Diabetes Mellitus (DM), commonly referred to as “diabetes,” is a set of metabolic conditions distinguished by elevated levels of glucose in the bloodstream. Symptoms of high blood sugar consist of increased thirst, frequent urination, and excessive hunger. Acute complications of the condition can include diabetic ketoacidosis, a hyperosmolar hyperglycemic state, and even death. In addition, more severe complications such as stroke, cardiovascular disease, chronic kidney disease, eye damage, and foot ulcers can arise. This disorder primarily occurs due to the insufficient production of insulin by the pancreas as well as the body’s lack of response to insulin.
Diabetes is a persistent ailment for which there is currently no known cure. The primary approach to managing the condition is to maintain blood sugar levels as close to normal as possible. Patients suffering from both type I and type II diabetes can use diabetes monitoring or blood glucose monitoring devices to monitor and keep track of their blood sugar levels. The demand for these devices is on the rise in developed and emerging economies due to the growing occurrence of diabetes caused by lifestyle changes, which is driving market growth.
The global diabetes monitoring devices market was worth US$ 15,276.1 million in 2022. It is projected to experience a strong CAGR of 8.87% from 2023 to 2030.
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The diabetes monitoring devices market is significantly propelled by the presence of a large patient base.
The global diabetes monitoring devices market is being driven primarily by the rising prevalence of diabetes around the world. As an example, the World Health Organization reported that in 2014, approximately 8.5% of adults aged 18 and older, equivalent to 422 million adults, were affected by diabetes across the globe. In 2015, diabetes and high blood glucose levels combined were responsible for 3.8 million deaths. The National Diabetes Statistics Report 2017, published by the Centers for Disease Control and Prevention (CDC), states that diabetes affects around 9.4% of the American population, including all age groups, totaling 30.3 million individuals. Additionally, 33.9% of the remaining population is diagnosed with pre-diabetes. A 2012 study published in the World Journal of Diabetes reported that diabetes is prevalent in the emerging economies of Asia. The report states that Asian economies account for over 60% of the world’s diabetic population. This high incidence of diabetes is predicted to increase demand for blood glucose monitoring devices, resulting in growth in the global diabetes monitoring devices market.
The awareness of the benefits of glucose monitoring is increasing among urban populations, leading to a significant rise in the adoption of glucose monitoring devices. A research article published in the Annals of Palliative Medicine in 2015, which is an open access journal known for high-quality research, reported that 19% of individuals with diabetes in Canada regularly monitor their blood glucose levels. In addition, the escalating rate of obesity is a significant contributing factor to the growing incidence of diabetes. As an example, the National Institute of Diabetes and Digestive and Kidney Diseases conducted the National Health and Nutrition Examination Survey in 2014, which revealed that over one-third of adults in the United States diagnosed with diabetes were overweight, and more than two-thirds were classified as overweight or obese.
The growth of the market is expected to be hindered by factors such as the expensive cost of easy-to-use automatic glucose monitoring and other devices, pricing pressure faced by manufacturers, and disparities in reimbursement policies. However, there are potential growth opportunities that may arise from the efforts of healthcare authorities and medical insurance companies to educate patients about the benefits of using diabetes monitoring devices.
The prevalence of diabetes monitoring devices is the highest in North America, primarily due to the region’s government initiatives aimed at preventing and treating diabetes, the presence of major industry players, and the utilization of advanced technology in drug discovery procedures. As an illustration, the National Diabetes Prevention Program was targeted for expansion into underserved regions of the country with a five-year funding opportunity announcement issued by the Centers for Disease Control and Prevention (CDC) in April 2017. In addition, the Division of Diabetes Translation (DDT) of the CDC provides financial support to state and local health departments to enhance health outcomes for individuals with diabetes. The Asia-Pacific region is projected to experience substantial expansion during the estimated timeframe due to a rise in the number of people with diabetes and the creation of affordable diabetes monitoring devices tailored to the local populace. The Southeast Asian region, with an estimated 96 million individuals suffering from diabetes according to the World Health Organization in 2017, is driving market growth due to the high demand for blood glucose monitoring devices and medical therapies.
The global market is expected to experience growth due to advancements made in glucose monitoring devices.
Investment in research for innovative solutions is being made by market participants who are integrating units to monitor insulin levels and maintain blood glucose levels. This is achieved by utilizing continuous glucose monitoring systems to automatically deliver insulin to various parts of the body. As an illustration, the initial blood sugar monitor that does not necessitate finger pricks received approval from the US FDA in September 2017. This monitor uses a small sensor that can be affixed to the upper arm for continuous glucose monitoring. Furthermore, Medtronic Plc launched iPro 2 Professional, a next-generation continuous glucose monitoring system, in February 2018 to enhance diabetes management in 41 global economies.
The major participants, including Medtronic, Sanofi, Cnoga Medical, MediWise, Bayer Healthcare AG, Abbott Laboratories, Dexcom, Bigfoot Biomedical, and Arkay, Inc., are operating the global diabetes monitoring devices market.
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Diabetes Monitoring Devices Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Diabetes Monitoring Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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