February 24, 2024
Diabetes Monitoring Devices Market

Rising Awareness Regarding Diabetes To Fuel Growth In The Diabetes Monitoring Devices Market

The diabetes monitoring devices market involves various medical devices and equipment utilized for monitoring blood glucose levels. Some common diabetes monitoring devices include blood glucose meters, continuous glucose monitoring systems, testing strips, lancets, and insulin delivery devices. These devices allow individuals suffering from diabetes to conveniently monitor their blood sugar levels multiple times a day and help regulate insulin dosage accordingly. This helps manage blood sugar levels and reduces the risk of developing diabetes-related complications. The growing diabetes burden globally has fueled the demand for effective monitoring and management devices.

The global 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:
One of the key trends witnessed in the diabetes monitoring devices market size is the rising adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time interstitial glucose readings through sensors inserted under the skin, eliminating the need for frequent finger pricking. The convenience of CGM systems has increased their popularity over conventional blood glucose meters. Another notable trend is the growing demand for advanced insulin delivery devices such as insulin pens and pumps. These devices allow for flexible and discreet insulin administration, improving compliance. Technological advancements are also resulting in the development of miniaturized and affordable CGM and insulin delivery systems, increasing accessibility.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as it requires high R&D investment and regulations from FDA for new product approval.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established brands in the market and customers can switch between brands easily.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component manufacturers and raw material suppliers for diabetes monitoring devices industry.

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

Competitive rivalry: High as major players compete on innovation, product quality, and pricing.

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.

Regional analysis: North America dominates the diabetes monitoring devices market currently due to favorable reimbursement policies and increasing awareness about diabetes care. Asia Pacific is expected to witness fastest growth due to rising diabetes patients in countries like China and India.

Key players: Key players operating in the diabetes monitoring devices market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Care. Dexcom leads the CGM devices market with innovative products while Medtronic and Abbott dominate the blood glucose monitoring strips segment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it