Self-monitoring Blood Glucose Devices Market size is projected to surpass USD 62.3 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Supportive initiatives undertaken by governments worldwide to spread awareness regarding diabetes care and management will positively influence the self-monitoring blood glucose (SMBG) devices market expansion. The lack of access to affordable and effective diabetes care across low- and middle-income countries is a major contributor to the growing burden of chronic illnesses. Hence, several public and private initiatives, and awareness programs have been established to improve access to care.
Increasing adoption of CGM devices in wearable medical devices to foster industry development
Self-monitoring blood glucose devices market valuation from continuous glucose monitors is likely to cross USD 21 billion by 2032. The rapid adoption of continuous glucose monitors (CGMs) can be attributed to their multiple benefits, including early detection of metabolic dysfunctions, continuous tracking, precise results, and informed-decision making. Moreover, these devices are gaining notable traction since they are fully automated and eliminate the need for invasive diagnostic procedures.
Browse key industry insights spread across 182 pages with 267 market data tables & 18 figures & charts from the report, “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 Distribution Channel (Type 1 Diabetes Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
High risk of stillbirths in gestational diabetes-affected individuals to fuel the need for SMBG devices
Self-monitoring blood glucose devices industry value from gestational diabetes applications to grow at 9.5% CAGR by 2032. The number of pregnant women suffering from gestational diabetes has increased significantly over the past few years. Untreated gestational diabetes effectively elevates the risk of premature birth or stillbirth in infants bringing a significant impact on maternal health. Hence, the growing concerns associated with maternal and fetal health will accelerate the demand for SMBG devices for the detection of gestational devices.
Rapid digitization & automation of retail pharmacies to accelerate the sale of SMBG devices
Retail pharmacies provide access to state-of-the-art SMBG devices at a fixed price range, allowing access to diabetic patients. The increasing investments and expansion of retail pharmacies to boost access to pharmaceuticals and medical devices will spur sales of SMBG devices across these channels. Furthermore, emerging trends in retail pharmacies, such as digitization and automation of central-fill operations will consolidate industry growth.
Government-backed R&D projects to drive North America SMBG devices industry development
North America self-monitoring blood glucose devices market is poised to hit USD 23 billion by 2032 due to the growing government funding for strengthening healthcare infrastructure in the region. For instance, in January 2023, the Canada Diabetes Association, also known as Diabetes Canada announced plans to infuse grants worth USD 9 million across 30 new research projects to support new breakthroughs in the field of diabetes care and risk-reduction. Furthermore, the growing geriatric population across the U.S., and Canada will proliferate the need for adequate diabetes care services and technologies in the region.
Strategic expansion efforts to boost self-monitoring blood glucose devices industry
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 are some of the leading companies in the self-monitoring blood glucose devices industry.