Self-monitoring Blood Glucose Devices Market Analysis

Self-monitoring Blood Glucose Devices Market Analysis

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Based on product, the market is segmented into self-monitoring blood glucose meters and consumables. The consumables segment is further sub-segmented into testing strips and lancets. The consumables segment dominated the market with a revenue of USD 6.1 billion in 2023 and is expected to grow at a significant CAGR over the forecast period.
 

• Key drivers of the self-monitoring blood glucose (SMBG) meters segment include increasing awareness of the importance of regular blood glucose monitoring and ongoing technological advancements.
   
• Additionally, there is a rising demand for user-friendly and minimally invasive devices, spurring innovation and improving the user experience. As healthcare systems worldwide shift towards personalized and home-based care models, the SMBG meters segment is set for continued growth, supported by favorable government initiatives and reimbursement policies.
   

Based on application, the self-monitoring blood glucose devices market is segmented into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment dominated the market with the largest revenue share of 54.9% in 2023 and is also expected to grow at the fastest CAGR over the forecast period.
 

• The increasing global prevalence of type 2 diabetes is a primary driver for the SMBG devices market, highlighting the need for effective tools for regular blood glucose monitoring. Growing awareness of the benefits of SMBG in managing diabetes, such as improved glycemic control and complication prevention, is further fueling market growth.
   
• Moreover, the demand for minimally invasive and user-friendly devices is driving innovation. As healthcare systems worldwide shift towards personalized and home-based care, the SMBG devices market for type 2 diabetes management is set for sustained growth, supported by favorable government initiatives and reimbursement policies.
   

Based on end-use, the self-monitoring blood glucose devices market is segmented into hospitals, ambulatory surgery centers, diagnostics centers, home care, and other end-users. The home care segment dominated the market with the largest revenue of USD 3.6 billion in 2023 and is expected to grow at a significant CAGR over the forecast period.
 

• The shift towards home-based care, accelerated by the COVID-19 pandemic, has increased the adoption of SMBG devices. Patients and healthcare systems are recognizing the benefits of managing diabetes from the comfort of home, reducing the need for frequent hospital visits, and minimizing exposure to infectious diseases.
   
• Additionally, favorable reimbursement policies and government initiatives aimed at managing diabetes more effectively are supporting the growth of the home care segment. These policies are making SMBG devices more accessible and affordable for a broader population.
   

The North America SMBG devices market was valued at USD 3.8 billion in 2023 and is expected to grow at a significant CAGR over the forecast period.
 

• The high prevalence of diabetes and an aging population in North America drive the need for effective diabetes management tools. Increased awareness of the importance of regular blood glucose monitoring and the benefits of SMBG in diabetes management is boosting market demand.
   
• Additionally, technological advancements in SMBG devices, such as enhanced accuracy, user-friendliness, and integration with digital health platforms and mobile applications, are improving patient adherence and engagement.
   

The self-monitoring blood glucose devices market in UK is expected to experience significant and promising growth from 2024 to 2032.
 

• The UK government’s initiatives to improve diabetes care, such as the NHS Long Term Plan which focuses on preventing diabetes-related complications and promoting self-care, are contributing to market growth.
   
• Additionally, increased awareness campaigns and educational programs by organizations like Diabetes UK are enhancing public understanding of the benefits of regular blood glucose monitoring.
   

Japan self-monitoring blood glucose devices market is anticipated to witness lucrative growth between 2024 – 2032.
 

• The aging population, with a high prevalence of diabetes among the elderly, is a significant driver, necessitating reliable and accessible monitoring tools.
   
• Additionally, the Japanese government’s proactive healthcare policies, including favorable reimbursement schemes for diabetes management and SMBG devices, encourage wider usage.
   

The self-monitoring blood glucose devices market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.
 

• The increasing prevalence of type 2 diabetes in the country underscores the need for reliable tools to monitor blood glucose levels regularly. Government-led efforts, including national health campaigns and screening initiatives focused on enhancing awareness and management of diabetes, are key drivers contributing to market growth in this sector.
   
• Additionally, Saudi Arabia's Vision 2030, which includes a focus on enhancing healthcare infrastructure and promoting the adoption of advanced medical technologies, is encouraging the uptake of SMBG devices.