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.
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.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Self-Monitoring Blood Glucose (SMBG) Devices Market - Macro Economic Scenario
8 Major Market Trends
9 Global Market Size and Growth
10 Global Self-Monitoring Blood Glucose (SMBG) Devices Market Segmentation
11 Self-Monitoring Blood Glucose (SMBG) Devices Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Key Mergers and Acquisitions
21 Opportunities and Strategies
22 Self-Monitoring Blood Glucose (SMBG) Devices Market, Conclusions and Recommendations
23 Appendix
Executive Summary
Self-Monitoring Blood Glucose (SMBG) Devices Global Market Opportunities And Strategies To 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global self-monitoring blood glucose (SMBG) devices market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for self-monitoring blood glucose (SMBG) devices? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The self-monitoring blood glucose (SMBG) devices market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider self-monitoring blood glucose (SMBG) devices market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by distribution channel and by application market.
- Key Trends Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the self-monitoring blood glucose (SMBG) devices market.
- Global Market Size And Growth Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country
- Market Segmentation Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product, by distribution channel and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- . Regional Market Size And Growth Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region
- Competitive Landscape Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers And Acquisitions Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Appendix This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
1) By Product: Self-Monitoring Blood Glucose Meters; Testing Strips; Lancets2) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Sales; Diabetes Clinics And Centers.
3) By Application: Type 1 Diabetes, Type 2 Diabetes; Other Applications
Key Companies Mentioned: Abbott Laboratories; Dexcom, Inc.; F. Hoffmann-La Roche Ltd; Medtronic Plc and LifeScan IP Holdings, LLC
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; self-monitoring blood glucose (SMBG) devices indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Abbott Laboratories
- Dexcom, Inc.
- F. Hoffmann-La Roche Ltd
- Medtronic Plc and LifeScan IP Holdings, LLC
- PHC Holdings Corporation
- Nova Biomedical Inc
- Terumo Corporation
- ARKRAY, Inc
- Bionime Corporation
- BeatO
- OMRON Healthcare Co., Ltd
- Ypsomed India Private Ltd
- Glysure Ltd
- CamDiab
- Xbird
- GlySens
- Senseonics Holdings Inc
- Ascensia
- Becton Dickinson and Company
- Kainico Ltd
- Evia Medical Technologies
- Agamatrix Inc
- B Braun Melsungen AG
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 269 |
Published | April 2024 |
Forecast Period | 2023 - 2033 |
Estimated Market Value ( USD | $ 14.5 Billion |
Forecasted Market Value ( USD | $ 32.2 Billion |
Compound Annual Growth Rate | 8.3% |
Regions Covered | Global |
No. of Companies Mentioned | 23 |