The global diabetes monitoring devices market size was USD 15.80 billion in 2022 and is likely to reach USD 34.60 billion by 2031, expanding at a CAGR of 9.10 % during 2023–2031. The market growth is attributed to the rising diabetic population globally and the subsequent need for diabetes monitoring devices.
Diabetes monitoring devices are an essential component of intensive diabetic treatment. Diabetes monitoring devices help patients automatically track blood glucose levels in real time throughout the day and night. Healthcare professionals monitor blood glucose levels to formulate a healthcare regimen including balancing food, medicines, and physical activity.
According to International Diabetes Federation, 643 million adults are expected to suffer from diabetes by 2030 and this number is projected to rise to 783 million by 2045. This diabetic population of all ages and complexities needs efficient and user-friendly diabetes monitoring devices to formulate a suitable health regime. Healthcare device manufacturers are working on developing minimally invasive and user-friendly diabetes care devices for monitoring blood glucose levels.
Key manufacturers in the market are working on developing the most efficient and safe diabetes monitoring devices for patients that are expected to make a significant impact in the market in the coming years.
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For instance, the continuous glucose monitoring devices named as FreeStyle Libre by Abbott and G7 by Dexcom, Inc. integrated patches into their systems that are inserted into the person’s body. This arrangement in the blood glucose monitoring devices was well received in the diabetic community. The sales of FreeStyle Libre in the fourth quarter of 2022 reached sales figures of USD 1.1 billion while G7 sales reached USD 815 million in the same period.
Rising geriatric population across the globe is likely to boost the market significantly. According to HealthData, the highest rate of occurrence of diabetes is evident among ages 75 and 79 with a prevalence rate of 24.4 % and 20% for people of the age group of 65 and above.
The market report finds that COVID-19 accelerated the growth of the market due to the adoption of technology in the medical sector to enhance patient care. The devices helped the patients to monitor and administer the drugs to patients. Diabetic patients were at a higher risk of COVID-19 infection. The risk of suffering from serious complications from COVID-19 can be lowered if blood sugar levels are well-managed. During the pandemic period diabetes monitoring devices helped patients manage glycemic control to reduce health complications by monitoring the blood glucose levels and taking preventive actions accordingly.
Diabetes Monitoring Devices Market Dynamics
Drivers
Rising prevalence of diabetes complications globally and the subsequent need for minimally invasive and user-friendly medical devices is expected to drive the market. The global health expenditure on diabetes-related complications is expected to reach USD 1054 billion by 2045. Government bodies and international organizations such as International Diabetes Federation (IDF) are making efforts to control diabetes with the help of supportive policies and funds. The rising prevalence of diabetes is caused by obesity, a sedentary lifestyle, and unhealthy diets.
Rising geriatric population and the associated health complications is anticipated to drive the market .According to World Health Organization(WHO),the global population of people aged 60 years and above is likely to be doubled by the years 2020 and 2050. The number of individuals aged 80 years and above is likely to increase three times between 2020 and 2050 to reach 426 million. This factor is likely to drive significantly during the forecast period.
Restrain
Lack of awareness about diabetes testing and the high cost of the devices are likely to restrain the market. The diabetes diagnosis rates in underdeveloped nations such as South Africa, Brazil, India, China, and others is very low compared to the developed nations.
Opportunities
Technological advancements in developing minimally invasive and user-friendly diabetes monitoring devices are likely to create significant opportunities for the market. The major players in the diabetes monitoring devices market are launching innovative products that provide safe and efficient blood glucose monitoring methods.
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For instance, Apple Inc. is in the process of developing a no-prick blood glucose tracking feature in its smartwatch. This continuous and noninvasive diabetes monitoring system, if succeeded will benefit millions of diabetic patients around the world.
Scope of the Diabetes Monitoring Devices Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Diabetes Monitoring Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Continuous Glucose Monitoring Devices, Self-Monitoring BloodGlucose Monitoring Devices, Test Strips, and Lancets), Modality (Wearable and Non-wearable), Type (Non-Invasive and Invasive), Distribution Channel (Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies), and Applications (Type 1 diabetes and Type 2 diabetes)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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F. Hoffmann-La Roche Ltd; Abbott; Ascensia Diabetes Care Holdings AG; Medtronic; Sanofi; Dexcom, Inc.; Novo Nordisk A/S; Prodigy Diabetes Care, LLC.;ARKRAY, Inc.;Nipro Europe Group Companies;B. Braun SE;GlySens Incorporated;LifeScan IP Holdings, LLC; ACON Laboratories, Inc.; and YPSOMED
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Market Segment Insights
Product Segment Analysis
Based on the product, the diabetes monitoring devices market is divided into continuous glucose monitoring devices, self-monitoring blood glucose monitoring devices, test strips, and lancets. The continuous glucose monitoring devices segment is expected to expand at a significant growth rate during the projection period owing to the enhanced functionality and flexibility it offers to patients. Continuous glucose monitoring devices track blood glucose levels and help patients in administering insulin doses. Healthcare professionals suggest a suitable health regime to contain the potential adversities arising out of diabetes.
Self-monitoring blood glucose monitoring devices is anticipated to hold a key share of the market due to the convenience and affordability provided by blood glucose meters. Blood glucose meters help patients to monitor blood glucose levels around the clock and administer insulin accordingly.
Modality Segment Analysis
On the basis of modality, the diabetes monitoring devices market is bifurcated into wearable and non-wearable. The wearable segment is anticipated to register a considerable CAGR during the projected period due to the convenience and flexibility provided by wearable devices. The wearable devices help patients in regulating insulin doses, exercise, and food intake. Patients prefer wearable devices for convenience and flexibility.
Non-wearable is anticipated to hold a key share of the market due to the cost-efficiency and easy availability of the products. Non-wearable devices are easily available and cost-effective. On-wearable devices provide vital health statistics to patients to regulate insulin administration and dietary intake so that health complications do not intensify.
Type Segment Analysis
Based on type, the diabetes monitoring devices market is bifurcated into non-invasive and invasive. The non-invasive segment is expected to register a considerable CAGR during the forecast period due to safe and convenient methods of blood glucose monitoring provided by non-invasive diabetes monitoring devices. These devices are used to measure the blood sugar level without finger pricks or any damage to the human body. In Modern day glucose monitors, radio waves and machine learning algorithms are used to measure blood glucose levels.
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For instance, Know Labs, a medical diagnostic company, is planning to launch the first commercially available non-invasive glucose monitor named Generation (Gen) 1 device that uses radio waves and algorithms to gather glucose-level information.
Distribution Channel Segment Analysis
On the basis of distribution channel, the global market is segregated into retail pharmacies, hospital pharmacies, and online pharmacies. The hospital pharmacies segment is projected to register a considerable CAGR during the forecast period due to the availability of consultation, treatment, and recommendations of appropriate devices in hospitals. Hospitals have the necessary supportive infrastructure in place to provide improved patient care services to patients. The healthcare professionals suggest suitable doses of medication, a set of exercises, and dietary plans to enhance the therapeutic outcome of the diabetes treatment.
The online pharmacies market is expected to hold a key share of the market due to the convenience and flexibility offered to consumers by online pharmacies. Online pharmacies offer improved access, lower transaction costs, and greater anonymity for consumers. Moreover, online pharmacies offer accessibility to people in remote locations, which makes them ideal for enhancing patient outcomes by providing efficient diabetes care.
Application Segment Analysis
Based on applications, the diabetes monitoring devices market is bifurcated into Type 1 diabetes and Type 2 diabetes. The type 2 segment is expected to register a robust growth rate during the forecast period owing to the rising occurrence of type 2 diabetes due to sedentary lifestyle-induced issues such as obesity, dietary risks, and poor diet.
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According to Health Data, 96% of global diabetes cases account for type 2 diabetes while all 16risk factors associated with diabetes are caused by type 2 diabetes. The primary risk of Type 2 diabetes is obesity and high body mass index which accounts for 52.2% of mortality and disability globally followed by lack of physical activity, dietary risks, tobacco use, and alcohol consumption.
Regional Outlook
In terms of region, the global diabetes monitoring devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the rising prevalence of lifestyle-related health complications and the high rate of adoption of technology in the healthcare sector. According to the Centers for Disease Control and Prevention, 37.3 million Americans have diabetes while 96 million people have pre diabetes. This factor drives the market in the region.
The market of Europe is anticipated to expand at a rapid pace during the forecast period owing to the rising geriatric population in the region and the development of innovative medical devices. According to International Diabetes Federation, the number of Europeans affected by diabetes is anticipated to reach 67 million by 2030 and 69 million by 2045. This factor drives the market significantly.
Segments
The diabetes monitoring devices market has been segmented on the basis of
Product
- Continuous Glucose Monitoring Devices
- Blood Glucose Meters
- Test Strips
- Lancets
Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Applications
- Type 1 diabetes
- Type 2 diabetes
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- F. Hoffmann-La Roche Ltd
- Abbott
- Ascensia Diabetes Care Holdings AG
- Medtronic
- Sanofi
- Dexcom, Inc.
- Novo Nordisk A/S
- Prodigy Diabetes Care, LLC.
- ARKRAY, Inc.
- Nipro Europe Group Companies
- B. Braun SE
- GlySens Incorporated
- LifeScan IP Holdings, LLC
- ACON Laboratories, Inc.
- YPSOMED
Competitive Landscape
Key players competing in the global diabetes monitoring devices market are F. Hoffmann-La Roche Ltd; Abbott; Ascensia Diabetes Care Holdings AG; Medtronic; Sanofi; Dexcom, Inc.; Novo Nordisk A/S; Prodigy Diabetes Care, LLC.;ARKRAY, Inc.;Nipro Europe Group Companies;B. Braun SE; GlySens Incorporated; LifeScan IP Holdings, LLC; ACON Laboratories, Inc.; and YPSOMED
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
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On May 18, 2023, LifeScan, a world leader in diabetes monitoring, announced the findings from the real-world evidence about the efficacy and functionality in monitoring blood sugar using One Touch Verio Reflect® (OTVR) meter – synced via Bluetooth® wireless technology and One Touch Reveal® (OTR) mobile app. The studies demonstrated that people with Type 2 Diabetes showed clinically significant enhancement in glycemic control among the users.
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