DIABETES MONITORING DEVICES MARKET ANALYSIS

Diabetes Monitoring Devices MarketSize and Trends

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.

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.