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What key factors are powering the surge in the diabetes diagnostics market right now?

Over the recent years, there has been a substantial expansion in the size of the diabetes diagnostics market. The market’s worth, which is projected to be $25.39 billion in 2024, is expected to increase to $27.39 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.9%. The surge during the historic timeline is due to factors such as increasing instances of diabetes, a growing aging population, a rise in sedentary lifestyles, a broader acceptance of minimally invasive diagnostics, and a mounting epidemic of obesity.

How fast Is the diabetes diagnostics market expected to grow, and what’s its future value?

The market size of diabetes diagnostics is projected to experience significant expansion in the coming years, reaching a total of $36.72 billion by 2029 with a CAGR of 7.6%. The predicted growth within the forecast period is due to factors such as the increasing usage of insulin pumps, advancements in diabetes technologies, a rise in unhealthy lifestyle choices, escalating prevalence of type 1 and type 2 diabetes, and the improvement of health care facilities. Key trends to observe during the forecast period encompass advancements in biosensor technology, technological progress, advancements in diagnostic technologies, personalized medicine, targeted therapies, and the growth of advanced technologies for in vitro diagnostic products.

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What are the leading drivers of growth in the diabetes diagnostics market?

Rise in obesity is predicted to boost the diabetes diagnostics market’s expansion. Obesity, characterized by an excessive accumulation of body fat, heightens the risk of several health issues, including heart disease and diabetes. The escalation in obesity rates can be attributed to factors such as inactive lifestyles, increased ingestion of processed and high-calorie foods, genetic predisposition, and insufficient physical activity. Diabetes diagnostics play a crucial role in the management of obesity by early detection of insulin resistance and glucose metabolism complications, facilitating timely preventive measures against weight gain and associated diseases. For instance, in September 2023, as stated by the Centers for Disease Control and Prevention, a US government body, in 2022, there was an adult obesity rate of 35% or more in 22 states, marking an increase from 19 states in 2021. Consequently, the rise in obesity is fuelling the growth of the diabetes diagnostics market.

What are the key segments defining the diabetes diagnostics market?

The diabetes diagnostics market covered in this report is segmented –

1) By Product Type: Blood Glucose Meters, Continuous Glucose Monitoring Devices, Lancets, Test Strips, Other Product Types

2) By Diabetes Type: Diabetes I, Diabetes II, Gestational Diabetes

3) By End-User: Hospitals, Diagnostic Centers, Homecare Settings, Other End-Users

Subsegments:

1) By Blood Glucose Meters: Traditional Blood Glucose Meters, Smart Blood Glucose Meters, Bluetooth-enabled Blood Glucose Meters

2) By Continuous Glucose Monitoring Devices: Wearable CGM Systems, Implantable CGM Systems, Flash Glucose Monitoring Devices

3) By Lancets: Single-use Lancets, Multi-use Lancets

4) By Test Strips: Standard Test Strips, Smart Test Strips

5) By Other Product Types: Hemoglobin A1c Testing Kits, Urine Glucose Test Strips, Blood Ketone Meters

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Who are the key players steering the development of the diabetes diagnostics market?

Major companies operating in the diabetes diagnostics market are Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bayer AG, Abbott Laboratories, Novartis AG, 3M Company, Medtronic plc, Regeneron Pharmaceuticals Inc., Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, DexCom Inc, Santen Pharmaceutical Co. Ltd., Topcon Corporation, Tandem Diabetes Care Inc, Ypsomed AG, LifeScan Inc, Nova Biomedical Corporation, Ascensia Diabetes Care Holdings AG, ARKRAY Inc, Optos plc, Bioland Technology Ltd, PTS Diagnostics Inc, AgaMatrix Inc, Senseonics Holdings Inc, DarioHealth Corp.

What emerging trends are influencing the growth of the diabetes diagnostics market?

Leading firms in the diabetes diagnostics market are putting an emphasis on creating ingenuous products including those for diagnosing gestational diabetes. This move is driven by their aim of extending the scope of their product offering and responding to the rising need for early diagnosis and control of diabetes during pregnancy. Medical devices or tests termed as gestational diabetes diagnostic instruments are designed for detection and keeping a check on gestational diabetes observed in expectant mothers, this usually constitutes tests for blood glucose like oral glucose tolerance test (OGTT), to evaluate the ability of the body to deal with sugar during gestation. For example, DirectSens GmbH, a biotechnology enterprise from Austria, in August 2024, unveiled its XpressGT RUO kit. This revolutionary biosensor tool is intended for identifying insulin resistance-related diseases such as gestational diabetes, endometriosis, and liver disease. It delivers quick results, gauging 2-hydroxybutyrate (2-HB) concentration in venous blood and it shows compatibility with standard clinical analyzers. This inventive solution aims at offering early diagnosis, which could potentially enhance the prognosis for millions of patients across the globe.

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Which regions are most influential in expanding the diabetes diagnostics market?

North America was the largest region in the diabetes diagnostics market in 2024. The regions covered in the diabetes diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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