
<PAGE>
 
                                                                      EXHIBIT 23
 


                          Independent Auditor's Consent


The Board of Directors and Shareholders
Diametrics Medical, Inc.


We consent to the incorporation by reference in the Registration Statement (Nos.
333-63689, 333-63687, 333-51951, 333-33257, 333-24169, 333-24167, 333-24079 and
33-83572) on Forms S-3 and S-8 of Diametrics Medical, Inc., of our report dated
February 8, 1999, relating to the consolidated balance sheets of Diametrics
Medical, Inc. as of December 31, 1998 and 1997, and the related consolidated
statements of operations, shareholders' equity and cash flows for each of the
years in the three-year period ended December 31, 1998, which report is
incorporated by reference in the Annual Report on Form 10-K of Diametrics
Medical, Inc.



                                          /s/ KPMG Peat Marwick LLP

Minneapolis, Minnesota
March 30, 1999
