The Diabetes Monitoring Devices Market comprises various medical devices such as blood glucose meters, testing strips, continuous glucose monitoring systems, and lancets. Blood glucose meters are used to check blood glucose levels and help monitor diabetes treatment. Testing strips are consumables used with glucose meters to easily measure blood glucose levels from a small blood sample. Continuous glucose monitoring systems continuously monitor glucose levels in interstitial fluid and provide real-time glucose readings without the need for finger pricks. Lancets are used to obtain a small blood sample for blood glucose testing by pricking the skin.
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 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Diabetes Monitoring Devices Market are Roche Diagnostics; Thermo Fisher Scientific, Inc.; Eisai Co. Ltd.; Novartis AG; Element Biosciences, Inc.; Dovetail Genomics LLC; Illumina, Inc.; ValiRx Plc.; Abcam plc. These players are focused on developing advanced products and engaging in new product launches to strengthen their market position. For instance, in 2023 Roche launched its Accu-Chek SugarView app integrated with Bluetooth-enabled Accu-Chek Guide Me insulin pen to help manage diabetes.
The Diabetes Monitoring Devices Market Growth can be attributed to the rising prevalence of diabetes worldwide. As per International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 across the globe and the number is estimated to reach 643 million by 2030 and 783 million by 2045. This rising diabetes patient pool is expected to drive the demand for blood glucose meters, test strips, and other monitoring devices over the forecast period.
Diabetes monitoring device manufacturers are focused on expanding their global footprint through strategic collaborations and acquisitions. For example, in 2022 Thermo Fisher Scientific acquired PeproTech to expand its cell and gene therapy capabilities and access new growth geographies to better serve pharmaceutical and biotech customers developing diabetes drugs and treatments. Several other players are also targeting high growth emerging markets in Asia Pacific and Latin America to tap the increasing demand.
Market drivers
The key driver propelling the Diabetes Monitoring Devices Market growth is the rising prevalence of diabetes worldwide. According to latest statistics, diabetes is recognized as one of the fastest growing chronic diseases and prevalence numbers have skyrocketed globally over the past few decades primarily driven by increasing risk factors like obesity, sedentary lifestyles, and physical inactivity. Growing geriatric population worldwide also contributes to market growth as older people are more prone to developing diabetes. In addition, increasing awareness and better reimbursement and insurance coverage for diabetes management devices are encouraging more patients to opt for self-monitoring devices aiding market revenues.
Geopolitical Impact on Diabetes Monitoring Devices Market Growth
The current geopolitical instability and economic uncertainties in many parts of the world is expected to have some impact on the growth of the Diabetes Monitoring Devices Market over the coming years. Many countries affected by conflicts and sanctions may face obstacles in access to advanced medical technologies and supply chain disruptions can hamper the availability of devices and key components. Manufacturers need to closely monitor the situation and consider diversifying supplier networks and developing local supply partnerships to mitigate risks. They also need to explore regionalization and localization strategies to continue serving markets facing currency fluctuations or import restrictions. Partnerships with local distributors and healthcare providers can help ensure diabetic patients have adequate access to monitoring devices even in difficult economic conditions. Overall, geopolitical headwinds may cause some near-term fluctuations in certain markets but are unlikely to significantly affect the long-term growth trajectory given the rising global prevalence of diabetes.
North American Market Dominates in Terms of Value
The North American region, led by the United States, currently dominates the Diabetes Monitoring Devices Market in terms of value. Advanced healthcare systems, high awareness levels, aggressive marketing by manufacturers and the high purchasing power of patients have contributed to the region accounting for over 40% of the global market value. However, the Asia Pacific region is witnessing the fastest growth and is emerging as an important market driven by improving access to healthcare and rising incomes in major countries like China and India which have a huge population base of diabetes patients. Expanding health insurance coverage and government programs promoting self-monitoring are helping penetrate monitoring devices in Asia Pacific at a rapid pace.
China and India Drive Fastest Growth in Asia Pacific
Within the fast growing Asia Pacific region, China and India are expected to be the biggest drivers of demand over the coming years supported by their large and growing diabetes patient pools. China already has over 100 million diabetics, the highest in any single country globally, while India is on course to become the diabetes capital of the world with over 80 million cases estimated by 2030. Favorable policy support, increased healthcare spending, wider insurance coverage and greater acceptance of technologies among patients are supporting strong uptake of blood glucose monitoring devices in these populous nations. Local manufacturing is also ramping up in both China and India which will improve access while keeping costs low - further fueling market expansion.
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