The global self-monitoring blood glucose (SMBG) device market is expected to grow significantly over the next few years, driven by the increasing prevalence of diabetes and the need for effective diabetes management. Renub Research provides a comprehensive analysis of the SMBG device market, covering key aspects such as market size, growth drivers, and future outlook.
Market Size and Growth
The global SMBG device market was valued at US$ 36.64 Billion in 2021 and is expected to reach US$ 46.69 Billion by 2027, growing at a compound annual growth rate (CAGR) of 4.12% from 2021 to 2027. This growth is primarily driven by the increasing prevalence of diabetes, lifestyle changes, and the importance of regular diabetes treatment to lower the risk of hyperglycemia.
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Market Segmentation
The SMBG device market is categorized by type of diabetes, with both Type 1 and Type 2 diabetes covered. The market is also segmented by blood glucose devices, including test strips, lancets, and glucose meters. Additionally, the market is analyzed by the number of SMBG device users and reimbursement policies for these devices.
Regional Analysis
The SMBG device market is studied for 17 countries: the United States, United Kingdom, Germany, Spain, Italy, Netherlands, Norway, Sweden, Switzerland, Australia, Kuwait, Brazil, Russia, India, China, South Africa, and Saudi Arabia. The market is expected to grow significantly in these countries due to the increasing prevalence of diabetes and the need for effective diabetes management.
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Key Players
The SMBG device market is dominated by several key players, including Roche Diagnostic, Abbott Laboratories, Dexcom, Inc., Medtronic, B. Braun Melsungen AG, and DarioHealth Corp. These companies are driving innovation in the market through the development of new and improved products.
Future Outlook
The SMBG device market is expected to continue growing at a significant rate, driven by the increasing prevalence of diabetes and the need for effective diabetes management. The market is expected to reach US$ 46.69 billion by 2027, with a CAGR of 4.12% from 2021 to 2027.
Conclusion
The global SMBG device market is expected to grow significantly over the next few years, driven by the increasing prevalence of diabetes and the need for effective diabetes management. The market is expected to reach US$ 46.69 billion by 2027, with a CAGR of 4.12% from 2021 to 2027. The market is dominated by several key players, including Roche Diagnostic, Abbott Laboratories, Dexcom, Inc., Medtronic, B. Braun Melsungen AG, and DarioHealth Corp. These companies are driving innovation in the market through the development of new and improved products.
Key Takeaways
- The global SMBG device market is expected to grow significantly over the next few years, driven by the increasing prevalence of diabetes and the need for effective diabetes management.
- The market is expected to reach US$ 46.69 billion by 2027, with a CAGR of 4.12% from 2021 to 2027.
- The market is dominated by several key players, including Roche Diagnostic, Abbott Laboratories, Dexcom, Inc., Medtronic, B. Braun Melsungen AG, and DarioHealth Corp.
- The market is expected to continue growing at a significant rate, driven by the increasing prevalence of diabetes and the need for effective diabetes management.