Self-Monitoring Blood Glucose Devices Market Analysis And Forecast To 2031: By Product (Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), B

Self-Monitoring Blood Glucose Devices Market Analysis And Forecast To 2031: By Product (Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics & Centers), And Region

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.
Global Self-Monitoring Blood Glucose Devices Market Scope and Report Structure

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.
Geographical Analysis of Global Self-Monitoring Blood Glucose Devices Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Self-Monitoring Blood Glucose Devices market revenue is poised to grow significant CAGR during the forthcoming years. This can be attributed to the high prevalence of diabetes and rising healthcare expenditure. According to the CDC, in 2020, 34.2 million Americans were suffering from diabetes, and one per 3 Americans had prediabetes. Obesity, unhealthy dietary habits and other environmental factors further increases the patient base. Additionally, numerous efforts undertaken by government and international organizations to reduce disease burden will drive the industry growth during the forecast timeframe.
Major Players in the Global Self-Monitoring Blood Glucose Devices Market
The key players in the Self-Monitoring Blood Glucose Devices market Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings, LL, PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare Inc.), ARKRAY, Inc. and Ypsomed Holding AG., among others.
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.
Recent Developments

In October 2022, Dexcom has begun the global rollout of its G7 continuous glucose monitoring system by making the device available in the U.K., Ireland, Germany, Austria and Hong Kong. The device is designed to be smaller, easier to use and have a better mobile application than its predecessor, while also powering up faster than rival CGM systems. Still the U.S. launch has been delayed, until late 2022.
In August 2022, Teladoc Health, the announced the addition of a home A1C testing program to its Livongo by Teladoc Health chronic care solution, making it easier for members to manage and control their diabetes
In September 2021, Know Labs Inc, a US-based company that manufactures glucose monitoring devices launched a new portable medical-grade glucose monitoring device named KnowU that utilizes Bio-RFID technology. This device is a non-invasive glucose monitoring machine that has a base that powers the device and displays readings and, a battery a powered monitor with Bio-RFID sensors that can be carried by the users to check sugar levels on the go.
In May 2021, Roche collaborated with Eli Lilly and Company, to work towards enhancing the management of insulin pen therapy. With this collaboration, Roche follows its ambition to create an open ecosystem including its own and partner devices, solutions, and services, across the continuum of care in diabetes.

Frequently Asked Questions
Q1. How big is the self-monitoring blood glucose devices market?

Ans. 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.

Q2. What is the self-monitoring blood glucose devices market growth rate?

Ans. The growth rate of the self-monitoring blood glucose devices market is 9.3%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the self-monitoring blood glucose devices market in 2021.

Q4. Which segment accounted for the largest self-monitoring blood glucose devices market share?

Ans. By distribution channel, the hospital pharmacies segment accounted for the largest Self-Monitoring Blood Glucose Devices market share.

Q5. Who are the key players in the self-monitoring blood glucose devices market?

Ans. The global self-monitoring blood glucose devices market report includes players such as Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings, LL, PHC Holdings Corporation, Terumo Corporation, Trividia Health, Inc. (Sinocare Inc.), ARKRAY, Inc. and Ypsomed Holding AG., among others.

Q6. What are the factors driving the self-monitoring blood glucose devices market growth?

Ans. The major factors driving the growth of the market are increasing prevalence type 2 diabetes along with rising government initiative to spread awareness regarding diabetes.

Q7. What are the key growth strategies of self-monitoring blood glucose devices market market players?

Ans. The key growth strategies of Self self-monitoring blood glucose devices market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the self-monitoring blood glucose devices market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the self-monitoring blood glucose devices market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.