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Tech Progressions are Powering the Self-Monitoring Blood Glucose Devices Market

The self-monitoring blood glucose devices market made USD 25.3 billion in 2023, and it will advance at a rate of 9.7% by the end of this decade to touch USD 48.2 billion by 2030 

The industry growth has a lot to do with the growing occurrence of diabetes, increasing populace of elderly people, tech progressions, booming consciousness of diabetes care, increasing count of obese people, and favorable health insurance and repayment scenario. 

Self-sugar-measuring gadgets are used in the monitoring of type 1 and 2 diabetes, and a few other ailments. Amongst all applications, type 2 diabetes had the largest share, of more than 50%, in 2023.  

Type 2 diabetes is a common lifestyle ailment that can cause key health problems, chiefly in the blood vessels of the eyes, kidneys, and the nerves. Some of the key problems of the ailment are diabetic retinopathy and diabetic nephropathy. 

Tech progressions in SMBG gadgets is a key trend in the self-monitoring blood glucose devices market, as the use of new-age devices decreases the time taken to test sugar levels as opposed to the traditional approaches used in labs. Furthermore, most of these devices are moveable and suitable to carry.  

Additionally, numerous smartphone apps aid patients who have hyperglycemia control their health through education on this disorder, physical activity, healthy diet, and nutrition, weight management, measuring sugar levels, and following to medication schedules. Numerous companies have introduced mobile sugar checkers, able to be connected to a smartphone, with the sugar level data provided to the mobile application. 

The elderly populace is snowballing quickly at the global level. As per the World Population Prospects report of the UN, the share of persons aged 65 years or more would surge from 10% in 2022 to 16% by 2050. Aging acts as a key growth driver of the industry as elderly people are more susceptible to diabetes than the young people. 

The unparalleled aging rate observed in the worldwide populace is a key contributor to the diabetes occurrence, and elderly people represent one of the fastest-growing segments of the diabetic populace. In emerging nations, the increase in the occurrence of chronic non-infectious illnesses, such as diabetes, cancer, and heart ailment, hints at alterations in the lifestyles and diets, along with aging. 

Nearly 80% of the world’s older people will be living in emerging regions by 2050. Also, the number of people aged 60 years or more in emerging regions will surge to 1.7 billion by 2050. 

It is because of the increasing prevalence of diabetes all over the world, the requirement for self-monitoring blood glucose devices is on the rise3. This will continue in the years to come as well. 

 

SOURCE: P&S Intelligence