Automated Diabetes Monitoring Devices Market is Estimated to Witness Moderate Growth Owing to Rising Prevalence of Diabetes

Global Diabetes Monitoring Devices Market Size
Global Diabetes Monitoring Devices Market Size



Diabetes monitoring devices are medical instruments used to monitor glucose levels in diabetic patients. These devices help patients manage their blood glucose levels and make informed decisions about medication, diet, and exercise. Monitoring blood glucose levels with the help of devices helps patients avoid complications arising from uncontrolled diabetes. Insulin pumps, continuous glucose monitors, and smart insulin pens are some commonly used diabetes monitoring devices.

The global automated diabetes monitoring devices market size is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period of 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of diabetes across the globe presents a major market opportunity for automated diabetes monitoring devices. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021. This number is projected to swell to 643 million by 2030 and 783 million by 2045. Nearly one in two (48.9%) undiagnosed cases of diabetes were present in South-East Asia and Africa in 2021. With growing diabetes burden and focus on better management of the disease, demand for automated monitoring devices is expected to rise substantially over the forecast period. Automated devices enable hassle-free, continuous monitoring of glucose levels and help manage diabetes more efficiently. Thus, the growing diabetes epidemic worldwide creates a sizeable opportunity for automated diabetes monitoring devices.

Porter's Analysis
Threat of new entrants: The threat of new entrants in the diabetes monitoring devices market is moderate. New technologies require huge research and development investments which acts as a barrier. However, partnerships with disease management service providers can help new players enter the market.

Bargaining power of buyers: The bargaining power of buyers in the diabetes monitoring devices market is high. Customers can opt for generic versions of glucose meters and test strips which are cheaper. Price sensitivity is high as patients have to test glucose levels frequently.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components like sensors and chips have few specialized suppliers globally. Suppliers bargaining power depends on their technical capabilities and proprietary technologies.

Threat of new substitutes: Threat of new substitutes is high. New non-invasive and needle-free glucose monitoring techniques can disrupt the market. Smart insulin pens, patches, and artificial pancreas systems pose threats.

Competitive rivalry: The competitive rivalry is high due to the presence of global medtech giants. Players compete on features, accuracy, connectivity, and customer support. Patents and regulatory approvals provide some differentiation.

SWOT Analysis

Strengths: Established brands, vast distribution networks, new product pipelines. Continuous technological advancements address unmet needs.

Weaknesses: High R&D costs, pricing pressures from payers and generics, recurrent upgrades needed. Reimbursement policies vary globally.

Opportunities: Expanding diabetic population base, emerging markets growth, smart solutions integration. Promoting preventive care lowers healthcare costs.

Threats: Stringent regulations, data privacy concerns, intellectual property theft. Supply chain disruptions and trade barriers affect operations.

Key Takeaways

Global Diabetes Monitoring Devices Market Size is expected to witness high growth. The global automated diabetes monitoring devices market size is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period of 2024 to 2031.

North America accounts for the largest share of the global diabetes monitoring devices market currently. This is attributed to factors such as the rising prevalence of diabetes, availability of advanced devices, favourable reimbursements and supportive healthcare infrastructure. In the US, over 34 million people have diabetes which generates significant demand. However, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The Asia Pacific market is driven by large patient bases in India and China, increasing healthcare expenditures, growing awareness regarding diabetes management and rising discretionary incomes.

Key players operating in the diabetes monitoring devices market are Abbott Laboratories, Medtronic, F. Hoffmann-La Roche, Bayer AG, Lifescan, Dexcom, Sanofi, Insulet Corporation. Players are focusing on personalized solutions, cloud connectivity and artificial intelligence tools to drive user convenience and engagement. Partnerships with digital health companies are helping develop innovative virtual care models for improved outcomes.

 

Explore More Related Article On This Topic: https://www.newsanalyticspro.com/driving-the-diabetes-monitoring-devices-market/

 

Explore More Related Article : https://whotimes.com/stock-music-market-an-ever-evolving-industry/

Post a Comment

Previous Post Next Post