by The diabetes monitoring devices market comprises various devices that help patients with diabetes to regularly monitor and manage their blood glucose levels. Devices like blood glucose meters, continuous glucose monitors, and test strips help determine glucose levels from a small blood sample. They play a crucial role in maintaining optimal glucose control and prevent complications arising due to fluctuating levels.
The global Diabetes Monitoring Devices Market is estimated to be valued at US$ 27.8 billion in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of diabetes across the world has been a major driver propelling growth of the diabetes monitoring devices market. As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide, and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Regular monitoring of blood glucose levels is essential for effective management of the disease. This has significantly driven adoption of self-monitoring blood glucose devices among patients. Furthermore, advancement in technology has led to the development of smart, compact, and accurate blood glucose monitoring devices with data connectivity features which has further fueled their demand.
SWOT Analysis
Strength: Diabetes monitoring devices offer convenience and improved glycemic control for patients. They help in timely monitoring of blood glucose levels without painful finger pricking.
Weakness: High costs associated with diabetes monitoring devices restrict their adoption. Technical issues and reliability concerns also act as weaknesses.
Opportunity: Growing diabetic patient pool worldwide offers huge opportunities. Advances in technologies enabling continuous glucose monitoring present growth avenues.
Threats: Stringent regulatory approvals and reimbursement issues pose threats. Intense competition from substitute technologies further increases threats.
Key Takeaways
Global Diabetes Monitoring Devices Market Size is expected to witness high growth. The global Diabetes Monitoring Devices Market is estimated to be valued at US$ 27.8 billion in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024-2031.
North America dominates the market currently due to rising diabetic prevalence and favorable reimbursement scenario boosting device adoption. Asia Pacific is expected to be the fastest growing regional market due to growing diabetes burden, rising awareness and improving accessibility of advanced monitoring devices in major economies like China and India.
Key players operating in the diabetes monitoring devices market are Abbott Laboratories, Dexcom Inc., Medtronic plc, F. Hoffmann-La Roche Ltd., LifeScan Inc., Bayer AG, Sanofi, Acon Laboratories Inc., Novo Nordisk A/S, ARKRAY Inc., B. Braun Melsungen AG, Terumo Corporation, Diabetizer GmbH & Co. KG, etc. Major players are focused on expanding their product portfolios through new product launches. Partnerships with local players in emerging markets also feature in key strategies adopted. Technology advances to facilitate remote monitoring and wearable formats present new avenues. However, price control measures can impact revenues if not addressed appropriately.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
