by The diabetes monitoring devices are used to check sugar levels in the blood and help patients and doctors to spot long term control and make better treatment decisions. Devices such as glucometers, lancet, blood glucose test strips are essential for people with diabetes to monitor their blood glucose levels multiple times a day.
The global Diabetes Monitoring Devices Market size 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 2024 to 2030.
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.
The key opportunities in the Diabetes Monitoring Devices Market include increasing prevalence of diabetes, growing health awareness and technological advancements such as continuous glucose monitoring (CGM) devices. Furthermore, growing geriatric population is also expected to drive the demand for diabetes monitoring devices globally.
In terms of expansion, the market is expected to witness high growth in emerging economies of Asia Pacific and Latin America. This is mainly attributed to large diabetic patient pool, rising healthcare expenditures and increasing awareness regarding diabetes self-management.
Market drivers
One of the major drivers for Diabetes Monitoring Devices Market Growth is increased adoption of non-invasive self-monitoring techniques. Conventional self-monitoring of blood glucose systems require frequent finger pricks which are painful. However, advanced CGM systems provide continuous interstitial glucose readings without the need for frequent finger pricks, thus enabling better glycemic control. This has increased preference for non-invasive self-monitoring techniques among patients.
PEST Analysis
Political: Diabetes Monitoring Devices Market is regulated by various government bodies and regulations. Regulations around safety, efficacy and pricing of these devices will impact the market.
Economic: Changes in the global and regional economy like recession, inflation can affect healthcare spending and consequently demand for diabetes monitoring devices.
Social: Growing diabetes prevalence, aging population and increased awareness around diabetes self-management is driving demand for convenient monitoring devices.
Technological: Continuous technological advancements in sensors, connectivity and data analysis is improving accuracy and ease of use of diabetes monitoring devices. Connected devices and AI/ML applications are emerging areas.
The geographical regions where the market for diabetes monitoring devices is concentrated in terms of value include North America and Western Europe. This can be attributed to factors such as high per capita healthcare spending, aging population prone to chronic diseases like diabetes and technological advancements accepted early in these regions.
The Asia Pacific region is anticipated to be the fastest growing geographical market for diabetes monitoring devices over the forecast period 2024 to 2030. Factors such as rising diabetes prevalence, growing healthcare infrastructure and spending, increasing awareness about diabetes self-management and early acceptance of technological innovations in countries like China and India are expected to drive high growth in the Asia Pacific Diabetes Monitoring Devices Market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
