In 2023, the worldwide  self-monitoring blood glucose devices market  accrued revenue of USD 25.3 billion. It is anticipated to grow at a compound annual growth rate (CAGR) of 9.7% between 2024 and 2030, ultimately reaching USD 48.2 billion by 2030.  

This development of the industry is credited to the growing occurrence of diabetes, the rising population of elderly people, technical improvements, thriving awareness of diabetes care, increasing count of obese populations, and the compensation guidelines for SMBG devices in several nations, such as the UK, the US, Italy, Germany, France, Japan, and Spain, are another significant reason driving the industry development. 

Market Trends 

Technical Improvements in SMBG Devices: The worldwide SMBG industry is experiencing a trend of constant technical improvements in SMBG devices. Such innovations include the development of new-age instruments that significantly decrease the time taken to test sugar levels compared to traditional lab approaches. 

Portability and Convenience: A major trend in the self-monitoring blood glucose devices market is the focus on portability and suitability. Several SMBG devices are made to be compact and simple to carry, offering users better flexibility and convenience in monitoring their blood glucose levels. 

Smartphone Integration and Mobile Apps:Another notable trend is the integration of SMBG devices with smartphones and the widespread use of mobile apps. Smartphone apps are playing a crucial role in helping patients manage hyperglycemia by providing education on the condition, promoting healthy lifestyle choices, offering tools for tracking sugar levels, and facilitating medication adherence. 

 Mobile Sugar Checkers:Companies are increasingly introducing mobile sugar checkers that can be connected to smartphones. These devices allow users to monitor their sugar levels on the go and conveniently access their data through mobile apps, contributing to better management of diabetes and hyperglycemia. 

Test Strips Remain the Top-Selling Device Type 

In 2023, on the basis of type, the sale of strips had the largest share of 40%. Such strips are manufactured from disposable plastic and saturated with glucose oxides, which help in checking the sugar level. These lucrative glucose measuring strips can also be used for checking the ketone level in the blood. 

Increasing Diabetes Frequency with Thriving Elderly and Obese Populations  

• The worldwide elderly population is witnessing rapid development, as shown by the world population prospects report from the UN.

• The share of people aged 65 or older is estimated to increase from 10% in 2022 to 16% by 2050, highlighting a substantial demographic shift. 

• This elderly trend is a major propeller for the development of the self-measuring blood glucose devices industry. 

• Elderly people are more vulnerable to diabetes in comparison to younger demographics, leading to an increased need for blood glucose tracking devices among this age group. 

North Americans Lead in Diabetes Self-Monitoring and Management 

• In 2023, the North American region held the largest share, 55%, of the industry. 

• This dominating regional position can be credited to the increasing occurrence of hyperglycemia and a rising elderly population, making hyperglycemia a substantial lifestyle disease in North America. 

• Technical improvements and regular launches of innovative items are contributing to industry development in the continent. 

Competition Analysis 

For example, in 2022, Dexcom Inc. got FDA clearance for Dexcom G7 for all kinds of hyperglycemic patients aged two years and more in the US.

SOURCE: PS Intelligence