Growing Prevalence of Diabetes & Technological Advancement are the Prime Drivers Boosting Market Growth

calendar_today 01 December, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global diabetes care devices market was pegged at ~US$ 68,733.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of ~8.3% from 2021 to 2031.

Diabetes prevalence has increased across the Middle East and Africa region, reaching an all-time high number mostly as a result of lifestyle changes. Numerous health issues are related to diabetes. Diabetes patients need to make several adjustments throughout the day to keep their blood glucose levels within acceptable ranges. Diabetes has become a growing healthcare burden in the region. In 2021, as per the International Diabetes Federation (IDF), Middle East and Africa region had 73 million persons with diabetes. By 2030 this number is likely to reach 95 million patients. Impaired glucose tolerance is a condition that affects 48 million persons in the MENA region, increasing their risk of type 2 diabetes. In 2021, healthcare cost for diabetics totalled to around USD 33 billion.

The COVID-19 pandemic had a favourable effect on the expansion of the Middle East and Africa diabetic care devices market. Diabetes problems, aberrant glucose variability, and increased blood glucose levels were experienced by COVID-19-infected patients with diabetes. In patients with either type 1 (T1DM) or type 2 diabetes mellitus (T2DM), the prevalence of diabetes significantly increased the severity and mortality of COVID-19, particularly in relation to poor glycaemic control. While newly diagnosed diabetes (T1DM and T2DM), as well as newly diagnosed hyperglycaemia, had become more widely recognised in the context of COVID-19 and are linked to worse outcomes. A patient's blood glucose should be checked frequently to prevent aggravation, which highlights the need of blood glucose self-monitoring devices. The pandemic emergency has led to an increase in remote patient and provider care and the removal of many enduring regulatory impediments.

The introduction of high-end insulin pumps and pens and other technological developments in diabetic devices are driving up demand for these devices. To capture a sizeable portion of the market, top manufacturers are concentrating on technological advancements and the development of cutting-edge products. For instance, in February 2019, Abbott and Novo Nordisk formed a non-exclusive partnership. This partnership was anticipated to contribute to the improvement of digital diabetes solutions. As part of this collaboration, the LibreView cloud-based system and the FreeStyle LibreLink mobile app will transmit the data collected by Novo Nordisk's prefilled durable connected pens to the digitally connected FreeStyle Libre system. Healthcare practitioners can evaluate both glucose and insulin data together with this technology integration, to manage diabetes easier.

Saudi Arabia dominated the market during forecast period. According to a survey by the IDF, more than one in ten Saudi Arabians currently have diabetes, and by 2045, this number will practically treble. According to the IDF research, 4.27 million of Saudi Arabia's population of 34.8 million have diabetes, and a further 1.86 million have the condition but have not yet received any diagnosis. By 2030, this number will rise to 5.6 million, and by 2045, it will reach 7.5 million. It is essential that insulin pumps are used in conjunction with CGM (Continuous Glucose Monitoring) equipment. It can be assumed that the number of CGM devices marketed will increase as more diabetic people use insulin pumps to manage their blood sugar levels. There will certainly be a demand for continuous monitoring in the upcoming years as type-1 patients need to maintain a constant eye on their blood glucose levels.

Furthermore, in July 2022, the Saudi government declared that there was an increase in the need for high-quality healthcare services in Saudi Arabia as a result of demographic trends, such as an ageing population and rising incidence of lifestyle disorders including diabetes and obesity. The development of healthcare entities, certificates, and laws involves both the public and commercial sectors. To ensure affordability, accessibility, and high-quality primary care with cost-effectiveness, the government is aiming to ensure that all Saudi residents have insurance coverage.

Some of the prominent market participants in the diabetes care devices include Abbott Laboratories Inc., F. Hoffmann La Roche AG, Novo Nordisk A/S, Becton, Dickinson & Company (Embecta Corp.), Terumo Corporation, B. Braun Melsungen AG, Medtronic Plc, and Dexcom Inc. among others

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