According to FutureWise analysis the market for diabetes management devices in 2023 is US$ 44.99 billion, and is expected to reach US$ 94.48 billion by 2031 at a CAGR of 9.70%.
The rapid urbanization and sedentary lifestyles that contribute to the escalation of diabetes is one of the major factors driving the market for diabetes Management devices. Further factors contributing to the market growth include technological advancements in the field of diabetes devices, an increase in obese population, consumption of junk food, and the need for a faster and safer diagnosis and treatment of diabetes. A blood glucose monitoring device doesn't provide a precise reading of blood glucose, but rather provides a range of ranges within which a patient's blood glucose level may fall. Moreover, some diabetes care devices are associated with adverse effects, which hinders market growth. The growth of the diabetes monitoring market is expected to be driven by an increase in awareness about diabetes monitoring devices and untapped market opportunities in developing regions. Glucose meters or glucose monitoring devices are medical devices used to determine the approximate levels or concentrations of glucose in the blood of diabetics. Various methods can be used to measure the concentration of glucose, including test strips, lancets, and others. Insulin delivery devices are experiencing various technological advancements for better and more efficient delivery of insulin. Wearable drug delivery devices are one of the newer insulin delivery devices. Due to improved drug delivery and glucose control, adoption of such devices will increase. Due to the rise in diabetes incidence, the aging population, the high demand for self-care, and technological advancements in blood glucose monitoring devices, blood glucose monitoring devices have experienced rapid growth. Furthermore, the growth of blood glucose monitoring devices is being encouraged by the expansion of online marketing strategies.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Diabetes Management Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Diabetes Management Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.