Diabetes Monitoring Devices Market is driven by Rising Prevalence of Diabetes
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. These players are focused on developing advanced products and engaging in new product launches to strengthen their market position. For instance, in 2023 Roche launched its Accu-Chek SugarView app integrated with Bluetooth-enabled Accu-Chek Guide Me insulin pen to help manage diabetes.
The Diabetes Monitoring Devices Market Growth can be attributed to the rising prevalence of diabetes worldwide. As per International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 across the globe and the number is estimated to reach 643 million by 2030 and 783 million by 2045. This rising diabetes patient pool is expected to drive the demand for blood glucose meters, test strips, and other monitoring devices over the forecast period.
Diabetes monitoring device manufacturers are focused on expanding their global footprint through strategic collaborations and acquisitions. For example, in 2022 Thermo Fisher Scientific acquired PeproTech to expand its cell and gene therapy capabilities and access new growth geographies to better serve pharmaceutical and biotech customers developing diabetes drugs and treatments. Several other players are also targeting high growth emerging markets in Asia Pacific and Latin America to tap the increasing demand.
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