Diabetes Monitoring Devices Market

Industry Insights-

• The Global Diabetes Monitoring Devices Market was valued at USD 21.18 Billion in 2021
• It is anticipated to reach USD 33.24 Billion by 2028
• A CAGR of 6.65% is anticipated over the forecast period

Market Overview-

Diabetes monitoring devices can greatly benefit patients with diabetes and their healthcare professionals. Diabetes monitoring devices are becoming more widely accepted as an important component of intensive diabetes treatment. There are two types of diabetes monitoring devices such as invasive monitoring devices, and non-invasive monitoring devices. It allows diabetic patients to measure their blood sugar levels easily and conveniently within minutes. Continuous diabetes monitoring devices help analyze blood glucose levels continuously and in real-time. It helps patients to determine the level of dietary intake and insulin dosage.

Covid-19 Impact-

The Covid-19 pandemic has shown a positive impact on the growth of the global diabetes monitoring devices market. The lockdown has changed the daily routine of diabetic patients, including their diet, exercise, and sedentary lifestyle. This has increased the demand for diabetes monitoring devices due to abnormal fluctuations in blood glucose levels. In recent months, online sales of all self-monitoring devices have increased dramatically. Additionally, the lockdown led to a stockpile of diabetes monitoring devices.

Key Players-

Some of the key players for global Diabetes Monitoring Devices Market are

• Bayer Healthcare AG
• Sanofi
• Abbott Laboratories
• MediWise
• Arkay Inc.
• Cnoga Medical
• Bigfoot Biomedical
• Medtronic
• Dexcom
• F. Hoffmann-La Roche Ltd.
• Ascensia Diabetes Care
• Novo Nordisk
• Insulet Corporation
• Ypsomed Holdings
• Glysens Incorporated
• Senseonics
• B. Braun Melsungen AG
• others.

Segmentation Analysis

By Type

• Invasive Monitoring Devices 
• Non-invasive Monitoring Devices 

The global diabetes monitoring devices market is segmented on the types, products, and region & country level. Based on types, the global diabetes monitoring devices market is segmented into invasive monitoring devices and non-invasive monitoring devices.

By Product

• Lancing Devices 
• Blood Glucose Meters 
• Testing Strips 

The diabetes monitoring devices market is projected to witness substantial growth during the forecast period, owing to the increasing prevalence of diabetes, along with the growing awareness among people regarding diabetes management. Moreover, the introduction of technologically advanced devices and the growing availability of these devices through online portals are expected to further accelerate the market growth. The comparatively low cost and ease of use of these diabetes monitoring devices is expected to drive their demand, thereby accounting for a major market share.

In terms of product, the market is segmented into test strips, blood glucose meters, and lancets. The test strips segment held the largest share of the market, due to its high usage rate and affordability. Moreover, the increasing penetration of these devices in developing economies is expected to contribute to the growth of this segment during the forecast period.

By Regional Analysis

• North America

  • U.S.
  • Canada

• Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

• Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

• Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

• Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Geographically, North America is expected to dominate the global diabetes monitoring devices market within the forecast period due to the increasing prevalence of diabetes, high per capita expenditure on healthcare, and growing geriatric and obese population in this region. For instance; according to the Central for Disease Control & Prevention, on January 18th, 2022; 37.3 million people have diabetes (11.3% of the US population). In addition, the high per capita expenditure on healthcare is also supplementing the market growth in this region. For instance, according to the Centers for Medicare and Medicaid Services, United States health care spending rose 9.7 percent in 2020 to $ 4.1 trillion, or $ 12,530 per capita. As a share of the country’s GDP, the share of health expenditure is 19.7 percent.

The Asia Pacific is the fastest-growing region in the global diabetes monitoring devices market due to the increasing incidence of diabetic patients, rising geriatric population, and growing awareness among the people about diabetes management in this region. For instance; according to Down to Earth, on December 6th, 2021; the estimated number of diabetic patients in the age group of 20-79 is 74.2 million in 2021 & is expected to rise to 124.8 million in 2045 in India. 

Market Drivers

Increasing prevalence of diabetes all over the world

One of the major factors driving the growth of the diabetes monitoring devices market is the increasing prevalence of diabetes. A significant increase in the number of type-1 or insulin-dependent patients has been observed, which has been instrumental in increasing the use of these systems globally. For example; according to the international diabetes foundation, in 2021; 537 million adults 20-79 years are living with diabetes one in 10. This number is projected to increase to 643 million by 2030 & 783 million by 2045. Hence, the presence of a large patient population suffering from insulin-dependent diabetes, the introduction of new products by market players, and favorable reimbursement are increasing the demand and adoption of diabetes monitoring devices such as BGMs.

Rising number of product offerings, and growing geriatric population

In addition, the rising number of innovative product offerings is also supplementing the market growth. Market players are actively investing in research to develop innovative solutions by integrating units to monitor insulin levels and maintain diabetes levels by automatically delivering insulin to certain parts of the body with the help of continuous diabetes monitoring systems.

For instance; on June 21st, 2018; FDA approved the first continuous glucose monitoring system with a fully implantable glucose sensor and compatible mobile app for adults with diabetes. Moreover, the growing geriatric population is also supplementing the diabetes monitoring devices market growth. For example; according to United Nation, in 2019, there were 703 million people in the world aged 65 years. By 2050 the geriatric population is projected to double to 1.5 billion. This population is more prone to the disease like diabetes.

However, the high cost of easy operating automatic diabetes monitoring and other devices associated with diabetes monitoring devices may hinder the growth of the global diabetes monitoring devices market. Despite that, increasing efforts by healthcare authorities and medical insurance companies may create more opportunities for the further growth of the market.

Recent Developments-

• On June 3rd, 2022; Abbott announced that it is developing a new bio wearable that continuously monitors glucose and ketone levels in a single sensor. The system has the U.S. It has received breakthrough device designation from the Food and Drug Administration, which is designed to expedite the review of innovative technologies that improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.
• On November 3rd, 2021; Diabetes management technology company Intuity Medical announced that its POGO automated blood glucose monitoring system is available in the United States. Available The POGO system uses a cartridge with 10 test strips and a lancet, allowing users to test their glucose without separate supplies. The device also connects via Bluetooth to the Pattern app, which collects glucose data and gives people with diabetes the ability to see glucose trends and share the data with their healthcare providers.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 21.18 Billion
Base year considered	2021
Forecast Period CAGR %:	6.65%
Market Size Expected in 2028:	USD 33.24 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Bayer Healthcare AG, Sanofi, Abbott Laboratories, MediWise, Arkay, Inc., Cnoga Medical, Bigfoot Biomedical, Medtronic, Dexcom, F. Hoffmann-La Roche Ltd., Ascensia Diabetes Care, Novo Nordisk, Insulet Corporation, Ypsomed Holdings, Glysens Incorporated, Senseonics, B. Braun Melsungen AG and others.
Segments Covered	By Type, By Product
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa