Study: CGMs Outpacing Test Strips in Diabetes Market
The market for diabetes management devices will exceed $28 billion by 2032, according to forecasts from IDTechEx.
The market for diabetes management devices will exceed $28 billion by 2032, but test strips will represent only 6.7 percent of that total, according to a new study from market researchers IDTechEx.
That share is down from a peak of 63.4 percent of the diabetes management market that test strips held in 2010, according to Diabetes Management Technologies 2022-2032: Markets, Players, and Forecasts. Moreover, innovations such as continuous glucose monitors, non-invasive glucose monitors, insulin pens, insulin pumps, and artificial pancreas systems will drive market growth.
The report examines a broad range of diabetes-related care technologies and systems and how each might impact the diabetes care market. As part of that effort, IDTechEx highlights the development of closed-loop and hybrid closed-loop care systems that could automate the entire diabetes management process.
“As such, the commercial launch of such a system could potentially expand a largely saturated insulin infusion pump market,” a statement from IDTechEx read. “This has seen a flurry of partnerships over the last few years between insulin pump makers such as Tandem Diabetes Care and Insulet with CGM leaders Abbott and Dexcom for the development of hybrid closed-loop systems.”
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SOURCE: Diabetes management device industry 2021: Market shares of each device type from the IDTechEx report, Diabetes Management Technologies 2022-2032: Markets, Players, and Forecasts.