Diabetes monitoring devices help in tracking blood glucose levels in patients suffering from diabetes. These devices play an important role in managing diabetes by providing real-time data which helps patients and physicians to control the sugar levels. There are various types of diabetes monitoring devices available in the market such as blood glucose meters, testing strips, continuous glucose monitors etc. These devices are easy-to-use and help patients to monitor their diabetes condition regularly without visiting clinics frequently.

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing prevalence of diabetes across the globe is a key driver propelling the growth of diabetes monitoring devices market size. As per estimates, around 1.5 million deaths are directly caused by diabetes each year and it is the 7th leading cause of death globally. The International Diabetes Federation projects that by 2030, around 629 million people will have diabetes. Growing awareness about diabetes self-management and need for frequent blood glucose monitoring is increasing adoption of diabetes monitoring devices. Technological advancements in glucose monitoring systems such as development of smart glucose monitors and continuous glucose monitoring systems is also fueling the market growth. However, high costs of technologically advanced diabetes monitoring devices remains a key challenge for market players.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires high capital for R&D to develop new monitoring devices. However, the growing demand for diabetes monitoring devices provides opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is high as there are many established brands in the market providing a wide range of products at different price points. Buyers can compare and choose products as per their needs and budget.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have a concentration in the market. However, suppliers do not have significant influence over pricing.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitute options for diabetes monitoring.

Competitive rivalry: The competitive rivalry is high among established brands.

SWOT Analysis

Strengths: Growing prevalence of diabetes globally, increasing healthcare expenditure, technological advancements.

Weaknesses: High cost of advanced diabetes monitoring devices, reimbursement issues.

Opportunities: Untapped markets in developing regions, increasing adoption of digital health solutions, launch of integrated diabetes management platforms.

Threats: Stringent regulatory approvals, data privacy and security concerns.

Key Takeaways

The global diabetes monitoring devices market is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing prevalence of diabetes worldwide. The market size for 2023 is US$ 63.67 Bn.

Regionally, North America dominates the diabetes monitoring devices market currently due to growing diabetic population and favorable reimbursement policies. However, Asia Pacific is expected to grow at a highest CAGR during the forecast period owing to rising healthcare expenditure and increasing awareness about diabetes self-management in countries like China and India.

Key players operating in the diabetes monitoring devices market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Care. Dexcom leads the continuous glucose monitoring segment with its innovative integrated diabetes management solutions while Medtronic and Abbott have a strong presence in the traditional blood glucose monitors segment.

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