Number of pages: 120 | Report Format: PDF | Published date: 19 February, 2020
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global diabetes care devices market was pegged at US$ 32,255.9 million in 2021 and is expected to witness a CAGR of 8.3% during the forecast period.
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 the blood glucose levels and to deliver the 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.
The global diabetes device market is driven by the rising prevalence of diabetes. The continual growth in the proportion of diabetic patients globally is a key factor supplementing the growth in demand for diabetes care devices. Additionally, diabetes places a heavy financial strain on patients, caregivers, and the global healthcare system. Other aspects facilitating the growth of the diabetes care devices market globally are expanding economies of countries of 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 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.
The global diabetes care devices market has been analyzed from three perspectives: Type, End-User, and Region.
Diabetes Care Devices Market by Type
Based on type, the market has been segmented into Insulin Delivery Devices, Self-Blood Glucose Monitors, and Continuous Glucose Monitoring Devices. The overall market growth is attributed to the high prevalence of diabetes, greater awareness of utilization of these devices, cost burden of diabetes care, and technological advancements. Within the insulin delivery device market, the insulin pen needles segment has the largest share and growth rate in the market. This is attributed to its set of utilization advantages including ease of use, higher precision, patient satisfaction, and key players involved in coming up with new improvements in insulin pen needle devices.
Also, continuous blood glucose monitoring devices segment takes a large market share. The continuous real-time and dynamic information about the blood glucose levels and its ease of use amongst the patients attribute to its growth in the market.
Diabetes Care Devices Market by End User
Based on end-users, the diabetes care devices market has been segmented into home care, hospitals & clinics, diabetes specialty centers, and others (diagnostic centers and ambulatory care units).
The homecare segment dominates the diabetes care devices market. This dominance is a result of the widespread use and high level of acceptability of self-blood glucose monitoring systems (SBGM). Many market players are increasing awareness about diabetes and the availability of innovative technologies in the form of glucose measurement devices, which are mostly directed for home use. Technological integration in these devices is leading to its infiltration into homecare setup, leading to its influence in the market. Also, due to the quick acceptance of CGM devices, this segment is predicted to grow faster.
Diabetes Care Devices Market by Region
Based on region, the global diabetes care devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). The market for diabetes care devices is mainly dominated by North America. The significant position of North America in the global market is primarily 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 all contribute to North America's dominant position in the global market for diabetes care equipment.
Some of the prominent players operating in the diabetes care devices market includes:-