iCognition Insights Pvt. Ltd. has published a new medical devices business vertical report titled “Diabetes Monitoring Devices Market Analysis by Product (Continuous Monitoring, Self-Monitoring), by Distribution Channel (Hospital, Retail, Online), by End User (Hospitals, Homecare Setting, Diagnostic Centre), and by Region – Forecast to 2026”. The global diabetes monitoring devices market size is expected to reach USD 29.43 billion by 2026, registering a significant CAGR of 13.0% during the forecast period 2020-2026. Increasing prevalence of diabetes, rising geriatric population, growing awareness of self-monitoring, novel product launches, and increasing demand for health monitoring are some of the major drivers propelling the market growth. This comprehensive study on diabetes monitoring devices identifies the current revenue size of the industry along with the forecast estimation for next 06 years to 2026. The exhaustive research conducted by a team of life sciences domain experts and experienced market analysts studies the historical market scenario and evaluates the impact of COVID-19 on the segment growth and deviation analysis, enabling businesses to identify potential opportunities and gaps from these unexpected alterations. The geographic analysis at regional and country level offers in-depth insights on high growth regions, their market share and factors influencing the market development. According to the report, North America region accounted for over 42% market share in 2020.
Diabetes, a metabolic disease is a chronic condition that leads to high blood sugar. If not treated, diabetes may damage the patient’s nerves, kidneys, and eyes. Timely management of blood sugar is equivalent to the treatment of diabetes and its complications. Hence, devices used to monitor blood sugar level are termed as diabetes monitoring devices. The scope of diabetes monitoring devices includes categories such as continuous monitoring devices (transmitters & receivers, sensors, and lancets) and self-monitoring devices (testing strips, blood glucose meter, and lancets). Technological advancements in self-monitoring devices are contributing to the significant growth due to increasing prevalence of COVID-19 pandemic globally.
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Market Driver Analysis:
Increasing diabetes prevalence leads to high adoption of diabetes monitoring devices globally
Increase in the number of patients suffering from diabetes is likely to drive the growth of diabetes monitoring devices market. According to International Diabetes Federation, in 2019, approximately 463 million people were living with diabetes globally and this number is expected to reach 578 million by 2030 and 700 million by 2045. Furthermore, the American Diabetes Association states that 34.2 million people or 10.5% of American population had diabetes in 2018, out of which 7.3 million were undiagnosed. Increase in blood sugar is one of the causes of Covid-19 and with a substantial rise in the number of Covid-19 cases globally, sales of diabetes monitoring devices have witnessed a significant growth for the management of diabetes among patients.
Development of Technologically advanced products by Market Players leads to increased adoption of these devices among End Users
Technologically advanced products lead to faster turn-around times, rapid diagnosis, and ease-of-usage, thereby providing accurate results to the patients and caregivers. Key market players are focusing on developing novel and technologically advanced products not only to provide added benefits to patients and physicians but also to sustain in this competitive market. For instance, in March 2021, Roche launched Accu-Chek Instant system, a connected BGM (Blood Glucose Monitoring) system that allows wireless transfer of results through Bluetooth enabled connectivity to its mySugr app. Similarly, in November 2020, Abbott launched a continuous glucose monitoring (CGM) technology- FreeStyle Libre system in the Indian market to be used by children (above 4 years) and adults.
Market Share Analysis:
Rising Burden of Diabetes Globally and Focus on Technology Innovation to Bolster North America Market Growth
North America region accounted for the largest market share of over 42% in 2020 and is projected to sustain its dominance during the forecast period to 2026. Factors like presence of leading medical device manufacturers, advanced healthcare infrastructure, and huge adoption rate in this region are major factors to propelling the growth. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the rising incidences of diabetes, escalating demand for advanced monitoring, and geographic expansion by device manufacturers in this region.
Self-Monitoring Devices Product Segment Gained the Highest Market Share in 2020
Based on product, the market is segmented into continuous monitoring devices and self-monitoring devices. In 2020, the self-monitoring devices segment accounted for the maximum revenue share owing to affordability of devices and convenient use, worldwide. Additionally, rising consumer awareness for blood glucose monitoring, especially during the COVID-19 pandemic is also a major factor driving the global self-monitoring devices market.
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Competitive Landscape Analysis:
This global report sheds light on key strategies and approaches adopted by the leading organizations to stay ahead of the competition and acquire maximum market stake.
List of Key Players Profiled in this Market Research Report:
Growth Strategies of Key Players are focused on Product Launch and Technology Investments
In May 2020, Medtronic plc announced the U.S. Food and Drug Administration (FDA) approval for Android version of its Guardian Connect continuous glucose monitoring (CGM) system. This system helps patients by providing information on potential low and high sensor glucose levels up to 60 minutes in advance. In February 2021, Dexcom started a new venture- Dexcom Ventures, specifically for identifying and investing in technologies that supports the company’s continuous glucose monitoring product segment and its related software applications for assisting patients to efficiently manage their diabetes.
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Diabetes Monitoring Devices Market Segmentation:
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