Number of pages: 120 | Report Format: PDF | Published date: 19 February, 2020
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Revenue forecast in 2031 |
US$ 32,255.9 million |
Market size value in 2020 |
US$ 68,733.5 million |
Growth Rate |
CAGR of 8.3% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast period |
2022-2030 |
Segments covered |
Type, End User |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
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 and is expected to register a revenue CAGR of 8.3% to reach US$68,733.5 million by 2030.
Market Fundamentals
Diabetes is a chronic metabolic disease that occurs when blood sugar levels are too high. It happens when the pancreas is unable to produce the insulin hormone. This condition is known as hyperglycemia (high blood sugar), which is a serious ailment gradually damaging the body’s functioning system, affecting the eyes, nerves, urinary system, etc., if left untreated. To monitor blood glucose levels and to deliver insulin, various diabetes care devices are used like glucose monitoring devices and insulin delivery devices respectively. From blood glucose meters and continuous glucose monitoring (CGM) to cutting-edge insulin pumps and more, devices are easier to use and less invasive.
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Market Dynamics
The global diabetes device market is driven by the rising prevalence of diabetes. The rising number of diabetic patients globally is a key factor supplementing the growth in demand for diabetes care devices rising the revenue of this market. Additionally, diabetes places a heavy financial strain on patients, caregivers, and the global healthcare system. Other aspects facilitating the revenue growth of the diabetes care devices market are expanding economies of countries in the Asia Pacific region. Additionally, more efforts are being made by healthcare professionals, manufacturers, and insurance providers to inform the patient community about effective diabetes management, leading to market revenue growth.
However, complicated stages of diabetes treatment, irregular consumption of oral antidiabetics and insulin, and inaccessibility to glucose monitoring devices are the challenges faced by the diabetes care device market. Also, the lack of technical standards regarding the procurement of the right device is one of the biggest challenges in the market.
Market Ecosystem
The global diabetes care devices market is analyzed from three perspectives: type, end-user, and region.
Diabetes Care Devices Market by Type
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Based on type, the market is segmented into insulin delivery devices, self-blood glucose monitors, and continuous glucose monitoring devices.
Within the insulin delivery device segment, the insulin pen needles account for the largest revenue share in the market. This is attributed to its set of utilization advantages including ease of use, higher precision, patient satisfaction, and new improvements in insulin pen needle devices.
The continuous blood glucose monitoring devices segment is expected to register high revenue growth during the forecast period. The continuous real-time and dynamic information about blood glucose levels and their ease of use amongst patients attribute to the revenue growth of this segment.
Diabetes Care Devices Market by End User
Based on end-users, the diabetes care devices market is segmented into home care, hospitals & clinics, diabetes specialty centers, and others (diagnostic centers and ambulatory care units).
The homecare segment dominates the global diabetes care devices market in terms of revenue share. This dominance is a result of the widespread use and high level of acceptability of self-blood glucose monitoring systems (SBGM). The increasing awareness about diabetes and the availability of innovative technologies in the form of glucose measurement devices, which can easily give a rapid result at home is driving the market revenue growth. Furthermore, the technological integration in these devices and due to the quick acceptance of CGM devices, this segment is expected to register significant revenue during the forecast period.
Diabetes Care Devices Market by Region
Based on region, the global diabetes care devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).
The market for diabetes care devices is dominated by North America in terms of revenue share. The significant position of North America in the global market is due to its huge diabetes population, increased awareness, improved diagnosis rate, and presence of well-developed healthcare infrastructure. In addition, advantageous insurance coverage, increased public awareness, and higher disposable incomes contribute to North America's dominant position in the global market for diabetes care equipment.
Competitive Landscape
The prominent players operating in the diabetes care devices market include:
Strategic Developments
The global diabetes care devices market is expected to reach US$ 68,733.5 million by 2030.
The revenue growth of the global diabetes care devices market is mainly driven by the rising prevalence of diabetes, rapid urbanization & sedentary lifestyle, the rising obese population, and the launch of technologically advanced devices.
Abbott, F. Hoffmann-La Roche Ltd, Novo Nordisk A/S, BD, Sanofi, and Terumo Corporation are among the prominent players operating in the global diabetes care devices market.
The global diabetes care devices market is expected to register a revenue CAGR of 9.0% between 2022-2030.
North America accounts for the largest revenue share in the global diabetes care devices market.
*Insights on financial performance is subject to availability of information in public domain
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