Diabetic Monitoring Devices Market Size, Share, Growth, Trends, and Industry Analysis: By Product Type (Standard Blood Glucose Meters (SBGM) and Continuous Glucose Monitors (CGM), By Disease Indication (Type 1 Diabetes and Type 2 Diabetes), and Region

Diabetic Monitoring Devices Market size was valued at USD 514.2 million in 2023 and is poised to grow at a CAGR of 4.0% from 2024-2030. The market is driven mainly by the increasing prevalence of diabetes, sophisticated technology, and the growing use of insulin delivery devices. Blood glucose monitoring system devices are used to measure glucose levels in an individual's blood. These systems play a vital role in patients suffering from type 1 and type 2 diabetes. According to its estimates, IDF reports a very high and increasing global prevalence of diabetes, in 2021, around 10.5% of the adult population of the age group 20-79 years was reported to be suffering from diabetes.

That would amount to approximately 537 million adults in the world, and by 2045 IDF projected that there will be 783 million adults affected with diabetes, which is almost every 1 in 8 adults. This is driven by factors such as urbanization, aging of the population, decreased levels of physical activity, and rising overweight and obesity rates. This changing prevalence ratio coincides with a growing demand for effective management tools such as diabetic monitoring devices. However, constraints such as high costs of devices, inadequate reimbursement policies, lack of awareness in developing countries, and the invasive nature of some devices. Growth in wearable technology, expansion in emerging markets, telemedicine and remote monitoring, and AI and data analytics integration are the opportunities that were constants of the diabetic monitoring devices market can overcome. Some current trends in the diabetic monitoring devices market are the increasing use of continuous glucose monitors (CGMs), artificial pancreas development, integration with mobile health apps, and a shift toward non-invasive monitoring.

Diabetic Monitoring Devices Market Key Developments:

• In May 2021, the medical device company Dinova Medtech entered a partnership with the American company Metronom Health, which has been developing CGM systems. The companies created a joint venture in China focused on the development and manufacturing of the system, as well as the sales of the system in China.
• In May 2023, Medtronic plans to acquire EOFlow, a manufacturer of insulin devices. This combination is set to further expand the company's ability to address more people with diabetes when combined with its Meal Detection Technology algorithm and next-generation CGM.
• In April 2023, Undbio announced an investment of USD 100 million to build insulin manufacturing in the US. The company is a South Korean firm that has decided to set up a new facility in West Virginia for insulin manufacturing and distributing products within the country.
• In July 2023, CharmHealth and Bioverge have invested together into a startup called My Diabetes Tutor working towards creating change in the lives of the diabetic population.