Diabetes Care Devices Market

Report Overview

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:

• Abbott
• F. Hoffmann-La Roche Ltd
• Novo Nordisk A/S
• BD
• Sanofi
• Terumo Corporation
• B. Braun Melsungen AG
• Medtronic
• ARKRAY USA, Inc
• ACON Laboratories, Inc.

Strategic Developments

• In February 2022, Abbott announced new collaborations with key health-tech partners BeatO, Sugar Fit, PharmEasy, GOQii, 1MG, Zyla Health, HealthifyMe, and Fitterfly ushering in a new era of holistic diabetes management care. Through these collaborations, Abbott aims to offer glucose-monitoring solutions to millions of diabetic patients. 
• In May 2022, Roche Diabetes Care India (RDC India) announced the launch of Accu-Fine, quality pen needles to make the process of insulin delivery smoother and virtually painless for people with diabetes. This aims to deliver insulin easily, leading to better diabetes management.

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