LONDON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the self-monitoring blood glucose (SMBG) devices market, the rising prevalence of diabetes is expected to propel the growth of the self-monitoring blood glucose device market going forward. Self-monitoring of blood glucose is a method in which person with diabetes use a glycemic reading gadget to measure their blood sugar (glucose meter) where they can change or monitor the effectiveness of their treatment (diet, exercise, insulin, antidiabetics) or see their physician based on the results of the test. For instance, according to the report published by International Diabetes Federation in 2021, there are 463 million individuals living with diabetes around the world in 2019, and increase to 537 million in 2021. Also, by the year 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Therefore, the rising prevalence of diabetes is driving the self-monitoring blood glucose (SMBG) devices market growth.
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The global self-monitoring blood glucose (SMBG) devices market size is expected to grow from $11.99 billion in 2021 to $13.18 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The global self-monitoring blood glucose (SMBG) devices market size is expected to grow to $18.10 billion in 2026 at a CAGR of 8.3%.
Technological advancement is a key trend gaining popularity in the self-monitoring blood glucose devices market. Major companies operating in the self-monitoring blood glucose devices market are focused on developing technologically advanced products to strengthen their position in the market. For instance, in September 2021, Know Labs Inc, a US-based company that manufactures glucose monitoring devices launched a new portable medical-grade glucose monitoring device named KnowU that utilizes Bio-RFID technology. This device is a non-invasive glucose monitoring machine that has a base that powers the device and displays readings and, a battery a powered monitor with Bio-RFID sensors that can be carried by the users to check sugar levels on the go. The KnowU is an affordable and convenient replacement for other expensive and painful blood glucose monitoring devices.
Major players in the self-monitoring blood glucose (SMBG) devices market are Abbott Laboratories, Bionime Corporation, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd, LifeScan Inc, PHC Holdings Corporation, Home Diagnostics Inc, Terumo Pharmaceutical Solutions, ARKRAY Inc, Ypsomed Holding AG, Dexcom Inc, Medtronic Plc, Novo Nordisk, Glysens Incorporated, and Senseonics Holdings.
The global self-monitoring blood glucose (SMBG) devices market analysis is segmented by product into self-monitoring blood glucose meters, continuous glucose monitors, testing strips, lancets; by distribution channel into hospital pharmacies, retail pharmacies, online sales, diabetes clinics & centers; by application into type 1 diabetes, type 2 diabetes, gestational diabetes
North America was the largest region in the self-monitoring blood glucose (SMBG) devices market in 2021. Europe is expected to be the fastest-growing region in the self-monitoring blood glucose (SMBG) devices market during the forecast period. The regions covered in the global self-monitoring blood glucose (SMBG) devices market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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