Top 5 Companies in Diabetes Care Devices Market 2023
Diabetes is a chronic metabolic disorder caused by abnormally high blood sugar levels. It occurs when the pancreas is unable to make insulin. If left untreated, this condition is known as hyperglycemia (high blood sugar), a severe condition that gradually damages the body's functional system, affecting the eyes, nerves, urinary system, etc. As a result, appropriate measures must be taken to eliminate these issues.
Diabetes care devices are one of the most cost-effective options for regulating blood sugar levels. Since glucose is the body's primary energy source, advanced diabetes care devices produce insulin.
Diabetes is one of the world's fastest-rising medical conditions. People develop diabetes because of poor lifestyles and food habits. After a comprehensive study of the diabetes care devices market, Growth Plus Reports experts found that the market is expected to register an 8.3% CAGR to reach US$68,733.5 million by 2030.
The diabetes care devices market is moderately competitive, with only a few major players. The competitors' rivalry is fierce, as everyone attempts to develop new technology and offer it at a competitive price. Additionally, companies are expanding into new markets to improve their market share, particularly in emerging nations where demand exceeds supply.
Top 5 Players Operating in the Diabetes Care Devices Market are:
- Novo Nordisk: Novo Nordisk is a Danish company that dominates the global market for diabetes treatment devices. It is known to develop the best effective treatments for diabetes worldwide. The company was established in 1923 to offer novel diabetes-control methods. It is headquartered in Bagsvaerd, Denmark.
- Abbott: Abbott is a multinational healthcare and medical equipment company. Abbott is also recognized for its commitment to developing game-changing medical technology. Since its establishment in 1888, the company has explored various techniques to combating diseases that have hampered humanity's development. As a result, it is one of the biggest names in the world of diabetes care devices.
- Roche: Roche was founded on January 15, 1896, and is headquartered in Basel, Switzerland. Roche is committed to creating a better world through scientific excellence and strong ethics. Roche is dedicated to developing the best medical solutions, including diabetes care devices.
- Sanofi: Sanofi was established in 1973, and in 1999 it merged with Synthélabo to form Sanofi-Sythélab. It is a French medical company founded to overcome the barrier between medical facilities and the needs of patients. Sanofi currently has a presence in 100 countries, allowing it to provide cutting-edge medical solutions to its customers.
- Johnson & Johnson: Founded on January 1, 1886, Johnson & Johnson is the world's largest medical company, operating in numerous sectors. It has been dedicated to keeping people healthy at all ages and stages of life since its beginning 130 years ago. J&J is committed to enhancing medical equipment accessibility and affordability globally.
Recent Developments in the Diabetes Care Devices Market
- Roche Diabetes Care India (RDC India) launched the Accu-Fine in May 2022; it is a high-quality pen needle that improves insulin delivery by making it easier and less painful.
- Abbott, CamDiab, and Ypsomed partnered in April 2022 to develop and market an integrated automated insulin delivery (AID) system in Europe.
- Abbott announced new partnerships with key health-tech companies BeatO, Sugar Fit, PharmEasy, GOQii, 1MG, Zyla Health, HealthifyMe, and Fitterfly in February 2022, marking the beginning of an era of comprehensive diabetes management care. Abbott hopes to provide glucose-monitoring solutions to millions of diabetes patients through these partnerships.