December 2, 2023

Diabetes Monitoring Devices Market Share Soars Amidst Growing Trends 2030

The global diabetes monitoring devices market, valued at USD 12,051 million in 2020, is poised for remarkable growth with a projected Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period of 2022-2027. These devices play a pivotal role in helping individuals manage their diabetes through improved health habits and insulin therapy.

Continuous Glucose Monitoring Leads the Way

Recent advancements in diabetes monitoring have introduced continuous glucose monitors, enabling real-time glucose level tracking through subcutaneous interstitial fluid sensors. While these systems offer enhanced accuracy compared to traditional blood glucose meters, they do not currently make insulin dosing decisions for individuals with diabetes.

Lifestyle and Aging Population: Key Risk Factors

Changing lifestyles and an aging population have contributed to the surge in demand for diabetes monitoring devices. Obesity, a significant risk factor for type 2 diabetes, has seen a steady rise. According to the U.S. National Institutes of Health, over 9% of American adults have diabetes, with another 16% in a pre-diabetic state. The economic impact of diabetes is substantial, with medical costs exceeding $177 billion in 2010.

Global Market Potential

The global diabetes monitoring devices market has witnessed consistent growth driven by increasing awareness of self-monitoring blood glucose, a growing diabetic population, and commercialized device technologies. Insulin pumps have been among the most commonly used devices, though recent advice from healthcare practitioners against overnight use has spurred demand for non-insulin pump-based continuous sensors.

Continuous glucose monitoring systems, such as Dexcom G4 and Abbott’s Freestyle Navigator Pro, are expected to experience significant growth. These systems optimize glycemic control by regulating insulin dosage based on continuous glucose data.

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Beyond Diabetes

These monitoring devices are not limited to diabetes management alone; individuals with various conditions can benefit from improved home-based care, reducing the need for frequent office visits. Regulatory approvals for in-clinic and hospital use have expanded their reach.

Innovations Driving Demand

Innovations are reshaping the diabetes monitoring landscape. The introduction of pain-free blood glucose monitoring systems that eliminate the need for finger pricking has garnered attention. Such products enhance the quality of life for those with Type I and II diabetes by reducing the frequency of office visits.

Competitive Market

The competitive landscape of the diabetes monitoring devices market is intense, with models designed for home and workplace use. These devices are equipped with user-friendly manuals to aid individuals in managing their health effectively. Leading brands include Accu-Chek, Bayer, Genteel, and One Touch, offering a range of models priced from $20 to $100.

Examples of these devices include the One Touch Ultra Smart System, Bayer Contour Next EZ meter, and Abbott FreeStyle Freedom Lite, each offering advanced features for precise glucose monitoring. Additionally, products like the Genteel Lancing Device and Sure-Fit Blood Glucose Meter Kit cater to those seeking painless and convenient monitoring options.

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029)

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This press release first seen on Brilad