Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global diabetes monitoring devices market, by product type (Self-Glucose Monitoring Devices and Continuous Glucose Monitoring Devices), by indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), by approach (Invasive and Non-invasive), by end-user (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Centers, and Self-Care), and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was valued at US$ 15,276.1 million in 2016 and is projected to exhibit a CAGR of 8.87% over the forecast period (2017-2025).
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Surging incidence of diabetes, coupled with the rising obese patient pool, is expected to foster the global diabetes monitoring devices market expansion over the forecast timeline. According to the International Diabetes Federation 2015, the total number of people suffering from diabetes was evaluated to be 415 million in 2015, and the figure is estimated to rise to 642 million by 2040.
Technological advancements diabetes monitoring devices, development of integrated solutions, and extensive R&D activities pertaining to the smaller and convenient devices to monitor blood glucose levels are other vital aspects boosting the global market growth. Integrated solutions not only help monitor the levels of blood glucose and insulin in diabetic patients, but also deliver insulin automatically whenever the sensor detects low levels of insulin. Due to such a factor, diabetes monitoring devices market are gaining significnat traction worldwide, which is thus supporting market growth.
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Diffusion techniques, such as the insulin pump, is an essential part of the integrated system. In June 2017, Medtronic introduced the MiniMed 670G system, which enables the automatic delivery of insulin to maintain the blood sugar level in patients with Type-1 diabetes. Diabetes monitoring device manufacturers are entering into strategic partnerships with various companies working in the same domain to confer a more robust and well-rounded portfolio of these devices. For instance, in December 2016, Medtronic partnered with Fitbit to integrate data from its CGM device and present the physical activity results in a streamlined application. Furthermore, in December 2016, BioTelemetry acquired the leading diabetes management technology company, TelCare, to accelerate its diabetes monitoring market penetration with the flagship cellular connected glucometer of TelCare.
The global diabetes monitoring devices market has witnessed a multitude of product launches, with varied features and specifications, in the recent past. For instance, in September 2017, the U.S. FDA approved a blood glucose monitor by Abbott Laboratories indicated for the detection of blood sugar levels without pricking a patient’s finger. The product, known as FreeStyle Libre Flash, helps evade the painful blood sugar testing procedure by inserting a sensor wire below the skin to continuously measure blood sugar levels.
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Key Takeaways of the Global Diabetes Monitoring Devices Market:
- Among product types, the self-monitoring blood glucose system segment dominates the global diabetes monitoring devices market, due to the innovative features offered by these devices.
- Among regions, North America is expected to hold the leading position in the global market, owing to the presence of major diabetes monitoring device manufacturers in this region.
- The key players operating in the global diabetes monitoring devices market include Bayer Healthcare AG, Medtronic Plc, Dexcom, Sanofi S.A., Roche Diagnostics, Abbott Laboratories Ltd., MediWise, Arkay, Inc., Conga Medical, Johnson & Johnson, and Bigfoot Biomedical.
- These players are focused on extending the geographical reach of their products, particularly in the emerging economies of the world, where there is enormous demand for innovative devices for monitoring diabetes. For instance, in February 2018, Senseonics Holdings, Inc. introduced its integrated CGM system, called EverSense, into the European and Middle Eastern markets, as a part of a comprehensive solution for diabetes monitoring. Furthermore, in February 2018, Tandem Diabetes Care applied to Health Canada Medical Device License for marketing t: slim X2 insulin pump that is integrated with Dexcom’s continuous glucose monitoring system.
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