The Global Diabetes Monitoring Devices Market, by Product Type (Self-Glucose Monitoring Devices and Continuous Glucose Monitoring Devices), by Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), by Approach (Invasive and Non-invasive), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Centers, and Self-Care), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 15,276.1 million in 2016 and is projected to exhibit a CAGR of 8.87%over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Diabetes monitoring devices market is expected to gain significant traction with increasing incidence of diabetes patients and rising number of people suffering from obesity worldwide. According to the International Diabetes Federation 2015, the total number of population suffering from diabetes was accounted for 415 million in 2015 and was estimated to reach to 642 million by 2040.
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Technological advancements focusing on development of integrated solutions is expected to foster the growth of global diabetes monitoring devices market
Advancements in diabetes monitoring devices due to extensive research and development has resulted in development of smaller and convenient devices to monitor blood glucose level. Moreover, increasing popularity of continuous glucose monitoring devices, owing integrated solution forms that not only monitors the blood glucose and insulin levels in diabetic patients but also automatically delivers insulin whenever the sensor detects low levels of insulin in patients with diabetes type 1 is boosting growth of the market. The insulin is administered to patients through diffusion or other techniques by an insulin pump, which is a part of the integrated system. For instance, in June 2017, Medtronic introduced MiniMed 670G system that helps to automatically deliver insulin by recording the basal levels at frequent intervals to maintain the blood sugar level appropriate in patients with Type-1 diabetes.
Market players in the diabetes monitoring devices market are entering into strategic partnership with various companies working in a similar or complementary domain, in order to offer a more robust and well-rounded portfolio of products. For instance, in December 2016, Medtronic partnered with Fitbit to integrate data from CGM device and present the physical activity results in a streamlined application. Moreover, in December 2016, BioTelemetry formerly known as CardioNet acquired TelCare, a diabetes management technology company that will help BioTelemetry to accelerate diabetes monitoring market penetration with TelCare’s flagship cellular connected glucometer.
The global diabetes monitoring devices market is experiencing a significant number of innovative product introduction in the market that are providing a number of alternatives to the user for choosing the type of monitor with varied features and specification. For instance, in September 2017, FDA approved a blood glucose monitor by Abbott Laboratories for detection of blood sugar levels without pricking a patient’s finger. Abbott’s FreeStyle Libre Flash reduces the painful blood sugar testing by inserting a senor wire below the skin to continuously measure blood sugar levels. In August 2017, Fitbit introduced Ionic a smart wearable device that offer glucose monitoring for diabetics with the help of small biosensors integrated within the device.
Browse 42 Market Data Tables and 24 Figures spread through 205 Pages and in-depth TOC on “Diabetes Monitoring Devices Market”- by Product Type (Self-Glucose Monitoring Devices, and Continuous Glucose Monitoring Devices), by Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), by Approach (Invasive and Non-invasive), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Centers, and Self-Care), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
The market players are also focusing on expanding the geographic reach of their products, majorly in emerging economies that are in increasing demand for innovative devices for measuring diabetes. For instance, in February 2018, Senseonics Holdings, Inc. introduced their integrated Continuous Glucose Monitor (CGM) system EverSense in European and Middle Eastern markets as a part of a comprehensive solution for diabetes monitoring. Moreover, the market players are also undergoing research and development for approvals from the regulatory bodies of various economies to receive marketing permissions. For instance, in February 2018, Tandem Diabetes Care applied to Health Canada Medical Device License for marketing t:slim X2 insulin pump that is integrated with Dexcom’s continuous glucose monitoring system.
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Key Takeaways of Diabetes Monitoring Devices Market:
The global diabetes monitoring devices market is expected to exhibit a CAGR of 8.87% over the forecast period, owing to rising incidence of diabetes and obesity across the world coupled with development and launch of innovative diabetes monitoring devices
Among product type segment, self-monitoring blood glucose system segment holds a dominant position in the global diabetes monitoring devices, however new and innovative features offered by continuous glucose monitoring systems are expected to help the segment gain significant traction over the forecast period
Among region, North America is expected to dominate the global Diabetes Monitoring Devices Market, owing to presence of leading companies investing significantly in to research for the development of innovative devices that are indulged into innovation of technologically advanced diabetes monitoring devices
Key players operating the global diabetes monitoring devices market include Bayer Healthcare AG, Medtronic plc, Dexcom, Sanofi S.A., Roche Diagnostics, Abbott Laboratories Ltd., MediWise, Arkay, Inc., Cnoga Medical, Johnson & Johnson, and Bigfoot Biomedical.