Number of pages: 100 | Report Format: PDF | Published date: February 19, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global diabetes care devices market was valued at US$ 36.38 billion in 2022 and is expected to register a revenue CAGR of 8.3% to reach US$ 74.57 billion by 2031.
Diabetes Care Devices Market Fundamentals
Diabetes care devices refer to a wide range of medical devices and equipment specifically designed to assist individuals with diabetes in managing their condition. These devices are crucial for monitoring blood glucose levels, administering insulin, and providing valuable information for diabetes management. Some common types of diabetes care devices include blood glucose meters, continuous glucose monitoring (CGM) systems, insulin pumps, insulin pens, insulin syringes, and several others.
Diabetes Care Devices Market Dynamics
The rising prevalence of diabetes globally is a significant driver for the global diabetes care devices market. For instance, according to the International Diabetes Federation, in 2021, approximately 537 million adults aged 20-79 were suffering from diabetes. The number is projected to reach 700 million by 2045. Additionally, continuous technological advancements have led to the development of innovative diabetes care devices. These devices offer patients improved accuracy, convenience, and ease of use. Technological advancements include introducing continuous glucose monitoring systems, smart insulin pens, insulin pumps with advanced features, and integrating devices with digital platforms for data analysis and management. Moreover, there is a growing awareness among individuals, healthcare professionals, and governments about the importance of diabetes management. Governments and healthcare organizations are implementing initiatives to promote diabetes awareness, prevention, and effective management. This increased focus on diabetes management fuels the demand for the global diabetes care devices market. Furthermore, lifestyle changes, including unhealthy diets, sedentary lifestyles, and increasing obesity rates, contribute to the rising incidence of diabetes. As a result, there is a greater need for diabetes care devices to help individuals monitor and manage their blood glucose levels effectively.
However, many diabetes care devices, such as continuous glucose monitoring systems and insulin pumps, can be expensive. The high cost of these devices can limit their accessibility, particularly in regions with lower healthcare budgets or individuals without adequate insurance coverage. Affordability remains a significant restraint, preventing some individuals from adopting advanced diabetes care devices. Limited awareness and education about the benefits and usage of diabetes care devices can impede market growth. Some individuals may not be aware of the available options or may not receive adequate education on effectively using these devices for diabetes management. Improving awareness and education among patients and healthcare professionals is crucial for the widespread adoption of these devices. Additionally, the high cost of devices and lack of awareness and education in developing countries are some of the restraints impeding overall market growth.
Diabetes Care Devices Market Ecosystem
The global diabetes care devices market is analyzed from type, end user, and region.
Diabetes Care Devices Market by Type
Based on the type, the global diabetes care devices market is segmented into insulin delivery devices, self-monitoring devices, and continuous glucose monitoring devices.
The insulin delivery devices segment dominated the market with a principal revenue share of 41% in 2022. The insulin delivery devices include various devices designed to administer insulin to individuals with diabetes. These devices are essential for delivering insulin accurately and effectively. The insulin delivery devices market is subdivided into insulin pen needles, insulin pumps, and insulin syringes. Insulin pens are convenient and user-friendly devices that resemble a pen. They come pre-filled with insulin cartridges or use replaceable insulin cartridges. Insulin pumps are small, battery-operated devices that deliver insulin continuously throughout the day. The pump is typically worn on a belt or carried in a pocket. A thin tube called an infusion set is connected to a cannula inserted under the skin, usually in the abdomen. Insulin syringes are the traditional method of administering insulin. They consist of a fine needle attached to a syringe barrel, allowing for precise measurement and delivery of insulin doses. These aspects contribute to the growth of the insulin delivery devices segment.
Diabetes Care Devices Market by End User
Based on the end user, the global diabetes care devices market is segmented into hospitals & clinics, homecare, diagnostic specialty centers, and others.
The homecare segment accounted for a prominent market share with a revenue CAGR of 8.7% during the forecast period. The use of diabetes care devices and services in the comfort and convenience of an individual's home. The dominance of this category is due to its large user base and great adoption of SBGM systems. Furthermore, market participants have increased their attention on raising diabetes awareness and the availability of innovative technologies in the form of glucose testing devices, which are generally intended for home use. Integrating ordinary SBGM devices with the cloud and smartphones expanded the potential for smart device penetration in home care settings. With the introduction and quick acceptance of CGM devices, the home care segment is expected to be the fastest growing throughout the projected period. These factors contribute to the growth of the homecare segment.
The hospitals & clinics segment accounted for a prominent market share, owing to large patient footfall and lower cost of innovative technological solutions. Hospitals & clinics play a vital role in diagnosing, treating, and monitoring diabetes, particularly for patients with severe or complex cases. Furthermore, the importance of hospitals is especially visible in low-income nations when POC testing in-home care is still underutilized. Another market driver is the continuous rise in the number of diabetic patients admitted to hospitals. Technological advancement has also resulted in the widespread use of insulin pumps in the hospital setting; for example, hospitals often utilize insulin management software platforms to track and manage insulin therapy for patients. These factors contribute to the growth of the hospitals & clinics segment.
Diabetes Care Devices Market by Region
Geographically, the global diabetes care devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global diabetes care devices market with the largest revenue share of 46% in 2022, attributed to the increasing prevalence of obesity, large diabetic population, greater awareness, better diagnosis rate, and presence of well-developed healthcare infrastructure. For instance, according to the National Institute of Diabetes and Digestive and Kidney Diseases factsheet, 37.3 million people in the U.S. had diabetes in 2019. Additionally, companies across the region are continuously involved in partnerships, mergers, and acquisitions, which are also expected to improve the diabetes care devices market outlook.
Diabetes Care Devices Market Competitive Landscape
The prominent players operating in the global diabetes care devices market are:
Diabetes Care Devices Market Strategic Developments
Diabetes care devices refer to a wide range of medical devices and equipment specifically designed to assist individuals with diabetes in managing their condition.
The global diabetes care devices market was valued at US$ 36.38 billion in 2022.
The revenue CAGR of the diabetes care devices market during the forecast period will be 8.3% from 2023 to 2031.
Some key companies operating in the global diabetes care devices market are Medtronic plc. Arkray USA Inc., ACON Laboratories Inc., Dexcom Inc., Tandem Diabetes Care Inc., Ypsomed Holding AG, and Eli Lilly and Company.
The high cost of devices and lack of awareness and education in developing countries restrict global market growth to its full potential.
*Insights on financial performance are subject to the availability of information in the public domain