Self-Monitoring Blood Glucose Devices Market: User-Friendly Innovations in Diabetes Care | Global Insight Services

The global Self-Monitoring Blood Glucose Devices market was valued at USD 18.9 Billion in 2021 and it is anticipated to grow up to USD 45.8 Billion by 2031, at a CAGR of 9.3% during the forecast period.

A self-monitoring blood glucose device is a portable machine that helps people with diabetes check their blood sugar levels. The device usually consists of a small monitor and a lancet, which is a small, sharp needle used to prick the skin and draw a drop of blood. The blood is then placed on a test strip, which is inserted into the monitor. The monitor displays the blood sugar level on a screen. Self-monitoring blood glucose devices are important tools for people with diabetes. They help people to keep track of their blood sugar levels and to make sure that they are staying within their target range. self-monitoring also allows people to see how their diet and exercise are affecting their blood sugar levels.

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Market Trends and Drivers

Growing awareness regarding home monitoring and focus on regular diabetes management to reduce risk of hyperglycemic conditions has led to growing demand for self-monitoring blood glucose devices. Additionally, government is undertaking several initiatives to increase awareness among people regarding early diagnosis. The National Diabetes Education Program (NDEP) is the joint effort of the National Institutes of Health and Centers for Disease Control and Prevention (CDC). NDEP aims at reducing burden of prediabetes by providing diabetes-related education to a range of people such as hard-to-reach population, ethnic minorities, faith-based organizations, community-based organizations, and healthcare providers. Such factors are boosting the adoption rate of Self-Monitoring Blood Glucose Devices contributing to the overall market expansion.

Market Restraints and Challenges

There are a few key restraints and challenges in the self-monitoring blood glucose devices market. Firstly, these devices can be expensive, and patients may not be able to afford them. Secondly, some patients may find it difficult to use these devices, and may need training or assistance. Finally, some patients may not want to self-monitor their blood glucose levels, and may prefer to rely on other methods, such as finger-pricking.

Global Self-Monitoring Blood Glucose Devices Market Segmental Overview

The report analyses the global Self-Monitoring Blood Glucose Devices market based on product, application, distribution channel, and region.

Global Self-Monitoring Blood Glucose Devices Market by Product

By product, the market is segmented into Self-monitoring blood glucose meters, continuous glucose monitors, testing strips, and lancets. The continuous glucose monitors segment accounted for significant market share in 2021 and is expected to register lucrative CAGR over the forecast period. CGMs are witnessing robust advances along with several novel launches by prominent firms. In addition, demand for continuous glucose monitoring devices increased during the COVID-19 pandemic. Moreover, rising demand for user-friendly homecare devices coupled with accessibility of various advanced continuous glucose monitoring devices in the market will impel the segment growth.

Global Self-Monitoring Blood Glucose Devices Market by Application

By application, the Self-Monitoring Blood Glucose Devices market is classified into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment accounted for significant revenue in 2021. Lifestyle changes such as adoption of an unhealthy and sedentary lifestyle are observed to be some of the prominent factors leading to the high prevalence of diabetes. Growing obese population, physical inactiveness and consumption of unhealthy diet leads to increased risk of type 2 diabetes. Further, SMBG devices help type 2 diabetes patients to keep timely track of glycerine level in the body.

Global Self-Monitoring Blood Glucose Devices Market by Distribution Channel

The distribution channel segment of the market is bifurcated into hospital pharmacies, retail pharmacies, online sales, and diabetes clinics & centers. The hospital pharmacies are expected to register highest CAGR between 2022 and 2028. Growing government funding in developing and developed regions in order to establish advanced healthcare facilities will contribute to the segment expansion. Furthermore, rising geriatric population that is more susceptible to suffer from diabetes increases hospitalizations and patient visits that is further slated to boost the segment progression during the forecast period.

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Major Players in the Global Self-Monitoring Blood Glucose Devices Market

• Abbott Laboratories
• Bionime Corporation
• B. Braun Melsungen AG
• F. Hoffmann-La Roche Ltd.
• LifeScan IP Holdings, LLC
• PHC Holdings Corporation
• Terumo Corporation
• Trividia Health, Inc. (Sinocare Inc.)
• ARKRAY, Inc.
• Ypsomed Holding AG

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COVID-19 Impact

The outbreak of COVID-19 pandemic had a negative impact on the Self-Monitoring Blood Glucose Devices market as the pandemic was noted to have disrupted the healthcare system worldwide, causing significant delays in surgeries, treatment, and diagnosis of non-emergency disease conditions. With the increasing number of COVID-19 cases, several local and national regulatory bodies-imposed lockdowns, restricting the movement of people and goods. The pandemic has positively impacted the self-monitoring blood glucose devices market due to high requirement of home care. Furthermore, incidence of COVID-19 has resulted in population shift towards home care. During pandemic, diabetic population were frequently managing blood glucose level to reduce complications and hospitalizations and owing to associated susceptibility to COVID-19.

The COVID-19 pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. Awareness regarding the benefits of blood glucose monitoring devices increased among the consumers as during the pandemic, there had been an emphasis on the use of virtual clinics and telemedicine for diabetic management. The blood glucose monitoring devices helped patients and healthcare providers improve glycemic control and potentially increase patient self-management, thus changing diabetes care significantly. Further, a surge in the demand for blood glucose monitoring devices due to the quick response by major market players during the Covid-19 pandemic.

Research Scope