Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The "Global Self-Monitoring Blood Glucose Device Market Report by Product, Application, End-User, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The latest market data reveals a burgeoning evolution in the realm of Self-Monitoring Blood Glucose (SMBG) devices, with projections indicating a climb from US$ 11.68 billion in 2023 to US$ 21.05 billion by 2032. This growth trajectory, indicative of a compound annual growth rate (CAGR) of 6.76% from 2024 to 2032, underscores the escalating necessity for diabetes management tools worldwide.
The criticality of SMBG in the effective management of diabetes cannot be overstated. These devices empower patients and medical professionals to strive for optimal glycemic control and to mitigate the risks of hypoglycemia. The ability to gather precise levels of blood glucose at different intervals facilitates more stable glucose regulation, thereby allowing for precise adjustment of dietary, activity, and insulin parameters for daily glycemic management.
Rise in Global Diabetes
The prevalence of diabetes across the globe continues to escalate at an alarming rate, with significant increases noted in various countries. Notable statistics include 11.6% of the American population, over 11.9 million individuals in Canada, and a staggering 141 million adults in China living with this condition. Such numbers stress the importance of robust and accessible diabetes management systems.
China's SMBG Market Expansion
With the largest diabetic population globally, China is charting an aggressive course toward enhancing diabetes monitoring and self-management. Leveraging technological advancements and a comprehensive government plan, the nation is endeavoring to address this widespread health challenge with increased regular monitoring through initiatives like Sinocare Inc.'s expansion of offline after-sales service outlets.
Advancements and Innovations by Key Players
The SMBG device market is characterized by consistent innovation and advancements from leading companies such as Abbott Laboratories, Medtronic, and Dexcom, Inc. New product approvals, partnerships, and studies aimed at improving glucose monitoring technology are regularly announced, reflecting the dynamic nature of the market.
Segmentation of the SMBG Devices Market
Analyzing the market by product, application, and end-user offers a granular view of the ecosystem. The market is divided into test strips, lancets, and blood glucose meters; type 1 diabetes, type 2 diabetes, and gestational diabetes; and hospital pharmacies, retail pharmacies, online sales, and diabetes clinics & centers. Geographical segmentation covers diverse regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Conclusion
The expanding global SMBG devices market is a testament to the increasing demand for diabetes care solutions tailored to evolving patient needs. With manufacturers responding through innovation, and healthcare systems adapting to the challenges of diabetes management, the market's outlook from 2024 to 2032 is one of robust growth and pivotal advancements.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $11.68 Billion |
| Forecasted Market Value (USD) by 2032 | $21.05 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Companies Featured
- Abbott Laboratories
- Medtronic
- Dexcom, Inc.
- B. Braun Melsungen AG,
- DarioHealth Corp,
- Sanofi
- Bionime Corporation
- Novo Nordisk
For more information about this report visit https://www.researchandmarkets.com/r/z7r3mm
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