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Self-monitoring Blood Glucose Devices Market Size
- Report ID: GMI2743
- Published Date: Jul 2024
- Report Format: PDF
Self-monitoring Blood Glucose Devices Market Size
Self-monitoring Blood Glucose Devices Market size was valued at around USD 10 billion in 2023 and is estimated to grow at 11.6% CAGR from 2024 to 2032. Self-monitoring blood glucose (SMBG) devices are tools used by individuals, particularly those with diabetes, to measure and monitor their blood glucose levels at home or on the go. These devices help users manage their blood sugar levels by providing real-time data, enabling them to make informed decisions about diet, exercise, and medication.
The global rise in diabetes prevalence is a significant driver for the self-monitoring blood glucose (SMBG) devices market. For instance, in 2021, diabetes affected 11.6% of the U.S. population, equivalent to 38.4 million individuals, as reported by the Centers for Disease Control and Prevention (CDC). Among adults, diabetes impacted 14.7%, totaling 38.1 million people. This increase in diabetes cases necessitates regular and effective condition management through monitoring.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Self-monitoring Blood Glucose Devices Market Size in 2023: | USD 10 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 11.6% |
| 2032 Value Projection: | USD 26.8 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 220 |
| Segments covered: | Product, Application, End-use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Additionally, advancements in SMBG technology, resulting in more accurate, user-friendly, and minimally invasive devices, have significantly improved accessibility and user adoption. Growing awareness regarding digital diabetes management and preventive healthcare further stimulates market demand. Furthermore, government initiatives and healthcare policies focused on promoting diabetes care devices and monitoring enhance market growth. The shift towards home care monitoring, which offers the convenience of reducing hospital visits, is also a substantial driver, especially with the rising adoption of telemedicine and remote patient monitoring solutions.
Furthermore, the increasing focus on personalized healthcare and patient empowerment is driving the uptake of these devices, especially within home care environments. As healthcare systems worldwide transition towards outpatient and home-based care models, the SMBG devices market is set for sustained growth, bolstered by supportive government initiatives and reimbursement policies.
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Self-monitoring Blood Glucose Devices Market Scope
