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Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2022
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.
New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Self-Monitoring Blood Glucose (SMBG) Devices Global Market Report 2022" - https://www.reportlinker.com/p06319472/?utm_source=GNW
The global self-monitoring blood glucose (SMBG) devices market 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 self-monitoring blood glucose (SMBG) devices market is expected to grow to $18.10 billion in 2026 at a CAGR of 8.3%.
The self-monitoring blood glucose (SMBG) device market consists of the sale of self-monitoring blood glucose (SMBG) devices by entities (organizations, sole traders, and partnerships) that are used to measure the concentration of glucose in the blood.It refers to portable instruments that can identify the possibilities of diabetes.
These devices usually measure glucose levels by obtaining a small drop of blood from patients by pricking their fingers. International guidelines recommend this method for managing a patient’s diabetes successfully.
The main types of self-monitoring blood glucose (SMBG) devices are self-monitoring blood glucose meters, continuous glucose monitors, testing strips, and lancets.Self-monitoring blood glucose meters refer to handheld devices used by patients at home to check their blood glucose levels.
Glucose meters usually require a drop of blood from the patient which is usually obtained from a pinprick.They are distributed by hospital pharmacies, retail pharmacies, online sales, and diabetes clinics & centers.
These are used in various applications such as Type 1 Diabetes, Type 2 Diabetes, and 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 forecast period.
The regions covered in this self-monitoring blood glucose (SMBG) devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Self-monitoring blood glucose (SMBG) devices market research report is one of a series of new reports that provides Self-monitoring blood glucose (SMBG) devices market statistics, including Self-monitoring blood glucose (SMBG) devices industry global market size, regional shares, competitors with an Self-monitoring blood glucose (SMBG) devices market share, detailed Self-monitoring blood glucose (SMBG) devices market segments, market trends and opportunities, and any further data you may need to thrive in the Self-monitoring blood glucose (SMBG) devices industry. This Self-monitoring blood glucose (SMBG) devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 growth of the self-monitoring blood glucose devices market.
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.
In September 2021, Biocorp, a France-based manufacturer of medical devices including blood glucose monitoring has partnered with Novo Nordisk.This partnership was announced for the development and distribution of a Mallya smart add-on device for the FlexTouch pen that was developed by Novo Nordisk for people with diabetes.
Biocorp and Novo Nordisk believe that with this partnership they can provide the best solutions for people with diabetes. Novo Nordisk is a Denmark-based healthcare company.
The countries covered in the self-monitoring blood glucose (SMBG) devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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