Diabetes Monitors Market Overview
The Diabetes Monitors Market is projected to reach USD 13.68 Billion by 2032 at 7.8% CAGR during the forecast period 2023-2032. Diabetes mellitus is a chronic disease resulting from an inadequacy of insulin in the body. The condition triggers elevated blood-glucose concentrations. As a result, glucose level monitoring is done regularly to prolong life expectancy by effectively managing diabetes.
Diabetes is a commonly related factor related to mortality and seriousness of the coronavirus disease infection. The need for diabetes patients to shield themselves against infection, especially health care workers in great danger of COVID-19, is critical to the safe handling of the pandemic's effect. As it has been proven that patients with diabetes are at risk of severe disease, it has been deemed essential to uphold strict glycemic control concurrently with COVID-19 treatment to improve results. The present epidemic of COVID-19 has permitted the latest technologies to manage high-risk patients with diabetes through telehealth and benefit those patients. Furthermore, shielding health care workers at high risk of COVID-19 is critical as they are the key to the pandemic's overall handling.
Diabetes Monitors Market Dynamics
Increasing Prevalence and Incidence Of Diabetes Mellitus
The uptick in detection rates of diabetes has raised the requirement for continuous monitoring in some cases, which is predicted to benefit the diabetes monitor market.
Rise In Technological Innovations
The accelerated pace of innovation in medical devices is estimated to be seen in diabetes monitoring devices, thus enhancing the overall diabetes monitor market stake.
Research Funding In Diabetes Diagnosis And Treatment
The augmented flow of funds into the research of diabetes is estimated to bolster the diabetes monitor market in the coming period.
Rising Awareness And Screening For Diabetes Mellitus
Better diagnostic tools have increased detection rates, consequently leading to better awareness of diabetes and its complications.
Technologically Advanced Products
The cutting edge developments in diabetes monitors with the inclusion of sensors is estimated to promote the diabetes monitor market in the upcoming years.
Stringent Reimbursement and Insurance Policies In Developing Nations
The strict reimbursement protocols instated in certain regions may restrict the diabetes monitor market growth in the forecast period.
Diabetes Monitors Market Segment Overview
Based on Sample
The blood sample segment is anticipated to control the most extensive market part of 75.70% in the review period, and it is also expected to develop at the speediest CAGR of 8.6%
Based on Type
The continuous glucose monitors segment is appraised to expand at the top spot in the segment through the forecast period.
Based on Components
The sensors segments are estimated to gain the forecast period's chief stake.
Based on End-Users
The hospital segment is forecasted to lead the forecast period's overall segment.
Diabetes Monitors Market Regional Analysis
Americas Region To Power Ahead
The Americas dominate the diabetes monitors market due to the patient population, sophisticated technology, high healthcare spending, and the important players' existence in the region. Due to the condition's high occurrence, private organizations, companies, and government associations are actively improving diabetes care in the region.
Technology To Fortify The European Region's Market
The European regional market holds the following place in the diabetes monitors market. It is anticipated that the government organizations' support for research & advancement, along with high-tech technology, is driving the market in the European region.
APAC To Capitalize On Cost-Effective Solutions
The Asia Pacific diabetes monitor market in the region is the fastest rising throughout the forecast period. A collective need for rapidly advancing technology, lucrative glucose monitoring devices, and a huge patient pool drive this market's growth in the Asia Pacific.
Diabetes Monitors Market Competitive Landscape
The promising contenders in the Diabetes Monitor Market are
- Abbott Laboratories
- Dexcom, Inc.
- Hoffmann-La Roche Ltd
- LifeScan, Inc.
A Japanese startup claims to have resolved one of the chief medical technology problems of noninvasive continuous glucose monitoring. Quantum Operation Inc has revealed that its model wearable can precisely measure blood sugar from the wrist. The prototype stuffs in a small spectrometer to scan the blood to measure glucose. Quantum's pitch adds that the watch can deliver other vital signs, including ECG and heart rate. The wearer needs to slide the watch on and start the menu's monitoring, and after around 20 seconds, the data is presented.
According to reports, Apple Watch Series 7 plans to check blood glucose through optical sensors. It will exploit a no-blood sampling method that perceives glucose levels in the blood using an optical sensor. Apple has attained a patent on blood glucose monitoring. The company is dedicated to guaranteeing technical reliability and constancy before commercializing the product. The industry believes that Apple's optical sensor can realize continuous monitoring without an implant.
California has proposed presenting USD 12 million to expand coverage of constant glucose monitors (CGMs). The 2021-22 budget tender is intended to increase access to CGMs among adults with Type 1 diabetes who are protected by California's Medicaid program Medi-Cal. Dexcom, Medtronic, Abbott, and Senseonics contend for the U.S. CGM market. The trade group AdvaMed hailed the proposal, arguing it will decrease overall healthcare charges, and called on other states to take comparable steps to ensure access to CGMs.
Teladoc Health will unveil a pilot demo of Dexcom's wearable, continuous glucose monitoring systems in patients with Type 2 diabetes, picking up the torch from the device maker's collaboration with Livongo following its USD 18.5 billion purchase last year. The project will start by providing the blood sugar sensors at no cost to specific members of Teladoc and Livongo's diabetes program before increasing the pilot's reach in the year. The goal is to progress consequences and healthy glucose levels among people with Type 2 diabetes by delivering them with the same real-time recommendations for lifestyle decisions, isual data, and personal inclinations offered to individuals with Type 1 diabetes.
A computer vision technology advanced by University of Cambridge engineers has now been created into a free mobile phone app for consistent monitoring of glucose levels in people with diabetes. The app uses computer vision methods to read and record the glucose levels, date, and time displayed on a typical glucose test via a mobile phone camera. The technology, which doesn't necessitate an internet or Bluetooth connection, works for any glucose meter, any alignment, and many light levels.
Medtronic has stated its intention to acquire insulin pen manufacturer Companion Medical for an unspecified amount. Companion Medical's product portfolio comprises the InPen FDA-cleared smart insulin pen system combined with an integrated diabetes management app on the diabetes monitors market. It is intended to aid in calculating insulin doses, trace active insulin, and send reports to caregivers and is obtainable in the U.S. by prescription only. The InPen adds to Medtronic's diabetes range of the MiniMed insulin pump, Guardian CGM, and more.
Diabetes Monitors Market Report Overview
- Blood Samples
- Sweat Samples
- Urine Samples
- Point Sample Test-Based Glucose Monitors
- Continuous Glucose Monitors
- Enzyme Free Sensor-Based Glucose Monitors
- Glucose test strips
- Diagnostic Clinics
USD 13.68 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Sample, Type, End Users
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Panasonic, Abbott Laboratories, Dexcom, Inc., Hoffmann-La, Roche Ltd, Medtronic, LifeScan, Inc., Sanofi
Key Market Opportunities
· Technologically Advanced Products
· Research Funding In Diabetes Diagnosis And Treatment
Key Market Drivers
· Increasing Prevalence and Incidence Of Diabetes Mellitus
· Rise In Technological Innovations
· Rising Awareness And Screening For Diabetes Mellitus
Frequently Asked Questions (FAQ) :
Diabetes Monitors market is projected to grow at an 7.8% CAGR between 2023-2032.
Diabetes Monitors market predicted to touch USD 13.68 Billion by 2032.
Panasonic,Abbott Laboratories,Dexcom, Inc.,Hoffmann-La Roche Ltd,Medtronic,,LifeScan, Inc.,Sanofi
The blood sample segment will dominate the Diabetes Monitors market.
High diagnosis & treatment cost and stringent reimbursement policies may limit the Diabetes Monitors market growth.
The Americas is projected to lead the Diabetes Monitors market.
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