Global Self-Monitoring Blood Glucose (SMBG) Devices market share 2024, Forecast To 2033

The self-monitoring blood glucose (SMBG) devices market has witnessed robust growth, increasing from $14.35 billion in 2023 to $15.71 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9.5%. This growth in the historic period is attributed to the rise in the prevalence of diabetes, an increase in healthcare awareness, the aging population, government initiatives and regulations, and a rise in healthcare spending. Looking ahead to 2028, the SMBG devices market is expected to experience strong growth, reaching $22.15 billion at a CAGR of 9.0%. Key drivers in the forecast period include the rising prevalence of home healthcare, the expansion of telehealth, an increase in disposable income, rising demand for remote monitoring, and the rise of e-commerce. Major trends anticipated in the forecast period include the integration of continuous glucose monitoring (CGM), artificial intelligence (AI) and machine learning, wearable SMBG devices, non-invasive monitoring, and the development of mobile apps and connectivity.