May 24, 2024
Stingray Device Market

Stingray Device Market to Witness Robust Growth Owing to Increasing Prevalence of Diabetes

The stingray device market has been gaining momentum due to the growing geriatric population and rising prevalence of diabetes. The stingray monitoring device holds advantages such as real-time glucose monitoring, allowing quick insulin dosage adjustments to facilitate effective diabetes management. This minimally invasive device provides continuity of care to diabetes patients.

The Global Stingray Device Market is estimated to be valued at US$ 180.87 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the stingray device market include Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, and Takeda Pharmaceutical. These players are focusing on new product launches and geographical expansion to strengthen their market position. The market provides opportunities for continuous glucose monitoring solutions which help manage diabetes more efficiently. Major players are expanding their presence globally especially in developing regions of Asia Pacific and Latin America owing to the increasing diabetic patient pool.

Market drivers

The growing diabetic population worldwide is the major factor driving the growth of the stingray device market. According to the International Diabetes Federation, around 463 million adults aged 20-79 years were living with diabetes in 2019 and the figure is projected to rise to 700 million by 2045. Moreover, increasing adoption of advanced technologies for diabetes management also contributes to the market growth. Rising awareness regarding minimally invasive glucose monitoring devices and government initiatives to curb diabetes prevalence further propel the demand for Stingray Device Market Size.

PEST Analysis

Political: Government regulations regarding usage and privacy of stingray devices may impact the market growth. Laws governing surveillance policies determine the devices adoption.

Economic: Changing economic conditions impact government spending on law enforcement equipment including stingray devices. Budget cuts may slow down their procurement.

Social: Privacy concerns around usage of these surveillance tools influence public perception. Social acceptance determines the extent of their deployment.

Technological: Advancements in tracking capabilities, miniaturization and data analytics are driving new product development. Integration of AI and ML offers scope to enhance devices functionality.

The North American region currently dominates the stingray device market in terms of value. High incidence of criminal activities and terrorism threats prompt law enforcement agencies to heavily invest in these solutions. The region is projected to remain the largest market during the forecast period supported by ongoing technology upgrades and replacement demand.

The Asia Pacific region is poised to witness the fastest growth through 2031 on account of increasing crime rates, growing concerns around national security and rising government initiatives to modernize surveillance infrastructure across developing nations. Rapid urbanization and digitization in the region provide significant opportunities for stingray device manufacturers.

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