Diabetes monitoring devices are used to check glucose levels in blood and help manage diabetes. These devices include blood glucose meters, testing strips, continuous glucose monitoring systems, and insulin pumps. Continuous glucose monitoring systems offer real-time glucose readings without the need for painful finger pricks.
The global Diabetes Monitoring Devices Market is estimated to be valued at US$ 63.67 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the diabetes monitoring devices market size is the growing preference for continuous glucose monitoring (CGM) systems over finger prick blood glucose meters. CGM systems provide real-time interstitial fluid glucose readings throughout the day and night through a small sensor inserted under the skin. They offer advantages like ease of use, improved accuracy, and alerts users about high and low glucose events. This is driving their adoption among diabetes patients worldwide.
Segment Analysis
The global diabetes monitoring devices market is dominated by the glucose monitoring devices segment. Glucose monitoring devices allow patients to monitor their blood glucose levels with various products like test strips, lancets, and continuous glucose monitoring devices. The glucose monitoring devices segment accounted for over 80% share of the total diabetes monitoring devices market in 2023 due to the higher adoption and repeat sales associated with glucose testing supplies. However, the insulin delivery devices segment is expected to witness faster growth during the forecast period owing to the increasing research and development activities in the area of smart insulin pens and pumps.
Key Takeaways
The global diabetes monitoring devices market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to the increasing prevalence of diabetes.
Regional analysis: North America dominated the global diabetes monitoring devices market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to the growing diabetic population and strong government support for diabetes management and monitoring in the region. Asia Pacific is projected to witness the fastest growth over the forecast period, owing to rising healthcare expenditures, growing awareness regarding diabetes management, and increasing penetration of international players in the region.
Key players: Key players operating in the diabetes monitoring devices market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diagnostics. Dexcom, Inc. is one of the leading players in the global continuous glucose monitoring devices market with innovative products like G6 CGM system. Similarly, Medtronic plc offers a wide range of insulin delivery systems and glucose monitoring devices including continuous glucose monitoring sensors. Abbott Laboratories and Roche Diagnostics are also prominent players catering to the global demand for diabetes testing supplies with their strong distribution networks worldwide.
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