May 22, 2024
Diabetes Monitoring Devices Market

The Growing Diabetes Patient Population is Driving the Diabetes Monitoring Devices Market

Diabetes monitoring devices, which include blood glucose meters, test strips, lancets and continuous glucose monitoring systems help in managing blood glucose levels in diabetic patients. These devices aid in monitoring blood glucose levels for making dietary and medication adjustments to keep levels within normal range. The growing prevalence of diabetes globally has boosted the demand for these monitoring devices as they help patients and physicians in making better treatment decisions. As per recent statistics by the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. The increasing diabetes patient pool is expected to drive further adoption of monitoring devices.

Monitoring blood glucose levels plays a crucial role in managing diabetes. Devices like blood glucose meters enable pain-free and frequent testing of glucose levels through a small blood sample obtained by pricking the finger. They have made diabetes care convenient by eliminating the need for lab tests. Continuous glucose monitoring systems provide real-time interstitial fluid glucose readings through a tiny sensor inserted under the skin. They help avoid hyperglycemia and hypoglycemia by constantly tracking glucose levels. The non-invasive nature and convenience offered by these systems have increased their demand in recent years. The preference for minimally invasive monitoring practices among patients and physicians alike has driven the need for advanced glucose monitoring devices.

The global Diabetes Monitoring Devices Market is estimated to be valued at US$ 40.2 billion  in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The diabetes monitoring devices market is witnessing growing adoption of integrated diabetes management platforms that combine devices, digital applications and cloud-based data management tools. Platforms offering connectivity between monitoring devices, health apps and physician/patient portals facilitate more effective diabetes self-management by patients and remote monitoring by healthcare providers. Advancements in continuous glucose monitoring sensors incorporating minimally invasive and accurate readings are also driving demand. Growing requirements for patient-focused solutions amid rising health awareness has prompted manufacturers to develop more user-friendly monitoring devices integrated with educational and motivational features.

Porter’s Analysis

Threat of new entrants: The diabetes monitoring devices market has moderate threat of new entrants owing to high capital requirements and regulatory barriers.

Bargaining power of buyers: Buyers have high bargaining power due to availability of varied options and undifferentiated nature of products.

Bargaining power of suppliers: Suppliers have moderate bargaining power as industry players source essential components from a limited number of suppliers.

Threat of new substitutes: Threat of substitutes is low as there aren’t close substitutes to glucose monitoring.

Competitive rivalry: Competition is high among existing players owing to rapid technological advancements.

Key Takeaways

The 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$ 40.2 billion  in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024 to 2031.

Regional analysis –

North America accounted for the largest share in 2020 owing to supportive government initiatives and increasing awareness regarding diabetes care and management. Technological advancements in combination with favorable reimbursement scenarios have further augmented market growth. Asia Pacific is anticipated to witness fastest growth due to rising diabetes prevalence, growing healthcare expenditure, and increasing focus on diabetes management.

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, Arkray Inc., Nova Biomedical, B Braun Melsungen AG, and Sanofi. Key players are mainly focused on new product launches and geographical expansion to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it