The self-monitoring blood glucose devices market size is expected to grow from US$ 9.5 billion in 2023 to US$ 22.4 billion by 2031, and the market is estimated to record a CAGR of 11.3% from 2023-2031.
The Self-Monitoring Blood Glucose Devices market report emphasizes key factors driving the rising preference for remote glucose checking among the diabetic population and developments by prominent players in the market.
High Adoption of Self-Monitoring Blood Glucose Devices Amid COVID-19 Pandemic Bolsters Self-Monitoring Blood Glucose Devices Market Size
There was an accelerating demand for home-use/remote blood glucose meters due to quarantine measures imposed across several countries in the wake of the COVID-19 pandemic. The FDA approved the use of remote blood glucose meters and considered it a vital option for diabetic people, limiting exposure to COVID-19. Also, the FDA encouraged hospitals and Long-Term Care Functional Screens to consider policies that allow patients to self-test blood glucose levels using home-based blood glucose meters. Therefore, modernized and advanced technology-based remote glucose monitoring devices provided wireless access to healthcare professionals, limiting the number of necessary patient contacts, reducing the risk of viral transmission, and preserving the hospital's limited supply of personal protective equipment (PPE), which, in turn, catapulted the self-monitoring blood glucose devices market.
Future Trends
Availability of Over-the-Counter (OTC) Self-Monitoring Blood Glucose Devices
In March 2024, the US FDA approved the marketing of the first OTC continuous glucose monitor (CGM). The first OTC CGM that received clearance was from Dexcom company. It is an integrated CGM recommended for patients aged 18 years and older. Therefore, the availability of self-monitoring blood glucose devices as an OTC product will provide lucrative opportunities for the self-monitoring blood glucose devices market in the coming years. For instance, in September 2020, the FDA released a guidance document for the manufacturers to conduct appropriate performance studies and prepare 510 (k) submissions for SMBG devices for availability as an OTC product.
Self-Monitoring Blood Glucose Devicess Market, by Product:
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.
Regional Analysis
The global Self-Monitoring Blood Glucose Devices market report is geographically segmented into 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. The market growth in this region is driven by the increasing number of product launches by top companies and the presence of key market players.
Industry Developments and Future Opportunities:
A few strategic developments by leading players operating in the Self-Monitoring Blood Glucose Devices market are listed below:
In November 2022, Elli Lilly announced launching of its first connected platform, "Tempo Personalized Diabetes Management Platform" in the US. The technology aims to assist adults living with Type 1 or Type 2 diabetes, and clinicians can make informed, data-backed decisions to manage treatment with Lilly insulin. The platform includes three main components: Tempo Smart Button; a compatible app, TempoSmart; and a prefilled insulin pen, Tempo Pen that works together to deliver personalized guidance for adults with diabetes.
In October 2021, LifeScan announced launching "OneTouch Solutions," providing a comprehensive and convenient choice for personalized wellness programs and diabetes management. The new product is now available to consumers in the US and will soon be available to healthcare providers, payers, and employers as a reimbursed option.
In October 2021, LifeScan announced launching of "OneTouch Solution" an e-commerce site offering a comprehensive and convenient choice of personalized wellness program that assist people to manage diabetes. OneTouch Solution is available now to consumers in the US and will soon be offered to healthcare providers, payors, and employers.
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 the prominent companies in the Self-Monitoring Blood Glucose Devices market report. These companies focus on new technologies, upgrading existing products, and geographic expansions to meet the growing consumer demand worldwide.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Self-Monitoring Blood Glucose Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Self-Monitoring Blood Glucose Devices Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Self-Monitoring Blood Glucose Devices Market - Global Market Analysis
6.1 Self-Monitoring Blood Glucose Devices - Global Market Overview
6.2 Self-Monitoring Blood Glucose Devices - Global Market and Forecast to 2031
7. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Product, 2021-2031
7.1 Overview
7.2 Testing Strips
7.3 Glucose Meters
7.4 Lancets
7.5 Others
8. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Application, 2021-2031
8.1 Overview
8.2 Type 1 Diabetes
8.3 Type 2 Diabetes
9. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Testing Sites, 2021-2031
9.1 Overview
9.2 Fingertip Testing
9.3 Alternate Site Testing
10. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By End User, 2021-2031
10.1 Overview
10.2 Hospitals and Clinics
10.3 Self/Homecare
11. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million), 2021-2031 - Geographical Analysis
11.1 North America
11.1.1 North America Self-Monitoring Blood Glucose Devices Market Overview
11.1.2 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts to 2031
11.1.3 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Product
11.1.4 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Application
11.1.5 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Testing Sites
11.1.6 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Self-Monitoring Blood Glucose Devices Market
11.1.7.1.1 United States Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.1.2 United States Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.1.3 United States Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.1.4 United States Self-Monitoring Blood Glucose Devices Market, by End User
11.1.7.2 Canada Self-Monitoring Blood Glucose Devices Market
11.1.7.2.1 Canada Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.2.2 Canada Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.2.3 Canada Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.2.4 Canada Self-Monitoring Blood Glucose Devices Market, by End User
11.1.7.3 Mexico Self-Monitoring Blood Glucose Devices Market
11.1.7.3.1 Mexico Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.3.2 Mexico Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.3.3 Mexico Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.3.4 Mexico Self-Monitoring Blood Glucose Devices Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Self-Monitoring Blood Glucose Devices Market - Key Company Profiles
14.1 B. Braun SE
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 F. Hoffmann-La-Roche
14.3 LifeScan, Inc.
14.4 Medtronic
14.5 Abbott
14.6 Ypsomed Holding AG
14.7 Sensionics
14.8 Nipro Corp
14.9 GE Healthcare
14.10 Terumo Corp
15. Appendix
15.1 Glossary
15.2 About
15.3 Market Intelligence Cloud
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LIST OF TABLES
LIST OF FIGURES
The List of Companies - Self-Monitoring Blood Glucose Devices (SMBGDs) Market
B. Braun SE
F. Hoffmann-La-Roche
LifeScan Inc.
Medtronic
Abbott
Ypsomed Holding AG
Sensionics
Nipro Corp
GE Healthcare
Terumo Corp
