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Self-monitoring Blood Glucose Devices Market Size
Self-monitoring Blood Glucose Devices Market size was worth more than USD 24.3 billion in 2022 and is anticipated to expand at over 9.5% CAGR from 2023-2032. Growing awareness regarding at-home diabetes management is expected to complement the market expansion.
Rising prevalence of diabetes worldwide is expected to have a significant impact on the self-monitoring blood glucose devices industry dynamics. The emergence of fast-paced lifestyles and unhealthy dietary habits, including the increasing consumption of alcohol and tobacco have accelerated the expansion of the patient pool suffering from diabetes. According to the data published by the International Diabetes Federation (IDF) in November 2022, India is expected to house a massive patient population with more than 92 million people suffering from diabetes by 2030.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 24.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9.6% |
| 2032 Value Projection: | USD 62.3 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 182 |
| Tables, Charts & Figures: | 285 |
| Segments covered: | Product, Application, Distribution Channel, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Rising costs of advanced diagnostics devices may impede product adoption
The higher costs associated with advanced medical devices and accessories in developing nations could restrain the self-monitoring blood glucose devices market landscape. Diabetes care and associated devices are expensive and are hence inaccessible to the rural population across underdeveloped regions. For instance, on an average, a continuous glucose monitor costs between USD 500 to USD 2000. The integration of smart technologies and next-generation features further adds to the overall cost of the product.
Self-monitoring Blood Glucose Devices Market Analysis
Self-monitoring blood glucose devices market valuation from testing strips is estimated to reach over USD 13.5 billion by 2032. Test trips are available in a wide range of unit packs and under diverse brands. Glucose meters with test strips have emerged as the most commonly used blood glucose monitoring devices as they enable simple, fast, and convenient analysis. Furthermore, the easy availability of these test strips across e-commerce platforms is expected to boost the product sales. Moreover, blood glucose strips are disposable and coated with a biological enzyme to enable effective diabetes diagnosis.
Self-monitoring blood glucose devices market share from online sales is expected to register 10.3% CAGR between 2023-2032. The rapid penetration of smartphones and the growing efforts to provide robust internet access across both urban and rural areas is expanding the scope of e-commerce worldwide. The emergence of the COVID-19 crisis also played a key role in spurring the demand for e-pharmacies across developed and developing economies.
Furthermore, online drug stores have gained substantial momentum in the last few years owing to the convenience, accessibility, and affordability offered by these e-commerce platforms. the rapid foray of several e-commerce giants, such as Amazon into the healthcare sector is offering lucrative business prospects for the providers of diabetes care devices, subsequently adding to the industry development.
In terms of revenue, the self-monitoring blood glucose devices market size from type 2 diabetes application segment is poised to surpass USD 57.8 billion by 2032. The rising prevalence of type 2 diabetes is accelerating the deployment of SMBG devices for diabetes management. Over the last decade, the adoption of unhealthy lifestyle habits has increased significantly, leading to the rising incidences of risk factors, such as obesity. As per data from the Australasian Paediatric Endocrine Group (APEG), and the National Diabetes Services Scheme (NDSS), more than 1 million new cases of type 2 diabetes were reported in Australia between 2020-22.
Europe self-monitoring blood glucose devices market is anticipated to exhibit 9.5% CAGR between 2023-2032 driven by the growing burden of diabetes in the region. According to IDF, in 2021, Europe’s diabetes patient pool included more than 61 million adults with diabetes mellitus. Europe is further expected to emerge as a hub for SMBG devices owing to the presence of leading industry players, the growing awareness regarding early diabetes diagnosis, and the rollout of favorable government initiatives.
Self-monitoring Blood Glucose Devices Market Share
Some of the leading companies in the self-monitoring blood glucose devices market include
- Abbott Laboratories
- AgaMatrix
- Arkray, Inc.
- All Medicus Co., Ltd.
- Ascensia Diabetes Care Holdings AG
- B. Braun Melsungen AG
- Dexcom, Inc.
- Johnson & Johnson (Lifescan, Inc.)
- F. Hoffmann-La Roche Ltd.
- Medtronic Plc
- Nova Biomedical, Inc.
- Sinocare Inc.
- Essenlife Bioscience, Inc.
- DarioHealth Corp.
- Bionime Corporation
These firms are focusing on strategic alliances to achieve competitive benefits whilst amplifying their revenues.
Impact of the COVID-19 pandemic
The COVID-19 crisis had a positive impact on the market due to the increasing need for non-invasive and portable monitoring devices. Diabetic patients worldwide rapidly switched to at-home diagnostics and treatment during the outbreak to prevent the spread of the infection. Moreover, the higher susceptibility towards the novel disease among patients with chronic ailments further propelled the need for advanced monitoring devices. Thus, several market players experienced surging product demand and revenue amidst the pandemic.
The self-monitoring blood glucose devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Product
- Self-monitoring blood glucose meters
- Continuous glucose monitors
- Testing strips
- Lancets
By Application
- Type 1 diabetes
- Type 2 diabetes
- Gestational diabetes
By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Online sales
- Diabetes clinics & centers
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Switzerland
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- Kuwait
- UAE
- Turkey
- Egypt
- Israel
- Qatar
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