetes and other chronic illnesses are contributing to the expansion of the self-monitoring blood glucose devices market.
• The rising awareness about self-well-being and continuous checking the glucose levels for maintaining purpose drives the growth of the self-monitoring blood glucose devices market.
• The rising investments in the technological advancement of the product or devices and the integration of smart technologies in the devices drive the growth of the market.
• The increasing participation of new market entrants, the rising competition in the market and the investment driven by the major market players drive the growth of the self-monitoring blood glucose devices market.

Market Scope

Market Dynamics

Driver

Rising cases of diabetes patients

The rising prevalence of chronic illnesses such as diabetes in the population, especially in geriatric population due to fluctuating glucose levels and lower immune systems is observed to promote the market’s growth. The number of diabetes is growing globally due to changing lifestyle preferences and accepting a sedentary lifestyle, smoking, drinking, and unhealthy eating habits are causing diseases like diabetes. Rapid urbanization and awareness regarding health and self-monitoring in health drives the expansion of the market. The rising prevalence of type 1 and type 2 diseases in people drives the demand for self-monitoring devices for frequent monitoring in the personal environment which supports the market’s expansion. Additionally, the rising product innovation along with the research and development activities across the globe promotes the growth of the self-monitoring blood glucose devices market.

Restraint

Higher cost and skepticism regarding the application

Self-monitoring devices for diabetes patients are comparatively newer to the market which offers patients the chance to test and monitor blood glucose levels at home care settings. The limited knowledge and lack of expertise while using can create significant skepticism among users by acting as a major restraint for the market. Along with this, the increased cost associated with the devices due to the technological advancements in the devices are limiting the use of the devices which restrains the growth of the self-monitoring blood glucose devices market.

Opportunity

Technological advancements

Technological advancements in self-monitoring blood glucose (SMBG) devices, such as wearable devices, are a revolutionary shift in the market for self-monitoring blood glucose devices. People are accepting digitally advanced diabetes monitoring systems and virtual care. The increasing demand for technologically advanced self-monitoring devices pushes manufacturers to launch meters in self-monitoring devices that are less painful and invasive at the time of testing. These types of meter devices provide more accurate and rapid results of the tests. Automated self-monitoring blood glucose (SMBG) devices are another type of advancement that is accepted at the level of personnel and physicians. Self-monitoring blood glucose (SMBG) device advancements have made devices more reliable, controlled, automated, connected, and innovative. Additionally, CGM technologies help reduce A1C and hypoglycemia.

Product Insights

The testing strips dominated the self-monitoring blood glucose devices market with the largest share in 2023. The segment is observed to sustain the position in the upcoming years. The growth of the segment is attributed to the higher use of texting strips in the self-monitoring blood glucose (SMBG) device for testing blood sugar. Testing strips are the most commonly used in the self-monitoring blood glucose (SMBG) device for the efficient monitoring of blood sugar with faster, simpler, and convenient analysis. The blood sugar testing strips are coated with biological enzymes for effective diabetes diagnosis and disposable. The growth of the segment is also driven by the easy availability of the product in the pharmacies and in the major e-commerce platform that drives the expansion of the segment. Additionally, the rising interest in the self-monitoring of blood sugar in the private environment and homely comfort drives the demand for the devices which results in the increasing demand for the testing strips segment.

On the other hand, the self-monitoring blood glucose (SMBG) meters segment is observed to grow at a notable rate in the self-monitoring blood glucose devices market during the forecast period. There is a growing trend towards self-care and personal health management. People are increasingly interested in monitoring their own health metrics, including blood glucose levels, to manage their conditions more effectively. Growing awareness about the importance of blood glucose monitoring in diabetes management is encouraging more individuals to regularly monitor their blood glucose levels.

Application Insights

The type 2 diabetes segment held the largest share of the self-monitoring blood glucose devices market. Type 2 diabetes is a lifelong disease that needs to be regularly monitored for efficient treatment that drives the growth of the self-monitoring blood glucose devices market. The growing number of type 2 diabetes in the geriatric population as well as in kids and teens is due to the prevalence of sedentary lifestyle, obesity, smoking, and drinking habits. There are 90 to 95% of people globally affected by type 2 diabetes.

Four hundred sixty-two million people, or about 6.3% of the population, are affected by type 2 diabetes worldwide. It is one of the leading causes of death, and about 1 million deaths every year. The cases of economically developed and developing countries, the cases of type 2 diabetes are rapidly evolving, like in Europe and the United States. Type 2 diabetes is highly affecting the middle age and older generation, in which 4.4% are aged 15-49, 15% are 50-69, and 22% are between 70 and older. Thus, the rising cases of type 2 diabetes patients globally are anticipated to drive the growth of the self-monitoring blood glucose devices market.

Self-monitoring Blood Glucose Devices Market Companies

• Abbott Laboratories
• Bionime Corporation
• B. Braun Melsungen AG
• F. Hoffmann-La Roche Ltd.
• LifeScan IP Holdings, LLC
• PHC Holdings Corporation
• Terumo Corporation
• Trividia Health, Inc. (Sinocare Inc.)
• ARKRAY, Inc.
• Ypsomed Holding AG

Recent Developments

• In April 2022, Roche, a well-known healthcare company launched the revolutionary Cobas Pulse, a blood-glucose monitoring device. The launch is a significant advancement in diabetic care and is specifically designed for hospital professionals. It is used in various hospital applications from decision support to measuring vital signs and digital biomarkers.
• In March 2024, the FDA (US Food and Drug Administration) approved the use of the continuous glucose monitor which can be paired with smart devices like watches and mobile phones. It will come in the form of the Dexcom Stelo Glucose Biosensor System, which the FDA approves for those aged 18 years and above who are not taking insulin.

Segments Covered in the Report

By Product

• Testing Strips
• Self-Monitoring Blood Glucose (SMBG) Meters
• Continuous Glucose Monitors
• lancets

By Application

• Type 2 Diabetes
• Type 1 Diabetes
• Gestational Diabetes

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa