The Diabetes Monitoring Devices Market comprises of glucose monitoring devices such as blood glucose meters, test strips, lancets; and continuous glucose monitoring systems used to manage diabetes. These devices allow patients to monitor their blood glucose levels with relative ease and assist endocrinologists in determining the right insulin dosage. Continuous glucose monitoring systems provide additional benefits of constant monitoring of glucose levels without the need for finger pricking.
The Global Diabetes Monitoring Devices Market is estimated to be valued at US$ 73.35 Mn in 2024 and is expected to exhibit a 1.0% CAGR over the forecast period from 2024 to 2030.
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. Rising prevalence of diabetes globally has increased the demand for diabetes monitoring devices. Key players are focusing on developing innovative products with additional features to gain a competitive edge. Furthermore, the advent of technologies such as artificial intelligence and machine learning is aiding manufacturers in developing personalized glucose monitoring and insulin dosage recommendations.
The growing diabetes patient pool globally is driving the demand for self-monitoring blood glucose systems. According to statistics, around 463 million adults aged 20-79 years were living with diabetes in 2019, and the number is expected to rise to 700 million by 2045. Advanced diabetes monitoring devices with features such as cloud connectivity and customizable alerts are witnessing higher adoption.
Most key players are focusing on geographical expansion plans and product innovation to cement their position in the Diabetes Monitoring Devices Market Growth. While developed regions account for a major share, manufacturers are targeting developing markets in Asia Pacific and Latin America considering future growth potential. Partnerships with local distributors are helping companies strengthen their local presence and distribution networks.
Market Key Trends
One of the key trends gaining traction in the Diabetes Monitoring Devices Market is integration with artificial intelligence technologies. AI-powered algorithms can learn individual patient patterns and predict glucose fluctuations. This helps optimize insulin management and prevent hypo/hyperglycemic conditions. Many companies are actively researching and launching personalized AI-driven monitoring and insulin dosing solutions using machine learning on previous patient data. This emerging technology has the potential to truly transform diabetes care by enabling non-invasive round-the-clock monitoring and automated insulin delivery.
Porter’s Analysis
Threat of new entrants: Low barriers to entry given advanced technology and economies of scale. Bargaining power of buyers: High bargaining power of healthcare institutions and individuals with options from many established brands. Bargaining power of suppliers: Moderate bargaining power of few component and raw material suppliers given proprietary technology. Threat of new substitutes: Low threat with limited substitutes for accurate, non-invasive monitoring. Competitive rivalry: Fierce competition between major brands for market share and new product development.
Geographical Regions
North America accounts for the largest share of the global Diabetes Monitoring Devices Market in terms of value owing to increasing incidence of diabetes and supportive reimbursement policies. China is projected to witness the fastest growth during the forecast period due to rising living standards, growing health awareness and large patient pool.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it