What Are the Projected Growth Rates for the Global Self-Monitoring Blood Glucose (SMBG) Devices Market?
The Self-Monitoring Blood Glucose (SMBG) Devices Market size has shown significant growth over recent years, expanding from $15.23 billion in 2024 to a projected $16.28 billion in 2025, marking a compound annual growth rate (CAGR) of 6.9%. The historic upsurge can be traced back to the rise in diabetes prevalence, substantial increase in healthcare awareness, aging population, and influx in healthcare spending backed by governmental initiatives and regulations.
Bolstered by factors such as the expansion of telehealth, rising disposable income, increasing demand for remote monitoring, and the rise of e-commerce, the smbgs devices market size is predicted to continue its robust growth into the future. By 2029, the market is forecasted to reach $22.75 billion at a CAGR of 8.7% with major trends like continuous glucose monitoring (CGM) integration, artificial intelligence (AI) and machine learning, wearable smbg devices, non-invasive monitoring, mobile apps, and connectivity driving this growth.
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What is Driving the Growth of the Self-Monitoring Blood Glucose (SMBG) Devices Market?
The steady rise in the prevalence of diabetes is a significant growth driver in the self-monitoring blood glucose device market. SMBG devices allow people with diabetes to monitor their blood glucose levels, providing invaluable data to adjust treatment plans and manage the condition more effectively. According to the Office for Health Improvement & Disparities, UK, between March 2022 and March 2023, the percentage of people with type 1 and type 2 diabetes receiving all eight recommended care processes increased by 22% and 21% respectively, while the percentage achieving target HbA1c levels rose to 37.9%, the highest ever reported by the National Diabetes Audit (NDA). This growth in diabetes prevalence and the resultant rise in SMBG use underscores the market’s growth potential.
What are the Major Segments Within the Global Self-Monitoring Blood Glucose (SMBG) Devices Market?
– Based on Product: Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets
– According to Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers
– As per the Application: Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes
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Which Key Companies Are Dominating The Self-Monitoring Blood Glucose (SMBG) Devices Market?
Major companies currently spearheading 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, Home Diagnostics Inc, Terumo Pharmaceutical Solutions, ARKRAY Inc, Ypsomed Holding AG, Dexcom Inc, Medtronic plc, Novo Nordisk A/S, Glysens Incorporated, Senseonics Holdings Inc., and many others.
What Emerging Trends Are Revolutionizing the Self-Monitoring Blood Glucose (SMBG) Devices Market?
Technological progression is an emerging trend disrupting the SMBG devices market. Big players are focusing on building superior, technologically advanced products to fortify their market position. Innovations like Know Labs Inc.’s KnowU, a new portable medical-grade glucose monitoring device using Bio-RFID technology, highlight the market’s move towards non-invasive, painless glucose monitoring solutions that are affordable and convenient to use.
Which Region Holds the Most Potential in the Self-Monitoring Blood Glucose (SMBG) Devices Market?
In 2024, North America dominated the SMBG devices market, with Europe projected to experience the fastest growth during the forecast period. The SMBG devices market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Self-Monitoring Blood Glucose (SMBG) Devices Market Report 2025 Offer?
The Self-Monitoring Blood Glucose (SMBG) Devices Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. SMBG devices are portable instruments that help identify potential diabetes by measuring glucose levels in the blood, thereby playing a crucial role in managing a patient’s diabetes successfully.
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