The self-monitoring blood glucose devices market is expected to exhibit a CAGR of 5.9% during the forecast period (2018–2023), owing to the booming elderly population, rising burden of diabetes, surging public awareness about diabetes, growing obese population, and rapid technological advancements in the medical device sector.

The surging cases of diabetes is one of the primary growth drivers of the market. The International Diabetes Federation (IDF) reveals that 206 million, 90 million, 73 million, 61 million, 51 million, and 32 million people in West Pacific, Southeast Asia (SEA), Middle East and North Africa, Europe, North America and Caribbean, and South and Central America, respectively, were living with diabetes in 2021. The organization forecasts that the number of diabetic patients aged 20–79 years will rise from 537 million in 2021 to 643 million by 2030.

According to P&S Intelligence, North America accounted for the largest share in the self-monitoring blood glucose devices market in 2017 due to the high burden of diabetes and the vast geriatric population in the region. For example, the Centers for Disease Control and Prevention (CDC) states that 34.2 million Americans were living with diabetes in 2018. As per the CDC, over 1 in 10 people in the U.S. have diabetes. Likewise, Diabetes Canada estimates that nearly 11 million Canadians are currently living with diabetes or prediabetes.

Whereas, the Asia-Pacific self-monitoring blood glucose devices market is expected to showcase the fastest growth in the forecast years, owing to the growing prevalence of type-2 diabetes, mounting government healthcare expenditure, soaring public awareness about diabetes and its complications, and expanding population base of aging people. The IDF predicts that the population of diabetic people aged 20–79 years in SEA will reach 151,500,000 by 2045. Further, the United Nations Population Fund (UNFPA) forecasts that the number of people aged 60 years and more in APAC will rise to over 1.3 billion by 2050.

Therefore, the booming population of diabetic patients and the soaring number of old people will drive the demand for self-monitoring blood glucose devices.

Self Monitoring Blood Glucose Devices Market Growth Opportunities, Industry Analysis@ https://www.psmarketresearch.com/market-analysis/self-monitoring-blood-glucose-market