Diabetes Monitoring Devices Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Diabetes

Diabetes Monitoring Devices Market

Diabetes monitoring devices are used for tracking glucose levels in diabetic patients. Some of the common diabetes monitoring devices include blood glucose meters, continuous glucose monitoring systems, smart insulin pens, and diabetes apps. Blood glucose meters are portable devices that are used to test blood glucose levels via a small blood sample from the fingertip. 

Continuous glucose monitoring systems (CGM) provide frequent interstitial fluid glucose level readings through a small sensor inserted under the skin. These real-time glucose monitoring systems have become increasingly popular for managing diabetes. Smart insulin pens help manage insulin injections by recording dose details which can be reviewed by patients and healthcare providers. Diabetes management apps allow tracking of glucose readings, carbohydrate intake, insulin doses and other factors.

Diabetes Monitoring Devices Market Growth is estimated to be valued at US$ 73.35 Mn in 2024 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024 to 2030.

Rising prevalence of diabetes due to obesity, sedentary lifestyles and genetic factors has been a major driver of market growth. Self-monitoring of blood glucose levels helps manage diabetes better and reduce complications. Increasing awareness about diabetes self-management and greater acceptance of advanced monitoring technologies are further fueling demand. Healthcare providers also recommend monitoring devices to high risk patients.

Key Takeaways

Key players operating in the Diabetes Monitoring Devices Market are Roche Diagnostics; Thermo Fisher Scientific, Inc.; Eisai Co. Ltd.; Novartis AG; Element Biosciences, Inc.; Dovetail Genomics LLC; Illumina, Inc.; ValiRx Plc.; Abcam plc. Major players are focusing on developing novel integrated diabetes management platforms consisting of CGM systems, insulin pumps, and diabetes management apps. Key players are also expanding their product portfolios and geographic presence through mergers and acquisitions.

The global Diabetes Monitoring Devices Market offers significant growth opportunities due to rising diabetes incidence. Launch of innovative easy to use monitoring devices along with smartphone connectivity will drive wider adoption. Continuous glucose monitoring systems segment is expected to witness highest growth, supported by improving reimbursement scenarios and patient willingness to pay for improved management.

North America represents the largest market for diabetes monitoring devices due to presence of major players, high healthcare expenditure, and supportive regulatory environment. However, Asia Pacific region is anticipated to exhibit fastest growth during the forecast period led by expanding medical infrastructure, growing medical tourism industry and large diabetic population in countries such as China and India. Players are focusing on emerging Asian markets by lowering device prices and adopting innovative business models.

Market Drivers:

- Rising prevalence of diabetes: Growing incidence of diabetes owing to lifestyle changes, obesity and aging population has been a key driver of demand. Around 463 million people worldwide had diabetes in 2019 according to WHO estimates, and this is anticipated to increase substantially in coming years.

- Increasing healthcare expendititure: Higher healthcare spending globally has enabled greater access to advanced diabetes management technologies like continuous glucose monitoring systems. This coupled with growing reimbursement support is positively impacting market growth.

Market Restrains:

- High device costs: Continuous glucose monitoring systems are significantly more expensive than basic blood glucose meters posing an adoption challenge in price sensitive regions. Devices need to be made more affordable through cost reductions.

- System complexities: complicated setup and calibration requirements of some advanced diabetes devices poses user inconvenience. Simplified user interfaces are needed to encourage uptake among elderly populations.

Segment Analysis

The dominant sub segment in the Diabetes Monitoring Devices Market is glucose monitoring devices. This sub segment holds a largest share in the market currently due to the high adoption rate of self/home blood glucose monitors by diabetic patients. Self/home blood glucose monitors help diabetic patients frequently check their blood glucose levels at home with just a small drop of blood, allowing for better management of blood sugar levels and health outcomes.

Other major sub segments include continuous glucose monitoring devices, haemoglobin A1c testing devices and lancets & lancing devices. Continuous glucose monitoring devices are gaining traction in the market due to their advantages of constant monitoring of glucose levels through interstitial fluid. Haemoglobin A1c testing devices are also gaining demand for periodic monitoring of average blood glucose levels over past 3 months.

Global Analysis

The North America region currently dominates the Diabetes Monitoring Devices Market globally, primarily due to the rising prevalence of diabetes in the region along with faster adoption of technologically advanced diabetes devices. The presence of major players in the region along with favourable reimbursement policies are further aiding the market growth. The Asia Pacific region is projected to witness the fastest growth during the forecast period owing to huge patient population, increasing awareness levels regarding diabetes management and rapidly developing healthcare infrastructure in developing countries such as India and China. Penetration of medical devices companies and launch of affordable diabetes monitoring products are further expected to fuel the growth of Asia Pacific Diabetes Monitoring Devices Market.

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