The global diabetes monitoring devices market is expected to rise owing to increasing awareness about the self-management of diabetes. Fortune Business Insights in a report, titled “Diabetes Monitoring Devices: Global Market Analysis, Insights and Forecast, 2019-2026” offers valuable insights into the market, highlighting opportunities and threats alike. The global market is expected to yield huge profits facilitated by remarkable developments in diabetes management. As per the International Diabetes Foundation (IDF), the number of people suffering from diabetes was 415 million in 2015 and is expected to reach 642 million by the year 2040. The rising prevalence of diabetes across the globe is a major factor driving the market.
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In 2018, the global market for diabetes monitoring devices was valued at US$ 21,614.7 and is anticipated to reach US$ 32,881.9 Mn by 2026. The global market is expected to rise at a CAGR of 5.4% during the forecast period.
Asia Pacific Registers Considerable Growth with Rising Number of Diabetic Patients
Among regions, North America is anticipated to lead the global diabetes monitoring devices market during the forecast period. In the year 2018, the regional market was worth US$ 7,092.0 Mn. This is primarily on account of high adoption of advanced diabetes monitoring devices in the U.S. Recent innovations in technology and increasing healthcare expenditure are registering growth opportunities in the market in this region.
The market in Asia Pacific is expected to rise at a higher CAGR over the forecast years. Innovations in diabetes management and increasing patient pool for diabetes are factors driving the market in this region. Increased healthcare spending by governments is expected to stimulate growth in the market. This is primarily done to improve healthcare services and develop cost-effective diabetes diagnostic devices in Asia Pacific.
Diabetes Monitoring Devices offer Real-time Information on Blood Sugar Levels, A Key Factor Augmenting Demand
The aging population across the world is boosting the diabetes monitoring devices market. Furthermore, technological developments in diabetes diagnostic devices is act as a potential growth enabler in the market. A lead analyst at Fortune Business Insights said, “the convenience of using advanced diabetes monitoring devices over conventional devices is expected to help geriatrics keep a track of their blood sugar levels in real-time.” Rising concerns and increasing patient awareness about the blood sugar level are likely to fuel demand for self-monitoring diabetes devices. Several people are installing diabetes monitoring apps to keep a track of their blood glucose level. The app sends notification on medication doses, carb intake and other important information. High stress levels and alcohol consumption are potential growth triggers in the market. These factors are expected to increase the adoption of diabetes monitoring system between 2018 and 2026.
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Rising preference for minimally-invasive surgeries is encouraging companies to develop diabetes monitoring devices without needles. This in turn, will help the market grow at an accelerated rate in the coming years.
Availability of Alternatives to Hinder the Growth of the Market by 2026
Especially in rural areas, lack of awareness about the diabetes management is hampering the growth of the diabetes monitoring devices market. Also, increasing number of insulin pumps, supplements, drugs, and other alternatives are likely to pose a serious threat to the market. People prefer to use alternatives owing to the mounting cost associated with diabetic monitoring devices. Nonetheless, technological advancements are expected to push growth in the market by introducing cost-effective diabetes monitoring solutions.
Medtronic Joined Hands with Fitbit to Promote the Importance of Physical Activity
Some of the leading market players in the global diabetes monitoring devices market are focusing on strategic partnerships to offers a strong product portfolio and strengthen their position. These leading players include Lifespan Inc., F. Hoffmann-La Roche Ltd., Ascensia Diabetes Care Holdings AG., Medtronic, Terumo Medical Corporation, DiaMonTech GmbH, Sanofi, and Abbott. Among these, Medtronic, F. Hoffmann-La Roche Ltd., and Abbott dominated the global diabetes monitoring devices market in the year 2018. Further to this, F. Hoffmann-La Roche Ltd., leads the global market owing to its strong distribution network and wide availability of blood glucose meters. Lifespan Inc. made an agreement with Sanvita Medical, LLC in May 2019. The agreement was done to market continuous glucose monitoring sensors or CGM sensors.
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