The global diabetes monitoring devices market is expected to rise owing to increasing awareness about the self-management of diabetes. The global market is expected to yield huge profits facilitated by remarkable developments in diabetes management. As per the International Diabetes Foundation (IDF), the number of people suffering from diabetes was 415 million in 2015 and is expected to reach 642 million by the year 2040. The rising prevalence of diabetes across the globe is a major factor driving the market.
In 2018, the diabetes monitoring devices market was valued at US$ 21,614.7 and is anticipated to reach US$ 32,881.9 Mn by 2026. The global market is expected to rise at a CAGR of 5.4% during the forecast period.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• F. Hoffmann-La Roche Ltd
• Dexcom, Inc.
• B. Braun Melsungen AG
• Medtronic
• Lifespan Inc.
• Ascensia Diabetes Care Holdings AG.
• Terumo Medical Corporation
• Abbott
• Sanofi
• DiaMonTech GmbH
“Medtronic Joined Hands with Fitbit to Promote the Importance of Physical Activity”
Some of the leading market players in the global diabetes monitoring devices market are focusing on strategic partnerships to offers a strong product portfolio and strengthen their position. These leading players include Lifespan Inc., F. Hoffmann-La Roche Ltd., Ascensia Diabetes Care Holdings AG., Medtronic, Terumo Medical Corporation, DiaMonTech GmbH, Sanofi, and Abbott.
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Among these, Medtronic, F. Hoffmann-La Roche Ltd., and Abbott dominated the global diabetes monitoring devices market in the year 2018. Further to this, F. Hoffmann-La Roche Ltd., leads the global market owing to its strong distribution network and wide availability of blood glucose meters. Lifespan Inc. made an agreement with Sanvita Medical, LLC in May 2019. The agreement was done to market continuous glucose monitoring sensors or CGM sensors.
“Asia Pacific Registers Considerable Growth with Rising Number of Diabetic Patients”
Among regions, North America is anticipated to lead the global diabetes monitoring devices market during the forecast period. In the year 2018, the regional market was worth US$ 7,092.0 Mn. This is primarily on account of high adoption of advanced diabetes monitoring devices in the U.S. Recent innovations in technology and increasing healthcare expenditure are registering growth opportunities in the market in this region.
The market in Asia Pacific is expected to rise at a higher CAGR over the forecast years. Innovations in diabetes management and increasing patient pool for diabetes are factors driving the market in this region. Increased healthcare spending by governments is expected to stimulate growth in the market. This is primarily done to improve healthcare services and develop cost-effective diabetes diagnostic devices in Asia Pacific.
Rising preference for minimally-invasive surgeries is encouraging companies to develop diabetes monitoring devices without needles. This in turn, will help the market grow at an accelerated rate in the coming years.
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Market Segmentation:
By Product
• Blood Glucose Meters
• Test Strips
• Lancets
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
“Availability of Alternatives to Hinder the Growth of the diabetes monitoring devices by 2026”
Especially in rural areas, lack of awareness about the diabetes management is hampering the growth of the diabetes monitoring devices market. Also, increasing number of insulin pumps, supplements, drugs, and other alternatives are likely to pose a serious threat to the market. People prefer to use alternatives owing to the mounting cost associated with diabetic monitoring devices. Nonetheless, technological advancements are expected to push growth in the market by introducing cost-effective diabetes monitoring solutions.
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