Self-Monitoring Blood Glucose Devices Market To Generate $48.2 Billion Revenue by 2030

The self-monitoring blood glucose devices market size is expected to advance at a CAGR of 9.7% during 2024–2030, to reach USD 48.2 billion by 2030.

This growth in the market is attributed to the increasing prevalence of diabetes, surging geriatric population, and technological advancements. Moreover, the increasing awareness about diabetes care, rising obese population, and favorable health insurance and reimbursement scenario are driving the growth globally.

Type 2 Diabetes Application To Advance with Highest CAGR

Self-measuring blood glucose devices are mainly used for measuring type 1 and 2 diabetes, apart from a few other conditions. Among all, their usage is expected to exhibit the fastest advance for managing type 2 diabetes. This is attributed to the rising prevalence of this condition among adults, which is substantiated by the fact that among all the diabetes cases, 90% to 95% are suspected as being type 2.

Some of the risk factors for type 2 include age, family history, impaired sugar tolerance, obesity, and physical inactivity. Moreover, ethnicity is a risk factor for this condition, with African-Americans, American-Indians, Hispanics/Latino Americans, and some Asian-Americans and Pacific Islanders having a high probability of it.

Obesity, which is a major cause of hyperglycemia, further spurs the demand for SMBG devices. Obesity is mainly caused due to unhealthy eating habits and is a risk factor for various conditions, such as type 2 diabetes, high blood pressure, and heart disease.

The prevalence of obesity is expected to continue increasing till 2030 and beyond due to the sedentary lifestyles and rising consumption of junk food and lead to a rise in the burden of obesity-related comorbid diseases. Thus, the rising prevalence of obesity leads to a high demand for SMBG devices, in turn, supporting the growth.

Market Is Projected To Witness Fastest Growth in APAC

During 2024–2030, the self-monitoring blood glucose devices market is projected to witness the fastest growth in Asia-Pacific (APAC). This can be attributed to the increasing prevalence of type 2 diabetes, surging geriatric population, and booming government spending on healthcare in the region. According to the International Diabetes Federation (IDF), in 2021, around 90 million adults aged 20–79 years were suspected with hyperglycemia in Southeast Asia, constituting a prevalence of 8.7% in the region; of those, around 51.2% were undiagnosed.

In addition, the rising awareness of diabetes and its complications, such as delayed wound healing and diabetic foot ulcers, is accelerating the adoption of SMBG devices in the region. For instance, in November 2022, the IDF organized several events on the occasion of World Diabetes Day (WWD), including seminars, meetings, and exhibitions, in various part of India.

Moreover, the large untapped market and the increasing awareness among healthcare providers regarding quality treatment are backing the industry development in the APAC region. Additionally, the improving healthcare infrastructure in the region is creating huge revenue generation opportunities for SMBG device manufacturers.

Strips held the largest share in the APAC SMBG devices market, and they are also expected to be the fastest-growing product category. The demand for glucose meters is also expected to observe considerable growth during 2022–2030, owing to their portability, cost-effective nature, and short testing time.

Key players Are Launching New Products to Increase Their Market Share

Key self-monitoring blood glucose devices industry players are launching various products to increase their share. For instance, in May 2022, Abbott Laboratories received the FDA approval for its FreeStyle Libre 3, for use by people aged 4 and more with hyperglycemia. This small and thin device comes with greater accuracy and Bluetooth connectivity.

Top self-monitoring blood glucose device players are Johnson & Johnson Services Inc., ARKRAY Inc., Nova Biomedical, Bionime Corporation, Medtronic plc, B. Braun Melsungen AG, Abbott Laboratories, and Bayer AG.