Diabetes care devices play a critical role in determining blood sugar levels and managing insulin production in the body. These devices are essential tools provided to diabetic patients for real-time monitoring of their blood glucose levels, enabling improved treatment for diabetes as a chronic condition. Among the widely used devices are continuous glucose monitors (CGMs), which track and monitor blood glucose levels throughout the day. These wearable devices offer significant benefits to patients, supporting them in effectively managing their glucose levels and optimizing their overall diabetes care.
According to Data Bridge Market Research the Diabetes Care Devices Market accounted USD 29.02 billion in 2022, is expected to reach USD 56.57 billion by 2030, at a CAGR of 8.7% during the forecast period 2023 to 2030.
“Surging diabetes prevalence spurs market growth”
The increasing prevalence of diabetes is a significant driver for the growth of the diabetes care market. According to the International Diabetes Federation, the global diabetic population is projected to reach 81 million by 2045. The United Kingdom, France, Germany, Spain, and Italy are among the top five countries with high diabetic populations. In North America, there are already over 29 million diabetic patients, and this number is expected to reach 34 million by 2027, with the United States alone recording more than 26 million diabetes patients in 2021. These statistics propel the growth of the market.
What restraints the growth of the diabetes care devices market?
“The costly gadgets and difficulty to use diabetes care devices”
The glucose testing device in diabetes care can be costly and cause discomfort. Moreover, the accuracy of results from diabetes care devices is not always precise. Several factors hinder the expansion of the market, such as the painful insertion of sensors and the challenge of accommodating multiple devices on small bodies. Additionally, issues like disruptive alerts, signal loss, data gaps, skin irritation, adhesive problems, and the overwhelming amount of information generated by these devices pose challenges in interpreting the data effectively.
Segmentation: Diabetes Care Devices Market
The diabetes care devices market is segmented on the basis of product type, device type, and delivery type and distribution channel.
- On the basis of product type, the diabetes care devices market is segmented into blood glucose monitoring devices, testing strips, blood glucose meters, self-monitoring blood glucose meters, continuous blood glucose monitoring devices, lancets, others, insulin delivery devices
- On the basis of device type, the diabetes care devices market is segmented into self-monitoring and diagnostic
- On the basis of delivery type, the diabetes care devices market is segmented into pumps, pen, syringes, injectors, cartridges in reusable pens, disposable pens, and jet injectors
- On the basis of distribution channel, the diabetes care devices market is segmented into institutional sales, hospitals, clinics, others, retail sales, hospital pharmacies, retail pharmacies, online pharmacies.
Regional Insights: North America dominates the Diabetes Care Devices Market
North America's diabetes care devices market holds a dominant position, primarily driven by its well-developed healthcare infrastructure and favorable reimbursement policies. These factors create a conducive environment for the adoption and utilization of diabetes care devices, contributing to the region's market dominance.
Meanwhile, the Asia-Pacific region is projected to exhibit the highest growth rate from 2023 to 2030. This growth can be attributed to several factors, including the increasing incidence of various cancers such as the esophagus, liver, bladder, pancreas, and others. The region also benefits from the presence of major manufacturers across the United States, technological advancements in diabetes care devices, and rising foreign investment. These factors collectively drive the growth of the diabetes care devices market in the Asia-Pacific region.
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Recent Developments in Diabetes Care Devices Market
- In 2021, Medtronic achieved a significant milestone by obtaining a CE mark for its InPen smart insulin pen and Guardian 4 sensor, enhancing diabetes management capabilities for patients.
- In 2021, Medtronic introduced the Medtronic Extended infusion set in select countries. This innovative development extends the wear time of an infusion set, enabling users to experience fewer interruptions and insertions while maintaining the safety and efficacy of insulin pump therapy. This advancement adds convenience and comfort to diabetes management routines.
- In 2020, Novo Nordisk made headlines with its acquisition of Emisphere Technologies, a drug delivery technology company. This strategic move is expected to provide Novo Nordisk with a competitive advantage in the oral antidiabetic market, strengthening its position in the industry.
The Prominent Key Players Operating in the Diabetes Care Devices Market Include:
- Abbott (U.S.)
- PHC Holdings Corporation (Japan)
- WellDoc, Inc (India)
- Sanofi (France)
- Dexcom, Inc (U.S.)
- DarioHealth Corp. (U.S.)
- Medtronic (Ireland)
- B. Braun SE (Germany)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Insulet Corporation (U.S.)
- Ascensia Diabetes Care Holdings AG (Switzerland)
- Tidepool (U.S.)
- Medtronic (Ireland)
- Tandem Diabetes Care (U.S.)
- LifeScan (U.S.)
- AgaMatrix (U.S.)
- Glooko Inc. (U.S.)
- DarioHealth (Israel)
Above are the key players covered in the report, to know about more and exhaustive list of diabetes care devices market companies contact, https://www.databridgemarketresearch.com/contact
Research methodology: Global Diabetes Care Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
