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LONDON, GREATER LONDON, UK, September 12, 2024 /EINPresswire.com/ -- The self-monitoring blood glucose (SMBG) devices market has experienced robust growth in recent years, expanding from $14.35 billion in 2023 to $15.71 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to a rise in the prevalence of diabetes, an increase in healthcare awareness, an aging population, government initiatives and regulations, and a rise in healthcare spending.
Strong Future Growth Anticipated
The self-monitoring blood glucose (SMBG) devices market is projected to continue its strong growth, reaching $22.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rising home healthcare, telehealth expansion, rise in disposable income, rising demand for remote monitoring, and rise in e-commerce.
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Growth Driver Of The Self-Monitoring Blood Glucose (SMBG) Devices Market
The rising geriatric population is expected to propel the growth of the self-monitoring blood glucose devices market going forward. The geriatric population refers to elderly individuals, typically aged 65 and older, who are in the later stages of life and often experience age-related physical and cognitive changes. Self-monitoring blood glucose devices plays an important role for geriatric patients by helping them manage diabetes effectively and enabling timely adjustments to medication and lifestyle choices.
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Major Players And Market Trends
Key players in the self-monitoring blood glucose (SMBG) devices market include Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan Inc., PHC Holdings Corporation.
Major companies operating in the self-monitoring blood glucose devices market are increasing their focus on introducing sensor-based glucose monitoring devices gain a competitive edge in the market. Sensor-based glucose monitoring devices are medical tools that continuously or intermittently measure and report blood glucose levels, helping individuals with diabetes manage their condition.
Segments:
1) By Product: Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers
3) By Application: Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes
Geographical Insights: North America Leading The Market
North America was the largest region in the self-monitoring blood glucose (SMBG) devices market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the self-monitoring blood glucose (SMBG) devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Self-Monitoring Blood Glucose (SMBG) Devices Market Definition
Self-monitoring blood glucose (SMBG) device refers to portable instruments that can identify the possibilities of diabetes. These devices usually measure glucose levels by obtaining a small drop of blood from patients by pricking their fingers. International guidelines recommend this method for managing a patient’s diabetes successfully. The self-monitoring blood glucose (SMBG) device are used to measure the concentration of glucose in the blood.
Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on self-monitoring blood glucose (SMBG) devices market size, self-monitoring blood glucose (SMBG) devices market drivers and trends, self-monitoring blood glucose (SMBG) devices market major players, self-monitoring blood glucose (SMBG) devices competitors' revenues, self-monitoring blood glucose (SMBG) devices market positioning, and self-monitoring blood glucose (SMBG) devices market growth across geographies. The self-monitoring blood glucose (SMBG) devices market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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