Market Size of Personal-Use Self-monitoring Blood Glucose Devices Industry
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 7.22 Billion |
| Market Size (2029) | USD 9.77 Billion |
| CAGR (2024 - 2029) | 6.23 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Self-Monitoring Blood Glucose Devices Market Analysis
The Personal-Use Self-monitoring Blood Glucose Devices Market size is estimated at USD 7.22 billion in 2024, and is expected to reach USD 9.77 billion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).
The global rise in diabetes cases is leading to an increased need for self-monitoring blood glucose (SMBG) devices. Due to advancements in technology and a greater emphasis on managing diabetes, the SMBG devices market is expected to experience significant growth in the foreseeable future. This piece delves into the reasons behind this growth and provides insights into the future prospects of SMBG devices.
The pandemic also highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care, through virtual consultations between healthcare providers and people with diabetes, and the use of diabetes technology. Crisis management has created unprecedented interest in remote care from both patients and providers and removed many long-standing regulatory barriers.
The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Leading manufacturers are focusing on technological innovations and developing advanced products to gain a substantial market share.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Self-Monitoring Blood Glucose Devices Industry Segmentation
Self-monitoring of blood glucose is an approach used by diabetic patients to measure their blood sugar level themselves using a glucometer, test strips, and lancets. Based on the readings, patients can adjust or check the effect of their treatment. The self-monitoring blood glucose device market is segmented into components and geography. The report offers the value (in USD) and volume (in units) for the above segments.
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| Glucometer Devices | |
| Test Strips | |
| Lancets |
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Personal-Use Self-monitoring Blood Glucose Devices Market Size Summary
The self-monitoring blood glucose devices market is poised for substantial growth, driven by the increasing prevalence of diabetes globally. This rise is largely attributed to lifestyle factors such as obesity, unhealthy diets, and physical inactivity, which have led to a surge in both Type 1 and Type 2 diabetes cases. The market is experiencing a shift towards home-based self-monitoring solutions, with glucometers gaining popularity due to their convenience and technological advancements. The COVID-19 pandemic has further accelerated this trend by highlighting the importance of remote diabetes care, prompting innovations in virtual consultations and diabetes technology. These developments have removed regulatory barriers and increased interest in remote care, contributing to the market's expansion.
In North America, the market is expected to grow significantly, fueled by the region's high diabetes prevalence and the adoption of advanced diabetes management platforms. The availability of reimbursement options for glucose meters, coupled with health insurance coverage, is enhancing the affordability and accessibility of these devices. Leading manufacturers are focusing on technological innovations and strategic collaborations to capture a larger market share. The market is characterized by a fragmented landscape, with major players like Abbott, LifeScan, Roche, and Ascensia holding significant positions, while local and region-specific manufacturers also contribute to the competitive dynamics. As awareness and adaptability of point-of-care testing devices increase, the market is anticipated to witness continued growth over the forecast period.
Personal-Use Self-monitoring Blood Glucose Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component
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2.1.1 Glucometer Devices
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2.1.2 Test Strips
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2.1.3 Lancets
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 Spain
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2.2.2.3 Italy
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2.2.2.4 France
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2.2.2.5 United Kingdom
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2.2.2.6 Russia
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 Japan
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2.2.3.2 China
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2.2.3.3 Australia
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2.2.3.4 India
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2.2.3.5 South Korea
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2.2.3.6 Malaysia
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2.2.3.7 Indonesia
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2.2.3.8 Thailand
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2.2.3.9 Philippines
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2.2.3.10 Vietnam
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2.2.3.11 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Mexico
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2.2.4.3 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Saudi Arabia
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2.2.5.3 Oman
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2.2.5.4 Egypt
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2.2.5.5 Iran
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2.2.5.6 Rest of Middle East and Africa
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Personal-Use Self-monitoring Blood Glucose Devices Market Size FAQs
How big is the Personal-Use Self-monitoring Blood Glucose Devices Market?
The Personal-Use Self-monitoring Blood Glucose Devices Market size is expected to reach USD 7.22 billion in 2024 and grow at a CAGR of 6.23% to reach USD 9.77 billion by 2029.
What is the current Personal-Use Self-monitoring Blood Glucose Devices Market size?
In 2024, the Personal-Use Self-monitoring Blood Glucose Devices Market size is expected to reach USD 7.22 billion.
