Global Diabetes Monitoring Devices Market, By Product Type (Self-Monitoring Blood Glucose Devices and Continuous Glucose Monitoring Devices), By Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 10.90 Bn in 2023 and is expected to exhibit a CAGR of 8.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focusing on adopting growth strategies such as launch of new products, which will fulfill the growing demand for diabetes monitoring devices due to the increasing cases of diabetes. For instance, in November 2022, Eli Lilly and Company, a healthcare company, focused on diabetes care, treating obesity and alzheimer’s disease; announced to commercialize its first connected platform, the Tempo Pen, which work together to deliver personalized guidance for adults with diabetes. The Smart Button was cleared by the U.S. Food and Drug Administration (FDA) on September 16, 2022. The compatible app was developed in partnership with Welldoc, a chronic care company; and is a private label iteration of the company’s BlueStar, a diabetes management app, customized to receive insulin dose-related data from the Tempo Smart Button.
Global Diabetes Monitoring Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding the transportation of things from one place to another.
COVID-19 had a positive impact on the global diabetes monitoring devices market, owing to growing adoption of rapid tests at home due to the social distancing norms by the government.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Diabetes Monitoring Devices Market”- Forecast to 2030, Global Diabetes Monitoring Devices Market, By Product Type ((Self-Monitoring Blood Glucose Devices and Continuous Glucose Monitoring Devices), By Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/diabetes-monitoring-devices-market-1278
Key Takeaways of the Global Diabetes Monitoring Devices Market:
- Global diabetes monitoring devices market is expected to exhibit a CAGR of 8.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global diabetes monitoring devices market.
- Among prodyct type, the self-monitoring blood glucose devices segment is expected to hold a dominant position in the global diabetes monitoring devices market during the forecast period and this is due to the technological advancements in the field of diabetes monitoring devices. For instance, in July 2021, Terumo Corporation, a global medical technology with an extensive portfolio of vascular intervention, blood transfusion and cell therapy, and medical products essential for daily clinical practice such as transfusion systems, diabetes care, and dialysis treatment; launched the Dexcom G6 continuous glucose monitoring (CGM) system in Japan. U.S. based Dexcom, Inc., manufactures the product, and Terumo Corporation holds the exclusive distribution agreement in Japan since their partnership in 2018.
- Among region, North America is expected to be the dominant region in the global diabetes monitoring devices market, due to the key market players focusing on organic strategies to start new product launches.
- Major players operating in the global diabetes monitoring devices market are i-SENS, Inc., Ascensia Diabetes Care Holdings AG., Bayer AG, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Medtronic, Dexcom, Abbott, Labiotech UG, ARKRAY, Inc., Cnoga, Sanofi, and Lifescan, .
