Home > Healthcare & Medical Devices > Self-Monitoring Blood Glucose Devices Market
Self-Monitoring Blood Glucose (SMBG) Devices Market size surpassed USD 19 billion in 2020 and is expected to grow at a CAGR of over 10% between 2021 and 2027. The market growth is attributed to the growing prevalence of diabetes. Moreover, factors such as lifestyle changes, dietary habits, increased smoking and alcohol consumption are likely to upsurge the prevalence rate of diabetes.
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Growing awareness regarding home monitoring and focus on regular diabetes management to reduce risk of hyperglycemic conditions has led to growing demand for self-monitoring blood glucose devices. Additionally, government is undertaking several initiatives to increase awareness among people regarding early diagnosis. The National Diabetes Education Program (NDEP) is the joint effort of the National Institutes of Health and Centers for Disease Control and Prevention (CDC). NDEP aims at reducing burden of prediabetes by providing diabetes-related education to a range of people such as hard-to-reach population, ethnic minorities, faith-based organizations, community-based organizations, and healthcare providers.
The global pandemic has affected millions of people worldwide, resulting into high mortality. The pandemic has positively impacted the self-monitoring blood glucose devices market due to high requirement of home care. Furthermore, incidence of COVID-19 has resulted in population shift towards home care. During pandemic, diabetic population were frequently managing blood glucose level to reduce complications and hospitalizations and owing to associated susceptibility to COVID-19.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 19.3 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 10% |
2027 Value Projection: | 38.5 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 152 |
Tables, Charts & Figures: | 210 |
Segments covered: | Product, Application, Distribution Channel and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Continuous glucose monitors segment is predicted to showcase 15.3% growth rate through 2027. CGMs are witnessing robust advances along with several novel launches by prominent firms. In addition, demand for continuous glucose monitoring devices increased during the COVID-19 pandemic. Moreover, rising demand for user-friendly homecare devices coupled with accessibility of various advanced continuous glucose monitoring devices in the market will impel the segment growth.
Type 2 diabetes segment is poised to expand at more than 10.1% CAGR till 2027. Growing obese population, physical inactiveness and consumption of unhealthy diet leads to increased risk of type 2 diabetes. Further, SMBG devices help type 2 diabetes patients to keep timely track of glycerine level in the body.
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Hospital pharmacies held 30% of the market share in 2020. Growing government funding in developing and developed regions in order to establish advanced healthcare facilities will contribute to the segment expansion. Furthermore, rising geriatric population that is more susceptible to suffer from diabetes increases hospitalizations and patient visits that is further slated to boost the segment progression during the forecast period.
North America self-monitoring blood glucose devices market captured 37% of revenue share in 2020 led by the high prevalence of diabetes and rising healthcare expenditure. According to the CDC, in 2020, 34.2 million Americans were suffering from diabetes, and one per 3 Americans had prediabetes. Obesity, unhealthy dietary habits and other environmental factors further increases the patient base. Additionally, numerous efforts undertaken by government and international organizations to reduce disease burden will drive the industry growth during the forecast timeframe.
The global market consists of several players including Dexcom, F. Hoffmann-La Roche Ltd., Abbott, Medtronic Plc, and Ascensia Diabetes Care. These companies are adopting several expansion and growth strategies such as partnerships, acquisitions and product launches to increase their market presence.
Market, By Product
Market, By Application
Market, By Distribution channel
The above information is provided for the following regions and countries: