The self-monitoring blood glucose devices market is projected to expand from US$ 9.5 billion in 2023 to US$ 22.4 billion by 2031, reflecting a compound annual growth rate (CAGR) of 11.3% during the period from 2023 to 2031.
The report on the Self-Monitoring Blood Glucose Devices market highlights significant factors contributing to the increasing inclination towards remote glucose monitoring among individuals with diabetes, as well as advancements made by key industry players.
Surge in Demand for Self-Monitoring Blood Glucose Devices During the COVID-19 Pandemic Fuels Market Growth
The COVID-19 pandemic led to a notable rise in the demand for home-use or remote blood glucose meters, driven by quarantine measures implemented in various countries. The FDA recognized the importance of remote blood glucose meters as a crucial tool for diabetic patients, minimizing their exposure to the virus. Furthermore, the FDA encouraged healthcare facilities and Long-Term Care Functional Screens to adopt policies that facilitate self-testing of blood glucose levels using home-based devices. Consequently, the introduction of advanced technology in remote glucose monitoring devices enabled wireless communication with healthcare providers, reducing the frequency of patient visits, lowering the risk of virus transmission, and conserving the limited supply of personal protective equipment (PPE) in hospitals. This shift significantly boosted the self-monitoring blood glucose devices market.
Emerging Trends
Introduction of Over-the-Counter (OTC) Self-Monitoring Blood Glucose Devices
In March 2024, the US FDA granted approval for the first OTC continuous glucose monitor (CGM), developed by Dexcom. This CGM is designed for individuals aged 18 and older. The availability of self-monitoring blood glucose devices as OTC products is expected to create lucrative opportunities for market growth in the upcoming years. For instance, in September 2020, the FDA issued guidance for manufacturers to conduct necessary performance studies and prepare 510(k) submissions for SMBG devices to be sold as OTC products.
Self-Monitoring Blood Glucose Devices Market Segmentation by Product
The market is categorized by product type into testing strips, glucose meters, lancets, and other devices. In 2023, the testing strips segment dominated the self-monitoring blood glucose devices market and is projected to achieve the highest CAGR of 11.8% from 2021 to 2031. According to a report by the Clinton Health Access Initiative (CHAI) published in October 2021, testing strips account for a significant portion of the revenue in the self-monitoring blood glucose devices market. This is largely due to the extensive number of diabetic patients who require multiple testing strips daily, leading to high consumption rates. Additionally, many suppliers provide glucose meters at no cost to diabetic patients, which drives the sales of testing strips. To further enhance the sales of test strips, suppliers often restrict the compatibility of proprietary strips to specific meter models, ensuring that strips cannot be used with other brands or even different models from the same brand.
Regional Insights
The global Self-Monitoring Blood Glucose Devices market report is divided into regions: North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest market share for self-monitoring blood glucose devices. The growth in this region is attributed to the increasing number of product launches by leading companies and the presence of major market players.
Industry Developments and Future Prospects
Several strategic initiatives by leading companies in the Self-Monitoring Blood Glucose Devices market include:
In November 2022, Eli Lilly launched its first connected platform, the "Tempo Personalized Diabetes Management Platform" in the US. This technology aims to support adults with Type 1 or Type 2 diabetes, enabling clinicians to make informed, data-driven decisions regarding treatment with Lilly insulin. The platform comprises three key components: the Tempo Smart Button, a compatible app called TempoSmart, and the Tempo Pen, a prefilled insulin pen that collectively offers personalized guidance for diabetes management.
In October 2021, LifeScan introduced "OneTouch Solutions," which provides a comprehensive and convenient option for personalized wellness programs and diabetes management. This new product is available to consumers in the US and will soon be accessible to healthcare providers, payers, and employers as a reimbursable option.
In October 2021, LifeScan also launched the "OneTouch Solution," an e-commerce platform offering a wide range of personalized wellness programs to assist individuals in managing diabetes. This solution is currently available to consumers in the US and will soon be offered to healthcare providers, payors, and employers.
Competitive Landscape and Key Players
Prominent companies in the Self-Monitoring Blood Glucose Devices market include B. Braun SE, F. Hoffmann-La-Roche, LifeScan Inc., Medtronic, Abbott, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp. These companies are focused on innovating new technologies, enhancing existing products, and expanding their geographic reach to meet the growing global demand.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Self-Monitoring Blood Glucose Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Self-Monitoring Blood Glucose Devices Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Self-Monitoring Blood Glucose Devices Market - Global Market Analysis
6.1 Self-Monitoring Blood Glucose Devices - Global Market Overview
6.2 Self-Monitoring Blood Glucose Devices - Global Market and Forecast to 2031
7. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Product, 2021-2031
7.1 Overview
7.2 Testing Strips
7.3 Glucose Meters
7.4 Lancets
7.5 Others
8. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Application, 2021-2031
8.1 Overview
8.2 Type 1 Diabetes
8.3 Type 2 Diabetes
9. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By Testing Sites, 2021-2031
9.1 Overview
9.2 Fingertip Testing
9.3 Alternate Site Testing
10. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million) - By End User, 2021-2031
10.1 Overview
10.2 Hospitals and Clinics
10.3 Self/Homecare
11. Self-Monitoring Blood Glucose Devices Market - Revenue Analysis (USD Million), 2021-2031 - Geographical Analysis
11.1 North America
11.1.1 North America Self-Monitoring Blood Glucose Devices Market Overview
11.1.2 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts to 2031
11.1.3 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Product
11.1.4 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Application
11.1.5 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Testing Sites
11.1.6 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Self-Monitoring Blood Glucose Devices Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Self-Monitoring Blood Glucose Devices Market
11.1.7.1.1 United States Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.1.2 United States Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.1.3 United States Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.1.4 United States Self-Monitoring Blood Glucose Devices Market, by End User
11.1.7.2 Canada Self-Monitoring Blood Glucose Devices Market
11.1.7.2.1 Canada Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.2.2 Canada Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.2.3 Canada Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.2.4 Canada Self-Monitoring Blood Glucose Devices Market, by End User
11.1.7.3 Mexico Self-Monitoring Blood Glucose Devices Market
11.1.7.3.1 Mexico Self-Monitoring Blood Glucose Devices Market, by Product
11.1.7.3.2 Mexico Self-Monitoring Blood Glucose Devices Market, by Application
11.1.7.3.3 Mexico Self-Monitoring Blood Glucose Devices Market, by Testing Sites
11.1.7.3.4 Mexico Self-Monitoring Blood Glucose Devices Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Self-Monitoring Blood Glucose Devices Market - Key Company Profiles
14.1 B. Braun SE
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 F. Hoffmann-La-Roche
14.3 LifeScan, Inc.
14.4 Medtronic
14.5 Abbott
14.6 Ypsomed Holding AG
14.7 Sensionics
14.8 Nipro Corp
14.9 GE Healthcare
14.10 Terumo Corp
15. Appendix
15.1 Glossary
15.2 About
15.3 Market Intelligence Cloud
NA
NA
LIST OF TABLES
LIST OF FIGURES
The List of Companies - Self-Monitoring Blood Glucose Devices (SMBGDs) Market
B. Braun SE
F. Hoffmann-La-Roche
LifeScan Inc.
Medtronic
Abbott
Ypsomed Holding AG
Sensionics
Nipro Corp
GE Healthcare
Terumo Corp
