Self-Monitoring Blood Glucose (SMBG) Devices Global Market Opportunities and Strategies to 2033

This report describes and explains the self-monitoring blood glucose (SMBG) devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global self-monitoring blood glucose (SMBG) devices market reached a value of nearly $14.47 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.83% since 2018. The market is expected to grow from $14.47 billion in 2023 to $21.84 billion in 2028 at a rate of 8.58%. The market is then expected to grow at a CAGR of 8.10% from 2028 and reach $32.24 billion in 2033.

Growth in the historic period resulted from the increasing prevalence of obesity, emerging markets growth, increasing government initiatives and increased healthcare expenditure. Factors that negatively affected growth in the historic period were low healthcare access and regulatory challenges.

Going forward, the increased incidence of diabetes, an aging population, rapid urbanization and increasing use of blood glucose monitoring devices in fitness, dieting and wellness will drive the market. Factors that could hinder the growth of the self-monitoring blood glucose (SMBG) devices market in the future include high cost of self-monitoring blood glucose devices.

The self-monitoring blood glucose (SMBG) devices market is segmented by product into self-monitoring blood glucose meters, testing strips and lancets. The testing strips market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by product, accounting for 82.2% or $11.9 billion of the total in 2023. Going forward, the testing strips segment is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by product, at a CAGR of 8.80% during 2023-2028.

The self-monitoring blood glucose (SMBG) devices market is segmented by distribution channel into hospital pharmacies, retail pharmacies, online sales and diabetes clinics and centers. The hospital pharmacies market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by distribution channel, accounting for 34% or $4.91 billion of the total in 2023. Going forward, the online sales segment is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by distribution channel, at a CAGR of 9.16% during 2023-2028.

The self-monitoring blood glucose (SMBG) devices market is segmented by application into type 1 diabetes, type 2 diabetes and other applications. The type 2 diabetes market was the largest segment of the self-monitoring blood glucose (SMBG) devices market segmented by application, accounting for 92.9% or $ 13.44 billion of the total in 2023. Going forward, the type 2 diabetes segment is expected to be the fastest growing segment in the self-monitoring blood glucose (SMBG) devices market segmented by application, at a CAGR of 8.65% during 2023-2028.

North America was the largest region in the self-monitoring blood glucose (SMBG) devices market, accounting for 41.5% or $6.0 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the self-monitoring blood glucose(SMBG) devices market will be Asia-Pacific and South America, where growth will be at CAGRs of 9.43% and 9.12% respectively. These will be followed by North America and Western Europe, where the markets are expected to grow at CAGRs of 8.62% and 8.01% respectively.

The global self-monitoring blood glucose (SMBG) devices market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 76.2% of the total market in 2022. Abbott Laboratories was the largest competitor with a 32.5% share of the market, followed by Dexcom, Inc. with 19.9%, F. Hoffmann-La Roche Ltd with 10.6%, Medtronic Plc with 5.1%, LifeScan IP Holdings, LLC with 2.9%, PHC Holdings Corporation with 2.4%, Nova Biomedical Inc with 0.8%, Terumo Corporation with 0.7%, ARKRAY, Inc with 0.6% and Bionime Corporation with 0.6%.

The top opportunities in the self-monitoring blood glucose (SMBG) devices market segmented by product will arise in the testing strips segment, which will gain $6.24 billion of global annual sales by 2028. The top opportunities in the self-monitoring blood glucose (SMBG) devices market segmented by distribution channel will arise in the hospital pharmacies segment, which will gain $2.33 billion of global annual sales by 2028. The top opportunities in the self-monitoring blood glucose (SMBG) devices market segmented by application will arise in the type 2 diabetes segment, which will gain $6.91 billion of global annual sales by 2028. The self-monitoring blood glucose (SMBG) devices market size will gain the most in the USA at $2.99 billion.

Market-trend-based strategies for the self-monitoring blood glucose (SMBG) devices market include new product launches with focus on automatic SMBG systems, increased investments in developing low cost and efficient devices, increased collaborations and partnerships among market players and technological advancements for effective and convenient blood glucose monitoring.

Player-adopted strategies in the self-monitoring blood glucose (SMBG) devices market include focus on launching new products with advanced features, launching products to different geographic areas, enhancing operational capabilities through new product launches, bringing advancement in products to strengthen product portfolio and minimizing the burdens associated with diabetes management through the launch of innovative solutions.

To take advantage of the opportunities, the analyst recommends the self-monitoring blood glucose (SMBG) devices companies to focus on technological advancements, focus on strategic investments in developing low cost and efficient devices, focus on smart technology integration for market expansion, focus on high-growth segments: testing strips and self-monitoring blood glucose meters, expand in emerging markets, focus on strategic partnerships for portfolio expansion, focus on retail pharmacies and online sales, provide competitively priced offerings, focus on strategic pricing, participate in trade shows and events, continue to use B2B promotions, focus on integrated promotion for market visibility and focus on patients with type 2 diabetes.