The self-monitoring blood glucose devices market generated $13.2 billion in 2017, and it is projected to reach $18.6 billion by 2023, advancing at a CAGR of 5.9% during the forecast period (2018–2023). The market growth is driven by the rising cases of diabetes, escalating awareness about diabetes care, growing obese population, and surging aging population. The International Diabetes Federation (IDF) states that by 2045, around 700 million people will be affected by diabetes. Moreover, the continuous technological developments and favorable health insurance and reimbursement scenario are supporting the market growth.

One of the prime factors driving the self-monitoring blood glucose devices market growth is the rapid increase in the aging population, as old people are more susceptible to this illness due to their malfunctioning biological processes. According to a recent report on the aging population by the United Nations Department of Economic and Social Affairs (UNDESA), China, India, and the U.S. will account for nearly 437 million, 324 million, and 107 million people aged 60 years or above, respectively, by 2050.

Browse detailed report - Self Monitoring Blood Glucose Devices Market Analysis and Demand Forecast Report

The self-monitoring blood glucose devices market is witnessing the launch of new products, backed by heavy investment in research and development (R&D). For instance, Bionime Corporation introduced the Rightest Bluetooth Glucose Meter - GM700SB in Taiwan in July 2017. The product is linked with the Rightest CARE App, with which customers can record the dose of insulin, photo, and diet log. Diabetic patients can ascertain the structured blood glucose information and blood glucose changes with this meter.

Thus, the growth in the aging population and diabetic patients will boost the market advance in the coming years.