Diabetes monitoring devices help diabetics manage their condition and reduce the risk of serious complications by monitoring glucose levels. They offer advantages like accurate and timely measurements to help optimize dosage levels and improve treatment outcomes. These devices play a vital role in managing diabetes by helping patients monitor blood glucose levels and make lifestyle adjustments.
The global Diabetes Monitoring Devices Market is estimated to be valued at US$ 63.67 Billion in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the diabetes monitoring devices market size is the growing popularity and adoption of continuous glucose monitoring (CGM) systems. CGM devices provide real-time glucose level readings as opposed to traditional self-monitoring blood glucose meters that only provide discrete glucose readings. CGM devices are user-friendly, accurate, and help diabetics better understand correlations between food, medications, physical activity, and blood glucose levels. This data enables improved therapeutic outcomes and lifestyle management for diabetic patients.
SWOT Analysis
Strength: Diabetes monitoring devices help patients manage blood sugar levels effectively. These devices provide accurate and real-time blood glucose readings which help make informed treatment decisions.
Weakness: High cost of advanced diabetes monitoring systems can limit their adoption. Reliance on consumables also increase long-term costs for patients.
Opportunity: Growing prevalence of diabetes worldwide is driving the need for better management. Development of affordable and minimally invasive monitoring solutions present an opportunity.
Threats: Entry of local players with low-cost alternatives can erode margins of established brands. Stringent regulatory processes and privacy concerns also act as threats.
Key Takeaways
The global Diabetes Monitoring Devices Market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing awareness about diabetes management.
Regional analysis
North America dominates the market currently due to supportive reimbursement policies and high adoption rates. However, Asia Pacific is expected to grow at the fastest rate owing to rising diabetes prevalence and improving healthcare infrastructure in the region. China and India are emerging as major markets.
Key players operating in the Diabetes Monitoring Devices market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Care. The market remains fairly concentrated with these players holding a major share. Other prominent players include B. Braun Melsungen AG, Terumo Corporation, Novo Nordisk A/S, Ypsomed AG, Sanofi, LifeScan, Inc., ARKRAY, Inc., i-SENS, Inc., JNJ among others.