Worldwide Diabetes Monitors Market is Expected to reach USD 17458.1 million by 2023 at a CAGR of 8.3%

The global diabetes monitors market is growing mainly due to the technological advancements. According to a recent study report published by the Market Research Future, The global diabetes monitors market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

Monitoring glucose level is expected to prolong life expectancy as it enables the management of hypo- or hyperglycaemia. Self-monitoring method is most commonly used to check blood glucose level. The method involves sampling blood from a finger or any other body part, to be analysed with the help of test strips and a glucometer. Although blood remains the most commonly used sample, other biological fluids such as ocular fluid, sweat, breath, interstitial fluid, saliva or urine can also be used as an alternative samples for non-invasive continuous monitoring. Glucose monitoring is used to optimize treatment strategies, and provide an insight to the effect of diet, medications, and exercise on the patient.

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Notably, increasing technological advancement is the key factor driving the diabetes monitors market. For instance, due to increasing acceptance of CGM systems multitude of products have been introduced by leading players, such as Medtronic Diabetes Guardian Real-Time, DexCom G4 Platinum, MedtroniMiniMed Paradigm Real-Time Revel, and others.

Other factors such as, rise in prevalence of diabetes, huge research funding in diabetes diagnosis and treatment, rising approval from regulatory bodies, and increasing global prevalence of obesity are also fuelling the market growth.

Despite these drivers, stringent reimbursement policies, and cost associated with treatment are expected to decline the market growth.

On considering the recent trends, it is observed that continuous glucose monitoring (CGM) devices are gaining popularity across the globe. However, high cost of device is still an area of concern.

Global Diabetes Monitors Market - Competitive Analysis

Panasonic (Japan), Abbott Laboratories (U.S.), Dexcom, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Medtronic (U.S.), LifeScan, Inc. (U.S.), Sanofi (France), are some of the prominent players at the forefront of competition in the diabetes monitors market and are profiled in MRFR Analysis.

The global diabetes monitors market is currently dominated by few players.

Abbott Laboratories is one of them by holding a strong share in the market. The company is a global leader that develops and manufactures pharmaceuticals and medical products. The prime emphasis of the company is on production of innovative products. For instance, in 2016, Abbott launched two apps in Europe for FreeStyle Libre i.e. LibreLink, and LibreLinkUp, and received FDA approval for FreeStyle Libre Pro. In the year 2014, Abbott Received European approval to launch the Freestyle Libre System. Further, the company has also invested heavily in various research and development activities to bring innovative products in the market and to cater to the unmet market needs.

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LifeScan, Inc. is also one of the leading player in diabetes monitors market. The company’s stronghold is largely attributed to its innovative and sustainable products. LifeScan, Inc. operates as a subsidiary of Johnson & Johnson. In 2016, to sustain its place in the diabetes monitors market, the company has entered a strategic agreement with WellDoc Corporation to advance Mobile Care Solutions for Type 2 Diabetes Patients, and in the same year company has launched Bluetooth-enabled OneTouch Verio Flex blood glucose meter.

Hoffmann-La Roche Ltd is another renowned market player in diabetes monitors market. The company adopted the strategy of collaboration with other leading organization to sustain their position in the market. For instance, in 2013, Roche teamed up with Novo Nordisk to launch a prefilled cartridge for the users of insulin pump. Additionally, the company has a huge product portfolio and good brand identity. In 2016, the company launched Accu-Chek Guide, to provide advanced accuracy for reliable diabetes management.

Merging, and acquisitions have become a key to sustain in the market for various marketers. On Sep 12, 2016, Sanofi teamed up with Verily Life Sciences to launch Onduo. It is a diabetes-focused Joint Venture.

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Other factors such as, rise in technological innovations, huge research funding in diabetes diagnosis and treatment, rising approval from regulatory bodies, and increasing global prevalence of obesity are also fueling the market growth. According to the Fogarty International Center, National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) and two renowned research agencies of India took an initiative in 2013 to fund a joint diabetes research agenda.
However, stringent reimbursement policies, and high cost associated with diagnosis and treatment of diabetes may hinder the growth of the market over the forecast period. According to a research study published in Journal of Diabetes Science and Technology in 2015, it is found that only a few patients in Germany i.e., <2000 use Continuous glucose monitors(CGM) due to the high costs.

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