Diabetes Monitoring Devices Market is Estimated To Witness High...

Diabetes Monitoring Devices Market is Estimated To Witness High Growth Owing To Growing Prevalence of Diabetes

Postado 2023-12-11 08:04:18

Diabetes monitoring devices help in monitoring blood glucose levels in diabetes patients. These include blood glucose meters, continuous glucose monitoring systems, insulin delivery devices and other devices that help manage diabetes. These devices ensure timely monitoring of glucose levels and help diabetics manage their condition effectively.

The diabetes monitoring devices market is estimated to be valued at US$ 63.67 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing prevalence of diabetes is a key driver for this market. As per International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally and this number is expected to rise to 643 million by 2030 and 784 million by 2045. Moreover, changing lifestyle and rapidly aging population also contribute to the rise in diabetes cases. Another key driver is increasing healthcare expenditure in emerging markets. Countries are spending more on chronic disease management which is fueling adoption of advanced diabetes management devices. However, high cost of continuous glucose monitoring systems limits the market growth to some extent.

SWOT Analysis
Strength:

Diabetes monitoring devices help people with diabetes better manage their condition and avoid complications by monitoring blood glucose levels.

Continuous glucose monitoring devices provide near real-time readings that help patients optimize insulin dosage.

Remote monitoring capabilities enable care teams to remotely monitor patients and take preventive actions.

Weakness:

Diabetes monitoring devices can be expensive and not affordable for many patients.

Frequent finger pricks with some devices can cause pain and discomfort.

Opportunity:

Rising geriatric population and increasing prevalence of diabetes present a massive growth opportunity.

Technological advancements enable development of innovative monitoring solutions.

Threats:

Lack of awareness about diabetes self-care in developing regions poses challenges.

Stringent regulations for new product approvals can delay market entry.

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 prevalence of diabetes worldwide. The market size for 2023 is US$ 63.67 billion.

Regional analysis: North America dominates the market currently due to supportive reimbursement policies and greater patient awareness. Asia Pacific is expected to grow at the fastest pace owing to improving healthcare infrastructure and rising medical expenditures.

Key players: Key players operating in the diabetes monitoring devices market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diagnostics. Companies are investing in R&D to develop innovative solutions such as smart insulin pens and closed-loop monitoring systems.

Get more insights on this topic: https://www.trendingwebwire.com/diabetes-monitoring-devices-market-size-and-outlook-2023-2030/