Diabetes Care Devices Market by Type (Insulin Delivery Devices, Self-Blood Glucose Monitors, and Continuous Glucose Monitoring Devices], End User [Homecare, Hospitals & Clinics, and Diabetes Specialty Centers] – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global Diabetes Care Devices market was pegged at US$ 32,255.9 million in 2021. The market is expected to witness a CAGR of 8.3% from 2022 to 2030.
The rising prevalence of diabetes population globally, expanding economies of the APAC region, and increased awareness of diabetes care by various stakeholders contributed to the growth of the diabetes care devices market. However, poor accessibility of the devices and insufficient technical guidelines concerning buying the correct devices leads to a downfall in the market growth.
According to a WHO report, around 430 million people globally are suffering from diabetes, a major chunk of which inhabits middle and low-income countries. This number is predicted to grow further in the coming years. This occurrence directly affects the diabetes care devices market in a positive way. Glucose monitoring devices especially continuous glucose monitors are dominating the market because of their dynamic results to produce real-time glucose levels and convenient usage among consumers.
Asia Pacific countries mainly China, India, and others are transitioning into developed economies. Hence, there is a shift in the disease pattern. There is a significant rise in non-communicable diseases like diabetes, cardiovascular disease, etc. According to IDF 2021 figures, the incidence of diabetes is expected to rise to 643 million by 2030. This in turn would positively affect the diabetes care devices market, especially the self-blood glucose monitoring system. Since diabetes has a huge cost burden, there is a requirement for low-cost strips and monitors for this geographical region. Thus, SBGM can significantly impact the glycosylated hemoglobin values in this area, and that will impact the direct and indirect burden of diabetes and its complications.
Several governments are working on providing optimum and affordable diabetes care. For instance, the Affordable Care Act-‘Obamacare’ provides coverage to patients suffering from diabetes in terms of diabetes screening, diet counseling, and blood pressure screening. Also, many companies are focused on minimizing the costs of diabetes care devices. This could increase the demand for such devices, consequently boosting the global diabetes care devices market. Also, it is anticipated that if a reimbursement policy is in place, it might lead to growth in the continuous glucose monitoring system.
Many countries especially the LMICs, face issues like accessibility to drugs and devices. This is due to many factors such as shortages and stockouts of essential medicines. Also, the growing problem of substandard and falsified medical products entering the global supply chain is a big challenge for the diabetes care devices market to grow. Furthermore, operational changes in the devices, for instance, SBGM, may result in new test strips that are incompatible with the old meter. This results in the discontinuation of old meters and related strips from the market on a large scale. This factor is a challenge for diabetes care device market growth.
The Asia Pacific region is expected to be the fastest-growing diabetes care device market. The region's high growth is due to the rapid development of medical infrastructure, lifestyle changes, and a significant increase in the region's overweight and obese population due to unhealthy eating habits, government initiatives, and educational programs, and high clinical unmet needs. is. About 60% of the world's diabetics live in Asia. Countries like India and China in the APAC region are expected to offer significant growth opportunities for the market as more than 180 million people with diabetes live in the region and more than 95% have type 2 diabetes.
Some of the prominent players operating in the diabetes care devices market are Abbott, F. Hoffmann-La Roche Ltd, Novo Nordisk A/S, Becton, Dickinson & Company (Embecta Corp.), Terumo Corporation, B. Braun Melsungen AG, Medtronic, ARKRAY USA, Inc., ACON Laboratories, Inc., Dexcom Inc., Tandem Diabetes Care, Ypsomed Holding AG Inc., Eli Lilly and Company, Ascensia Diabetes Care Holdings AG, and LifeScan, Inc.