The Self Monitoring Blood Glucose Devices Market Is Set To Reach $20 Billion By 2027, Driven By Rising Diabetes Cases - By The Business Research Company

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16 Jan, 2023, 12:45 GMT

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Jan. 16, 2023 /PRNewswire/ -- The increased incidence of diabetes will support the growth of the self-monitoring blood glucose (SMBG) devices market. For example, in December 2022, according to the International Diabetes Federation (IDF) (a provider of the latest figures, nformation and projections on diabetes worldwide) Diabetes Atlas 2022, approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes caused 6.7 million deaths and causing at least $966 billion dollars in health expenditure, 9% of total spending on adults. More than 1.2 million children and adolescents (0-19 years) are living with type 1 diabetes. 541 million adults are at increased risk of developing type 2 diabetes. Thus, the increased incidence of diabetes will drive the self-monitoring blood glucose (SMBG) devices market growth.

The global self-monitoring blood glucose (SMBG) devices market size grew from $13.24 billion in 2022 to $14.59 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The self-monitoring blood glucose (SMBG) devices market share is expected to grow to $20.29 billion in 2027 at a CAGR of 8.6%.

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Self Monitoring Blood Glucose (SMBG) Devices Market Trends – Advanced Technologies

As per the self monitoring blood glucose (SMBG) devices market forecast, major companies operating in the self-monitoring blood glucose (SMBG) devices market are focused on developing new technological solutions to strengthen their position in the self-monitoring blood glucose (SMBG) devices market. For example, in August 2022, Intuity Medical, Inc., a commercial-stage medical technology and digital health company devoted to making life with diabetes easier introduced the POGO Automatic® Blood Glucose Monitoring System at more than 2,200 US pharmacies run by Kroger Health, the healthcare arm of The Kroger Co.

F. Hoffmann-La Roche Ltd. Was The Largest Competitor In The Self Monitoring Blood Glucose (SMBG) Devices Market In 2022

F. Hoffmann-La Roche Ltd was the largest competitor in the self-monitoring blood glucose (SMBG) devices market in 2021, with a 10.81% share of the self-monitoring blood glucose (SMBG) devices market. Roche's growth strategy focuses on providing innovative health solutions through the launch of new products. For instance, in March 2021, Roche launched Accu-Chek Instant, its new connected blood glucose monitoring system. Accu-Chek Instant enables and supports Roche's approach of integrated Personalized Diabetes Management (iPDM), strengthening the care process between the healthcare team and patients, and integrating the tools that analyze and visualize data.

North America Was The Largest Region In The Self Monitoring Blood Glucose (SMBG) Devices Market In 2022

North America was the largest region in the self-monitoring blood glucose (SMBG) devices market and was worth $5.45 billion in 2022, according to the self monitoring blood glucose (SMBG) devices market analysis. The self-monitoring blood glucose devices market in North America is supported by high demand for better screening and monitoring methods and favorable government initiatives. For example, in March 2022, the Ontarian government supported Ontarians living with diabetes, the government is providing coverage for Baqsimi, (Glucagon) a new rescue medicine for insulin-treated diabetics experiencing a severe hypoglycemic event, under the Ontario Drug Benefit program.

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https://www.thebusinessresearchcompany.com/report/digital-diabetes-management-global-market-report

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