|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 9.73 Billion
|
|
CAGR (2023-2028)
|
8%
|
|
Fastest Growing Segment
|
Type 2 Diabetes
|
|
Largest Market
|
North America
|
Market Overview
Global Self-monitoring Blood Glucose Market has
valued at USD 9.73 Billion in 2022 and is anticipated to project robust growth
in the forecast period with a CAGR of 8% through 2028. Blood glucose monitoring
plays a crucial role in empowering diabetic patients to make informed daily
management decisions regarding food intake, insulin dosage and physical
exercise. Self-monitoring blood glucose (SMBG) represents a contemporary
diabetes management procedure that entails the use of blood glucose meters by
patients to quickly check their glucose levels and obtain accurate measurements
of capillary glucose concentration. SMBG technology, encompassing test strips,
lancets, and blood glucose meters, facilitates long-term glycemic control. By
analyzing readings, individuals can adjust treatment, evaluate the impact of
antidiabetics and stress management, and make informed decisions regarding
diet, insulin dosage, and physical exercise, among other factors. This
comprehensive process involves the utilization of test strips, lancets, and
blood glucose meters to achieve sustained glycemic control.
Key Market Drivers
High Prevalence of Diabetes
The increase in the geriatric population and the
high prevalence of diabetes, along with the rising risk factors associated with
diabetes, are key drivers for the growth of the self-monitoring of blood
glucose (SMBG) market. Furthermore, government initiatives aimed at raising
awareness among the population also contribute to the market's growth. However,
it should be noted that the devices do not measure the exact level of glucose
in the blood, which can result in inaccurate results. Moreover, the lack of
reimbursement and stringent regulations for these devices may hinder the
overall market growth. Nevertheless, there are untapped opportunities in
emerging markets, and the growing awareness about diabetes monitoring devices
is expected to generate new prospects within the forecast period. However,
challenges such as the lack of patient awareness and the high cost of advanced
devices and accessories are projected to impede the market's growth.
Technological Advancement
Technological advancements have revolutionized the
blood glucose monitoring devices market, enhancing accuracy, user-friendliness,
and connectivity with healthcare providers. Continuous Glucose Monitoring (CGM)
systems, for instance, offer real-time glucose readings and trends, minimizing
the need for frequent fingerstick tests. The integration of mobile apps and
wireless connectivity has bolstered data management and improved patient
outcomes. Leading market players such as Abbott Laboratories, Medtronic plc,
Roche Diabetes Care, Dexcom, Inc., and Ascensia Diabetes Care Holdings AG are
investing in research and development to introduce innovative products.
Stringent regulations govern the blood glucose monitoring devices market to
ensure patient safety and device efficacy, with device approval and post-market
surveillance overseen by the FDA and EMA. The rise in technological
advancements in the field of blood glucose monitoring devices is driving the
growth of the global market. With advancing technology, these devices are now
widely accessible in different forms, sizes, and testing durations. The development
of compact and portable devices facilitates convenient handling, thereby
increasing demand. Furthermore, medical advancements contribute to the early
detection of hyper and hypoglycemic diabetes, thus further fueling global
market growth.
Rising Cases of Obesity
The changing lifestyle and increasing prevalence of
alcohol and smoking consumption have contributed to a continuous rise in
diabetes cases, resulting in a heightened demand for such devices. The
escalating rates of obesity further drive the growth of the global
self-monitoring blood glucose devices market. Additionally, the expanding
geriatric population worldwide is fueling market growth. The growing awareness
among individuals regarding preventive care for diabetes is a key driver for the
global market's expansion. However, the outbreak of the coronavirus has
significantly impacted people's lifestyles, with lockdown measures transforming
active behaviors into sedentary ones. Consequently, these factors have led to
an increase in diabetes cases and subsequently boosted the demand for such
devices. The surge in government initiatives aimed at reducing diabetes cases
has positively influenced the trajectory of the global self-monitoring blood
glucose devices market throughout the forecast period.
Rising Number of Geriatric Population
The aging population is more susceptible to
developing diabetes. Self-monitoring blood glucose devices cater to the needs
of elderly individuals, allowing them to manage their diabetes independently
and efficiently. s people age, their cells may become less sensitive to
insulin, leading to insulin resistance. This reduced sensitivity makes it more
challenging for the body to regulate blood glucose levels effectively. Many
older adults may lead more sedentary lifestyles, which can contribute to weight
gain and worsen insulin resistance. Unhealthy eating habits over the years can
lead to obesity and metabolic disorders, increasing the risk of type 2
diabetes. elf-monitoring blood glucose devices allow older adults to check
their blood glucose levels at home or on the go. Regular monitoring helps them
track their condition and make necessary adjustments to their treatment plan. With
self-monitoring devices, elderly individuals can manage their diabetes independently,
reducing their dependence on others for daily monitoring.
Key Market Challenges
Compliance and Adherence
Regular and consistent blood glucose monitoring is
essential for effective diabetes management. However, some individuals may
struggle with adherence, either due to forgetfulness, discomfort associated
with testing, or a lack of motivation. Properly using self-monitoring blood
glucose devices requires some level of technical skill and knowledge. Some
elderly individuals or those with limited dexterity may find it challenging to
operate the devices correctly. Self-monitoring blood glucose devices need to be
accurately calibrated and maintained to provide reliable results. Incorrect
calibration or using expired test strips can lead to inaccurate readings.
Low Rate of Diagnosis in Emerging Countries
The presence of a significant proportion of
undiagnosed individuals with diabetes is a major contributing factor to the
lower adoption of Blood Glucose Monitoring Systems, particularly in emerging
countries. The prevalence of delayed diagnosis is higher in countries like
China, India, South Africa, Brazil, and others, compared to developed nations.
Additionally, limited awareness among the general population regarding chronic
diseases such as diabetes mellitus, coupled with restricted access to advanced
healthcare infrastructure and inadequate conventional procedures by government
or private organizations, may impede growth.
For example, as per data published by the International
Diabetes Federation in 2021, nearly half of the diabetes patients in Africa
remain undiagnosed, while in the Asia Pacific region, the proportion of
undiagnosed individuals with diabetes is around 55.0%, primarily driven by
countries like India, China, and Indonesia. Thus, the aforementioned factors,
alongside the absence of reimbursement plans for CGM & SMBG systems,
significantly contribute to lower diagnosis and treatment rates, subsequently
limiting the implementation of these systems in developing countries.
Key Market Trends
New Product Launches in the Market
Prominent companies operating in the
self-monitoring blood glucose (SMBG) devices market are strategically focused
on developing innovative technological solutions to enhance their market position.
For instance, in August 2022, Intuity Medical, Inc., a commercial-stage medical
technology and digital health company committed to simplifying life with
diabetes, introduced the POGO Automatic® Blood Glucose Monitoring System at
over 2,200 US pharmacies operated by Kroger Health, the healthcare division of
The Kroger Co. The POGO Automatic from Intuity Medical is the sole FDA-approved
automatic blood glucose monitor featuring 10-test cartridge technology,
eliminating the need for individuals with diabetes to carry or load separate
lancets and test strips. It effortlessly lances, collects blood, and provides a
glucose result with just a touch of a button.
Increasing Funding and Investments
Boosting funding and investments will facilitate
research and development activities, as well as new technology advancements and
projects. Market players are securing funding and investments aimed at digital
transformation for improved efficiency. For example, in September 2022,
Transdermal Diagnostics, a UK-based technology platform dedicated to enhancing
the prevention, diagnosis, and management of chronic conditions, announced the
successful completion of their oversubscribed £1.1 million ($1.31 million)
pre-seed investment round. This funding will be utilized to develop a
cost-effective, 100% needle-free glucose monitor, improving access to
affordable blood sugar monitoring and assisting diabetics in leading longer,
healthier lives. With the aid of Transdermal Diagnostics' new technology,
individuals with diabetes may potentially slow down or even halt the
progression of their condition by painlessly monitoring their blood glucose
levels. Furthermore, in May 2022, Labcorp, a leading global life sciences company
and commercial laboratory, launched an at-home collection kit that measures
hemoglobin A1c and assesses the risk of diabetes using a small blood sample.
Segmental Insights
End User Insights
The hospital segment is
projected to dominate the market during the forecast period, driven by the
improving infrastructure and increasing healthcare expenditure in hospitals.
Furthermore, BGM devices provide reliable data to practitioners within seconds,
enhancing patient care quality in both outpatient and inpatient settings.
Hospitals also have robust provisions for storing and transferring patient
information. Additionally, in response to the COVID-19 pandemic, the FDA
authorized the use of CGM devices in hospitals, and the potential for future
pandemics is expected to further drive segment growth.
The home care segment is
anticipated to exhibit the highest growth rate throughout the forecast period.
Self-monitoring of blood glucose has revolutionized home-based glucose
monitoring and is widely adopted worldwide as a short-term glucose monitoring
method. Self-monitoring blood glucose (SMBG) allows individuals, with or
without diabetes, to measure their blood sugar levels in the comfort of their
homes. This approach enables patients to assess the effects of their treatment,
including diet, insulin, exercise, and stress management, based on their blood
glucose readings.
Application Insights
In terms of application,
the market can be categorized into gestational, type 2, and type 1 diabetes.
Type 2 diabetes holds the largest market share in the global self-monitoring
blood glucose devices market. It is a chronic, lifelong condition that affects
the processing and monitoring of sugar levels. Type 2 diabetes is the most
common form of diabetes, accounting for the majority of diabetes cases
globally. The rising prevalence of Type 2 diabetes, particularly due to
lifestyle factors like sedentary habits, unhealthy diets, and obesity, is
contributing to the expanding market for self-monitoring blood glucose devices.
Effective management of Type 2 diabetes requires regular blood glucose
monitoring. Self-monitoring blood glucose devices play a vital role in helping
individuals with Type 2 diabetes track their glucose levels and make necessary
adjustments to their treatment plans, contributing to the market growth.
Download Free Sample Report
Regional Insights
The escalating incidence and prevalence of diabetes
patients, along with healthcare expenditure, in the United States indicate a
growing utilization of Self-monitoring Blood Glucose (SMBG) devices. North
America is projected to be the dominant market, driven by factors such as the
widespread availability of SMBG devices, high consumer awareness, and favorable
reimbursement policies. The prevalence of diabetes has witnessed a significant
surge in the past two decades in North America, primarily attributed to the
increased prevalence of obesity and lifestyle changes. Furthermore, the region
exhibits higher carbohydrate consumption, which contributes to the rising
obesity rates. The United States, within North America, represents one of the
countries experiencing rapid growth in chronic diseases, and it stands as the
largest demand-generating country for SMBG devices.
Recent Developments
In 2022, LifeScan announced
the publication of Real World Evidence in the peer-reviewed journal Diabetes
Technology and Therapeutics (DTT). The study demonstrates the efficacy of using
a Bluetooth-connected Blood Glucose Meter with Mobile Diabetes Management
Application, specifically the OneTouch Reveal mobile app with the OneTouch
Verio Reflect meter. The results indicate that this technology, which utilizes
Bluetooth wireless connectivity, has the potential to significantly enhance
glycemic control in individuals with diabetes.
In August 2021, FIND made
announcements regarding agreements signed with i-SENS, Inc (Seoul, South Korea)
and SD BIOSENSOR, Inc (Suwon-si, South Korea). These agreements aim to improve
the availability and affordability of blood glucose test strips, particularly
in low- and middle-income countries (LMICs).
In December 2020, Nemaura,
a U.K.-based company, introduced ProBEAT, a non-invasive glucose monitoring
patch that offers users valuable feedback and insights into the various factors
influencing blood glucose levels. DiaMonTech AG, a German-based company, was
officially awarded the QMS certification for the design and development of its
patented non-invasive "no prick" photothermal detection technology.
Key Market Players
- Abbott Laboratories
- Medtronic plc
- F. Hoffmann-La Roche Ltd
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
|
By Product
|
By Application
|
By End User
|
By Region
|
|
Self-monitoring
Blood Glucose Meters
Continuous
Glucose Monitor
Testing
Strips
Lancets
|
Type 1
Diabetes
Type 2 Diabetes
Gestational
Diabetes
|
Hospitals
Home
Settings
Diagnostic
Centers
|
North
America
Europe
Asia Pacific
South
America
Middle East
& Africa
|
Report Scope:
In this report, the Global Self-monitoring Blood
Glucose Market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
- Self-monitoring Blood
Glucose Market, By
Product:
o Self-monitoring Blood Glucose Meters
o Continuous Glucose Monitors
o Testing Strips
o Lancets
- Self-monitoring Blood
Glucose Market, By
Application:
o Type 1 Diabetes
o Type 2 Diabetes
o Gestational Diabetes
- Self-monitoring Blood
Glucose Market, By
End User:
o Hospitals
o Home Settings,
o Diagnostic Centers
- Self-monitoring Blood
Glucose Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Self-monitoring Blood Glucose Market.
Available Customizations:
Global Self-monitoring Blood Glucose market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Self-monitoring Blood Glucose Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]