DIABETES MONITORING DEVICES MARKET ANALYSIS

Global diabetes monitoring devices market size is expected to reach US$ 18.90 Bn by 2030, from US$ 10.90 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period. The diabetes monitoring devices market is bifurcated into self-monitoring blood glucose devices and continuous glucose monitoring devices. The device is used to track blood sugar level during the day and night. This can help to make better choices about food, physical activities, and taking medicines. Blood sugar levels can be monitored and tracked by using assistive medical devices known as diabetes monitoring or blood glucose monitoring devices. These devices are available for patients suffering from both type I and type II diabetes.

Global Diabetes Monitoring Devices Market- Regional Insights

• North America is expected to be the largest market for diabetes monitoring devices market during the forecast period, accounting for over 35.8% of the market share in 2022. The growth of the market in North America is due to government initiatives undertaken for the prevention of diabetes. In particular, alternate point of care testing is fueling increased demand for self-monitoring solutions in North America.
• The Europe market is expected to be the second-largest market for diabetes monitoring devices market, accounting for over 28.7% of the market share in 2022. The growth of the market in Europe is due to the convenience and accuracy of continuous glucose monitoring (CGM) sensors in tracking glucose fluctuations throughout the day and night without multiple calibrations has made these devices very popular with diabetic patients in Europe.
• The Asia Pacific market is expected to be the fastest-growing market for diabetes monitoring devices market, with a CAGR of over 8.0% during the forecast period. A key driver of CGM's growth in the region has been the willingness of public insurers to cover their costs.

Figure 1. Global Diabetes Monitoring Devices Market Share (%), By Region, 2023

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Analyst’s View

Continuous glucose monitoring (CGM) devices have emerged as the leading product segment in the Asia Pacific (APAC) diabetes monitoring devices market. The advancements in CGM technology have allowed for reliable real-time glucose monitoring without the need for frequent finger pricks. This has provided immense benefits to the patients in managing their diabetes. Nations like Australia and South Korea have seen a rise in CGM adoption rates in recent years according to reports by the Australian Diabetes Society and the Korean Centers for Disease Control and Prevention. Countries with a higher prevalence of type 1 diabetes like Japan have also warmed up to the therapy, with local companies like Nipro and Arkray launching affordable CGM systems.

Global Diabetes Monitoring Devices Market- Drivers

• Growing prevalence of diabetes: Growing prevalence of diabetes across the world is a major factor driving the growth of diabetes monitoring devices market. Diabetes is a chronic health condition where the body is unable to produce or properly use insulin which leads to increased blood sugar levels. Both type 1 and type 2 diabetes have seen significant rise in recent decades. According to the data by International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally which is expected to rise to 643 million by 2030 and 783 million by 2045. Such rising patient base of diabetes translates to increased demand for devices that help in monitoring blood glucose levels.
• Technological advancements in devices: Technological innovations have significantly advanced diabetes monitoring devices in recent years. Continuous glucose monitoring (CGM) systems that do not require finger pricks are becoming more mainstream, giving patients much greater convenience and insights into how food, exercise, and medications affect their blood sugar levels throughout the day and night. The adoption of CGM systems is expected to increase substantially over the next few years. For example, according to the International Diabetes Federation, 6-10% of people with diabetes use CGM globally but this are estimated to rise to 25-30% by 2025. advancement that make these devices smaller, more user friendly and affordable will be crucial to enabling more widespread use.

Global Diabetes Monitoring Devices Market- Opportunities

• Advancing research in non-invasive glucose monitoring: Advancing research in non-invasive glucose monitoring through various novel technologies can prove to be a great opportunity in diabetes monitoring devices market. Traditionally, people with diabetes have relied on finger pricks several times a day to measure their blood glucose levels. However, non-invasive methods have the potential to revolutionize diabetes management by enabling continuous glucose monitoring without the need for invasive fingersticks. Various researchers are working on technologies such as ultrasound, mid-infrared, and near-infrared spectroscopies, impedance spectroscopy, thermophoresis, and glucose oxidase to create non-invasive glucose monitors. For instance, the companies are developing continuous glucose monitors that can painlessly and accurately measure interstitial glucose levels through the skin via ultrasound technology. Similarly, spectroscopic technologies analyze the absorption of specific wavelengths of light that pass through body tissues like skin, thus enabling real-time glucose readings. Some products read the electromagnetic radiation occurring from glucose-glucose oxidase interactions to derive accurate glucose values.
• Integration of smartphones with glucose monitors: Integration of smartphones with glucose monitoring devices provides a tremendous opportunity to advance diabetes care and transform the diabetes monitoring devices market. By connecting glucose monitors to apps on smartphones, diabetics have a convenient way to track patterns in their blood sugar levels throughout the day and share this valuable data with their care teams. This helps patients better manage their condition and physicians craft more tailored treatment plans. Some studies show that use of connected glucose monitors may help improve patient outcomes. For example, research conducted by the Centers for Disease Control and Prevention in 2022, found that type 1 and 2 diabetics patients who frequently checked their blood sugar levels and saw clear data trends on their phone, were better able to control their condition over time. They experienced fewer dangerous glycemic events like dangerously low or high blood sugar, as the data connections empowered them to spot problematic patterns sooner in making timely adjustments to diet, medications or exercise levels.

Global Diabetes Monitoring Devices Market- Trends

• Production of user-friendly and portable diabetes monitoring devices: There is a growing demand for simple to use devices that diabetics can discreetly carry with them throughout the day. Traditional devices requiring finger pricks or injections are invasive and inconvenient to use frequently. As a result, patients often do not monitor their blood glucose as often as recommended by doctors. The availability of small and non-invasive continuous glucose monitoring (CGM) devices that can be worn like a patch is helping to address this challenge. For example, Abbott's, a healthcare company; FreeStyle Libre CGM system allows wearers to scan the device with a smartphone to access glucose readings, by removing the need for finger pricks. Since its launch in selected countries in 2016, over 2 million people have started using this portable CGM till2021, according to the sources provided by Abbott.
• Development of continuous glucose monitoring systems: Development of continuous glucose monitoring (CGM) systems has significantly influenced the diabetes monitoring devices market in recent years. CGM systems provide critical information on glucose levels in real-time through a small sensor inserted under the skin that works continuously to detect glucose levels without the need for finger pricking. This offers major advantages over traditional self-monitoring of blood glucose systems by eliminating the need for multiple daily finger pricks and thus providing real-time alerts to help avoid hypo- or hyperglycemic events. Manufacturers have responded to demand by continuing to innovate and launch of new CGM systems with improved features. For example, Abbott launched its FreeStyle Libre 3 CGM system in 2021 claiming it offers the most accurate CGM technology along with enhanced notifications. According to company sources, the FreeStyle Libre franchise grew 26% in 2021, based in part on the latest product introductions. Dexcom, glucose monitoring device manufacturing company; also launched its latest G7 CGM system in 2022 touting over 10 days of wear and notifications without the need for finger pricks for calibration. Such advancements are allowing more diabetics to benefit from CGM's while also driving further growth in the diabetes monitoring market.

Global Diabetes Monitoring Devices Market Restraints

• High cost of innovative devices: High cost of innovative diabetes monitoring devices is posing significant challenges for the growth of the diabetes monitoring devices market. Advanced devices that accurately track blood sugar levels and trends through continuous glucose monitoring have great potential to improve diabetes management. However, the cost of these state-of-the-art monitoring systems is prohibitive for many patients. Continuous glucose monitors can cost over US$500 for a 1-month supply of sensors alone, not including additional expenses like transmitters and receivers. For patients requiring lifelong management of their diabetes, the economic burden of relying on the most advanced and effective monitoring technologies is immense. This high monetary barrier negatively impacts medication adherence and control of blood sugar levels

Counterbalance: The high cost of innovative devices needs to be made affordable so that the patients needing the device management for long term, are able to afford it.

• Lack of reimbursement in developing countries: Lack of adequate reimbursement policies in developing nations is significantly hindering the growth of diabetes monitoring devices market. Due to poorly defined reimbursement frameworks, the out-of-pocket expenditure for procuring monitoring devices like blood glucose meters, insulin pumps, and continuous glucose monitoring systems is considerably high for patients in developing countries. This deters many patients from regularly using life-saving diabetes management devices due to financial constraints. According to the reports published by the International Diabetes Federation (IDF) Diabetes Atlas in 2021, over 80% of people with diabetes live in low and middle-income countries. The Diabetes Atlas also estimated that 12% of global health expenditure is spent on diabetes, and people in developing countries often face catastrophic health expenditure in managing diabetes. The high treatment costs without proper insurance coverage can impoverish families and compromise the livelihood of millions in developing nations. Lack of health cover makes it very difficult for chronic diabetes patients to afford a continued purchase of monitoring devices and supplies which they need over their lifetime to manage their disease properly.

Figure 2. Global Diabetes Monitoring Devices Market Share (%), By Product Type, 2023

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Recent Developments

New product launches

• On December 2022, Dexcom G7, a global leader in real-time continuous glucose monitoring for people with diabetes; announced that U.S. Food and Drug Administration (FDA) cleared the next-generation Dexcom G7 continuous glucose moitoring (CGM) system for people with all types of diabetes ages two years and older.
• In June 2022, Abbott, a global healthcare company which provides life-changing technologies which product such as diagnostics, medical devices, nutritionals, and branded generic medicines; announced that it is developing a new biowearable that will continuously monitor glucose and ketone levels in one sensor.
• In September, 2023, Medtronic Plc., a global healthcare technology company, announced Conformité Européenne (CE) mark approval for its new all-in-one, disposable Simplera continuous glucose monitor (CGM) featuring a simple and two-step insertion process. The company's newest no-fingerstick sensor does not require over tape and is seamlessly integrated with the InPen smart insulin pen, which provides real-time, personalized dosing guidance to help simplify diabetes management.

Acquisition and partnerships

• In August 2022, Abbott, a global healthcare company which provides life-changing technologies which product such as diagnostics, medical devices, nutritionals, and branded generic medicines; and WW International, Inc., a human-centric technology company powered by the world's leading commercial weight management program; announced a strategic partnership that will help to provide people living with diabetes, better understand and manage their diabetes and weight. The companies are working together to integrate WeightWatchers’ diabetes-tailored weight management program with Abbott’s potfolio of FreeStyle Libre products to create a seamless mobile experience that will give people, living with diabetes, the information and insights, that are needed to make healthy adjustments to their diet, by improving their glucose levels, and, ultimately, gain more control of their health.
• In November 2022, Senseonics Holdings, a medical technology company, focused on development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, and Ascensia Diabetes Care, a global diabetes care company; developer of CONTOUR blood glucose monitoring (BGM) system portfolio and exclusive distributor of Eversense CGM Systems, launched a collaboration with the Nurse Practitioner group (NPG), a leader in multidisciplinary health services and medical staffing solutions.

Top Companies in Global Diabetes Monitoring Devices Market

• i-SENS, Inc.
• Ascensia Diabetes Care Holdings AG.
• Bayer AG
• Hoffmann-La Roche Ltd
• Johnson & Johnson Services, Inc. 
• Medtronic
• Dexcom
• Abbott
• Labiotech UG
• ARKRAY, Inc.
• Cnoga
• Sanofi 
• Lifescan

Definition: Blood glucose monitoring is the use of a glucose meter for testing the concentration of glucose in the blood. It is particularly important in diabetes management which includes a blood glucose test that is typically performed by piercing the skin to draw blood, and then by applying the blood to a chemically active disposable 'test-strip'.