by Devices track glucose levels in real-time, storing data that patients and doctors can access through mobile apps or online portals. This helps achieve tighter control over blood sugar and prevents complications.
The Global Diabetes Monitoring Devices Market is estimated to be valued at US$ 73.35 Mn in 2024 and is expected to exhibit a CAGR of 1.0% over the forecast period from 2024 to 2031.
Diabetes monitoring devices are essential for managing blood sugar levels in diabetics. Technologies like continuous glucose monitoring systems (CGMs) and smart insulin pens monitors blood glucose levels painlessly through interstitial fluid beneath the skin on a continuous basis. The data is available through devices or via mobile apps, allowing patients to adjust lifestyle and insulin intake accordingly for better health outcomes. Advances in biosensors, microprocessors and wireless technologies have enabled development of sophisticated yet affordable and easy-to-use diabetes care devices.
Key Takeaways
Key players operating in the diabetes monitoring devices are Roche Diagnostics; Thermo Fisher Scientific, Inc.; Eisai Co. Ltd.; Novartis AG; Element Biosciences, Inc.; Dovetail Genomics LLC; Illumina, Inc.; ValiRx Plc.; Abcam plc. Roche Diagnostics and Thermo Fisher Scientific hold a significant share due to their diverse product portfolios and large geographic presence.
The growing number of diabetics globally is driving demand for Diabetes Monitoring Devices Market Size . An estimated 537 million adults had diabetes in 2021 according to the International Diabetes Federation. This number is projected to rise to 643 million by 2030 and 784 million by 2045, fueling sales of monitoring equipment. Devices help people better self-manage the chronic condition through actionable insights.
Major players are expanding geographically into emerging markets to tap the large diabetes populations in regions like Asia Pacific, Africa and South America. Sales networks, online platforms and local manufacturing help optimize penetration and after-sales services in new territories. Partnerships with regional diabetes associations boost awareness and adoption of advanced self-care tools.
Market key trends
The integration of diabetes care devices with artificial intelligence technologies is a key trend. AI algorithms analyze glucose patterns and data to provide personalized insights on nutrition, exercise and medication. This aids clinicians in treatment decisions and patients in lifestyle modifications. Connected devices that sync with healthcare IT infrastructure also allow remote monitoring and telehealth consultations. Transition to tubeless insulin patches powered by microneedles is underway for pain-free delivery. Gamification of diabetes management apps makes care engaging by incorporating incentives, challenges and social support features. Such innovations will drive continued demand in the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial investment and established brands. Bargaining power of buyers: Large customer base with significant purchasing power reduces individual buyer power. Bargaining power of suppliers: Suppliers have varying degrees of switching costs, affecting their bargaining power. Threat of new substitutes: Alternatives like diet and exercise pose minimal threat to hardware, software, services. Competitive rivalry: Intense competition exists between global leaders pursuing new technologies.
Geographical Regions
North America currently holds the largest share of the diabetes monitoring devices market due to increased incidences of diabetes and advanced healthcare infrastructure. Healthcare expenditure and demand for self-monitoring and non-invasive diagnostic systems are major factors responsible for the region’s large market share.
Asia Pacific is poised to grow at the fastest rate during the forecast period owing to rapid economic development, rising awareness regarding diabetes management, and growing geriatric population. China and India have witnessed increased diabetes prevalence rates attributed to obesity, sedentary lifestyles, and urbanization. This has boosted the adoption of diabetes monitoring devices across the region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
