Self-monitoring Blood Glucose Devices Market Size By Product (Self-monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End-use (Hospitals, Home Settings, Diagnostic Centers & Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Self-Monitoring Blood Glucose Devices (SMBG) Market size surpassed USD 15.5 billion in 2019 and is expected to grow at a CAGR of over 5.3% between 2020 and 2026. Technological advancements in blood glucose monitoring devices will considerably boost the market growth. Development of portable and miniaturized devices provide ease in handling to patients. Moreover, researchers in the field are focusing on electromagnetism technology to build non-invasive and continuous blood glucose monitoring solutions for patients. With the involvement of new technologies and development of advanced monitoring devices providing better accuracy and precision.  
 

Self-monitoring blood glucose (SMBG) devices refer to portable devices used for measuring the concentration of glucose in a small blood sample, collected via finger-prick. These devices are a key component of T1D management, for insulin dosage tuning and other functions. The SMBG devices market will expand from gestational diabetes applications.
 

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Several government initiatives in developing economies to minimize the disease burden and increase awareness rate will positively influence the product adoption in upcoming years. For instance, the National Diabetes Service Scheme by the Australian Government delivers subsidized products to registered people with the scheme. Additionally, the Division of Diabetes Translation (DDT) of Centers for Disease Control and Prevention (CDC) funds healthcare organizations for diabetes management. Such initiatives and programs by government and healthcare organizations in developed as well as developing nations will strengthen the industry growth over the coming years.
 

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Increasing product demand with high diabetes prevalence rate will stimulate the industry expansion

Growing prevalence of diabetes across the globe will foster the usage of self-monitoring blood glucose devices owing to the need of frequent blood glucose monitoring. According to the International Diabetes Federation, in 2019, adult diabetic population accounted for approximately 463 million worldwide. The number is expected to reach at 700 million by 2045. One in five of the people aged 65 years and older are diagnosed with diabetes. Thus, rising geriatric population pool further contributes to the disease burden, that will offer immense growth opportunities to market. The manufacturers and developers in the industry are focusing on development of enhanced monitoring solutions to cater to growing diabetic patients. Therefore, preference for self-monitoring devices providing excellence and ease in glucose monitoring among patients will drive the market value.
 

Growing awareness and education about self-monitoring of blood glucose devices will spur product acceptance

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Testing strips segment dominated the self-monitoring blood glucose devices market share of around 77% in 2019 led by its benefit in monitoring and managing diabetes to prevent hypoglycaemic or hyperglycaemic conditions. Testing strips are required for time-to-time glucose testing and need repeat purchase. Rapid growth in number of patients and diagnostic need will fuel the demand and supply of testing strips in healthcare facilities as well as homecare settings in future.
 

High risk of type 2 diabetes with adoption of unhealthy habits will lead to increased demand for SMBG devices

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Type 2 diabetes segment crossed USD 14 billion in 2019. As it is lifelong chronic condition affecting the processing of blood sugar, the measurement and monitoring of glucose level becomes vital. Acceptance of unhealthy habits such as tobacco consumption and unhealthy diet along with obesity are responsible factors for the onset of type 2 diabetes and the proportion of people with this condition is increasing over period across several countries. In addition, the number of cases is increasing with age and thus, expanding geriatric pool will drive the demand for highly effective monitoring solutions during the forecast timeline.
 

Significant increase in government funding to control and manage rising disease population will propel usage of SMBG devices

Hospitals end-use segment in the self-monitoring blood glucose devices market valued at USD 7 billion in 2019. Increasing government funding in developed regions and patient preference due to availability of advanced facilities in hospitals are some of the growth contributing factors. Furthermore, rise in hospitalizations and patient visits will impel the product demand.
 

Regional disease burden augmenting the demand for advanced monitoring solutions in the North America

North America self-monitoring blood glucose devices market will showcase growth rate of over 4.8% till 2026 on account of substantial population with diabetes and new product launches through innovation. Rising healthcare expenditure, sophisticated healthcare infrastructure and awareness among population regarding new technologies will impact the regional growth in the coming years.
 

Leading market players are prominently adopting product innovation and strategic collaborations to achieve competitive advantage

Some of the leading companies operating in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, Medtronic Plc., and Dexcom among other players. These industry leaders are adopting various inorganic growth strategies to obtain competitive advantage and strengthen their market position.
 

Some of the recent industry developments:

• In November 2020, Abbott laboratories announced the launch of FreeStyle Libre system, a continuous glucose monitoring technology, in India. Product launch in new geographies will help the firm in business expansion, hereby leading to revenue growth.
   
• In January 2019, Eris Lifesciences and Medtronic plc collaborated for a diabetes monitoring initiative in India to develop smart diabetes monitoring solution for patients. Such strategies alliances will benefit both the companies to enhance their business performance.
   
• In February 2018, Roche Diabetes Care India, announced the launch of new Accu-Chek Instant S glucometer, thereby fortifying its existing product portfolio.
   

The self-monitoring blood glucose devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:
 

By Product

• Self-monitoring blood glucose meters
• Continuous glucose monitors
• Testing strips
• Lancets

By Application

• Type 1 diabetes
• Type 2 diabetes
• Gestational diabetes

By End-use

• Hospitals
• Home settings
• Diagnostic centers & clinics

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Kuwait
  • UAE