The Diabetes Monitoring Devices Market Is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes
Diabetes monitoring devices help patients monitor their blood glucose levels and make important treatment decisions. These devices include blood glucose meters, continuous glucose monitoring systems, and insulin delivery devices. Blood glucose meters help patients check their levels by pricking their finger for a small blood sample. Continuous glucose monitoring systems track glucose levels just beneath the skin and provide ongoing updates without the need for finger pricks.
The global diabetes monitoring devices market is estimated to be valued at US$ 25 Bn in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the growth of the diabetes monitoring devices market is the increasing prevalence of diabetes. As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 and this number is estimated to rise to 643 million by 2030 and 783 million by 2045. Diabetes prevalence is increasing in most countries due to aging population, unhealthy diet, obesity and sedentary lifestyles. As more people are diagnosed with diabetes, the need for glucose monitoring and insulin delivery devices is also expected to rise significantly over the forecast period. The growing diabetes burden is a major factor driving the demand for diabetes monitoring devices.
SWOT Analysis
Strength: Diabetes monitoring devices help diabetic patients easily monitor their blood glucose levels and keep track of readings over time. This helps them better manage their condition and adjust insulin doses if needed. Some devices can also detect patterns and trends to help identify issues. Devices that seamlessly transfer readings to apps also allow patients to easily share data with care providers.
Weakness: Continuous glucose monitoring devices can be expensive and may not be affordable or covered by insurance for all patients. Some devices also require frequent calibration using blood samples, which can be inconvenient.
Opportunity: Rising global prevalence of diabetes presents significant opportunities for device makers. As technologies improve and costs decline, wider access to advanced monitoring options can better support self-management and reduce health risks. Partnerships with payers to expand coverage would help more patients benefit.
Threats: Increased competition from new entrants and existing players introducing newer models poses pricing pressure challenges. Strict regulatory approval processes and safety standards also represent barriers. Data privacy and cybersecurity threats from internet-connected devices must be addressed to protect users.
Key Takeaways
Global Diabetes Monitoring Devices Market Size is expected to witness high growth over the forecast period driven by increasing patient acceptance of self-testing and management tools. The global diabetes monitoring devices market is estimated to be valued at US$ 25 Bn in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2024 to 2031.
North America currently dominates due to widespread adoption and insurance coverage for testing supplies in the U.S. However, Asia Pacific region is projected to grow at the fastest rate through 2031. Countries like China and India account for a major share of the global diabetes patient pool due to growing urbanization and lifestyle changes fueling obesity rates. As access to healthcare expands in these developing economies, uptake of self-monitoring tools is poised to accelerate to support management of the condition.
Key players: Key players operating in the diabetes monitoring devices market are Abbott Laboratories, Dexcom, Medtronic, F. Hoffmann-La Roche Ltd., Bayer AG, and LifeScan. Abbott is a leader in blood glucose meters and test strips for self-checking. Dexcom specializes in continuous glucose monitoring systems using interstitial fluid readings. Medtronic offers an integrated insulin pump and CGM system.
Explore More Related Article On This Topic: https://www.ukwebwire.com/diabetes-monitoring-devices-market-size/
Explore More Related Article : https://whotimes.com/stock-music-market-an-ever-evolving-industry/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian