Self-Monitoring Blood Glucose Devices Market
Rising Preference for Remote Glucose Checking Among Diabetic Patients
The Food and Drug Administration (FDA) supports remote glucose checking by using a glucose meter that offers accurate reading. A few home-use blood glucose meters have built-in wireless data transmission capabilities that facilitate remote patient blood glucose monitoring, providing ease of convenience. Therefore, the FDA encourages regulatory support and policies to allow diabetic patients to self-test using home-use blood glucose meters.
Abbott’s “Cobas Pulse” system is an example of smart self-glucose meter. It is a high-end performance glucose meter combined with “Cobas Infinity” technology to offer secure and digital management software solution. Therefore, the rising preference of remote glucose monitoring devices among the diabetic people will have a positive impact on the self-monitoring blood glucose devices market size, facilitating the market expansion.
Self- Monitoring Blood Glucose Devices Market Trends
Technological Advancements
Technological advancements in self-monitoring blood glucose devices will provide lucrative market opportunities for manufacturers in the long run. Also, market players are adopting various strategic developments such as collaborations, partnerships, mergers & acquisitions, and expansion for product portfolios. For instance, in March 2021, Roche announced the launch of “Accu-Check Instant System” for personalized management of diabetes. The new product features Bluetooth-enabled connectivity to the “mySugar” app, allowing wireless transfer of blood glucose results to the mySugar app, offering quick insights into diabetes management. The Accu-Check Instant meter provides a simple, clear testing experience with an intuitive Target Range Indicator (TRI) that helps people who have diabetes visually identify and correctly interpret high and low blood glucose levels, supporting the self-management of diabetes. The new product launch is a simple, easy-to-use, and highly visual Accu-Check Instant meter suitable for patients seeking to self-monitor blood glucose levels. It also has advanced features to support diabetes management. Thus, innovative technological advancements are likely to boost the self-monitoring blood glucose devices market growth in the coming years.
Self-Monitoring Blood Glucose Devices Market: Geographic Overview
The self-monitoring blood glucose devices market, by geography, is segmented North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, North America dominated the market share in 2022. In North America, the US holds largest share for self-monitoring blood glucose devices market. Increasing number of product launches by top companies and the presence of key market players are the influential factors responsible for the market growth.
Source: The Insight Partners Analysis
Self-Monitoring Blood Glucose Devices Market, by Product:
Based on product, the self-monitoring blood glucose devices market analysis is carried out by considering the following subsegments: testing strips, glucose meters, lancets, and others. The testing strips segment held the largest self-monitoring blood glucose devices market share in 2023 and is anticipated to register the highest CAGR of 11.8% during 2021-2031.
Self-Monitoring Blood Glucose Devices Market, by Application:
By application, the self-monitoring blood glucose devices market is bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held a larger self-monitoring blood glucose devices market share in 2023. The type 1 diabetes segment is anticipated to register a higher CAGR of 11.7% during 2021-2031.
Self-Monitoring Blood Glucose Devices Market, by Testing Site:
By testing site, the self-monitoring blood glucose devices market is classified into fingertip testing and alternate site testing. The fingertip testing segment held a larger market share in 2023 and is anticipated to register a higher CAGR of 11.8% during the 2021-2031.
Self-Monitoring Blood Glucose Devices Market, by End User:
By end user, the self-monitoring blood glucose devices market is categorized into hospitals & clinics and self/homecare. The self/homecare segment held a larger market share in 2023. The hospitals & clinics segment is anticipated to register a higher CAGR of 12.1% during the 2021-2031.
Self-Monitoring Blood Glucose Devices Industry Developments and Future Opportunities:
A few strategic developments by leading self-monitoring blood glucose devices market players, as per company press releases, are listed below:
- In March 2023, Astellas Pharma Inc. announced a partnership with Roche Diabetes Care Japan Co., Ltd. to develop and commercialize Roche Diabetes Care’s “Accu-Check” Guide Me Blood glucose monitoring system. This new product launch is an FDA-cleared digital health solution for diabetic patients and is currently marketed only in the US and Canada. Also, the new product supports patients’ diabetes self-management through a unique algorithm designed using artificial intelligence and personalized digital coaching messages regarding blood glucose monitoring.
- In October 2021, LifeScan announced launching “OneTouch Solutions,” providing a comprehensive and convenient choice for personalized wellness programs and diabetes management. The new product is now available to consumers in the US and will soon be available to healthcare providers, payers, and employers as a reimbursed option.
Self-Monitoring Blood Glucose Devices Market: Competitive Landscape and Key Developments
The self-monitoring blood glucose devices market analysis is carried out by identifying and evaluating key players in the market across different regions. B. Braun SE, F. Hoffmann-La-Roche, LifeScan Inc., Medtronic, Abbott, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp are among the prominent players profiled in the self-monitoring blood glucose devices market report. These companies focus on introducing new technologies, upgrading existing products, and undertaking geographic expansions to address the globally increasing consumer demand.
