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.
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The global market
is expected to yield huge profits facilitated by remarkable developments in
diabetes management. Moreover, diabetes monitoring devices help to monitor
several health conditions which include neuropathy, cardiovascular diseases,
and diabetic retinopathy. As per 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.
In 2017,
the global market for diabetes monitoring devices was valued at US$ 21614.7 and
is anticipated to reach US$ 32881.9 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$ 7092.0 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 rising 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
monitoring 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.
This, coupled with rapid adoption to sedentary lifestyle, contributes to the
growth of the market. These factors are expected to increase the adoption of
diabetes monitoring system between 2018 and 2026.
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-0effective diabetes monitoring solutions.
Read More in this Press Release:
"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. Companies are planning to focus on
introducing advanced glucose meters to stay industry specific. For instance,
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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