Diabetes Devices Market Size valued at USD 28.3 Billion in 2022 and is projected to grow from USD 30.5 Billion in 2023 to USD 55.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2032). The increased prevalence of the diabetes worldwide and the introduction of new and the technologically advanced products are key market drivers enhancing the growth of market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for diabetes devices is being driven by the rising prevalence of diabetes globally. As the number of people with diabetes increases, the market for diabetes devices naturally expands. With more individuals requiring diabetes management and monitoring tools, there is a larger customer base for companies producing these devices. Diabetes is a chronic condition that needs continuous monitoring of blood glucose levels. As more people are diagnosed with diabetes, there is a higher demand for glucose monitoring devices like glucometers and continuous glucose monitoring systems.
Many individuals with diabetes, especially those with type 1 diabetes or advanced type 2 diabetes, require insulin therapy. As the diabetic population grows, so does the need for insulin pens. These devices offer convenient and precise methods of insulin administration. With a larger diabetic population, there is more focus on advanced diabetes management techniques. This includes the development and adoption of technologically advanced devices, such as smart insulin pumps, closed-loop systems and integrated diabetes management platforms. These innovations cater to the evolving needs of individuals with diabetes. Healthcare providers paly a crucial role in diabetes care; as the prevalence of diabetes increases, healthcare providers seek more sophisticated tools and devices to better serve their patients. This drives the demand for diabetes devices that provide accurate and facilitate effective patient management.
The growing prevalence of diabetes encourages ongoing research and innovation in the field of diabetes devices. The governments in many countries are taking steps to address the rising diabetes epidemic. This includes funding programs to increase diabetes awareness, improve early diagnosis and enhance diabetes management. These initiatives often involve the procurement and distribution of diabetes devices, stimulating market growth. As more people are diagnosed with diabetes, there is a growing emphasis on patient education and empowerment. It has also accelerated the adoption of telemedicine and remote monitoring technologies. These technologies allow the healthcare providers to remotely monitor patients with diabetes, which often requires the use of specialized diabetes devices, further fueling the demand for these devices. Thus driving the Diabetes Devices market revenue.
The Diabetes Devices Market segmentation, based on type, includes Blood Glucose Monitoring Devices and Insulin Delivery Devices. The blood glucose monitoring devices segment dominates the market due to its widespread use. It provides continuous monitoring, providing real-time data on glucose levels, leading to increased adoption of CGMs contributing to the growth of this segment. Further, the growing awareness among individuals and technological advancements, including smaller and more user-friendly glucometers, smartphone-compatible devices and the integration of data with healthcare apps, is boosting the market growth.
The Diabetes Devices Market segmentation, based on distribution channels, includes Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacies and Others. The hospital pharmacies category dominated the market because of the high footfall and availability of products. The hospital pharmacies offer accessibility to specialized devices, direct access to healthcare professionals, have expertise in insurance and reimbursement support, provide emergency and inpatient care and are involved in research and clinical trials. Online pharmacies is anticipated to experience the fastest growth during the forecast period.
The Diabetes Devices Market segmentation, based on end use, includes Hospitals, Homecare and Diagnostic Centers. The hospital category dominates the market due to the growing number of hospital admissions of diabetes patients. The chance of hospitalization is threefold for the patient suffering from diabetes. The technology in diabetes has evolved increasingly in recent years, aiming to enhance diabetes care in hospitals and clinics. The homecare segment is expected to experience significant growth during the forecast period.
Figure 1: Diabetes Devices Market, by End Use, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Diabetes Devices market area dominates the market due to increased prevalence of diabetes. The region has an advanced and well-developed healthcare infrastructure with advanced technology. It is a hub for technological innovation in the healthcare sector, with the leading diabetes device manufacturers and biotechnology companies based in this region.
Further, the prime countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: DIABETES DEVICES MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Diabetes Devices market accounts for the second-largest market share because of the presence of a large aging population, strong healthcare systems, and increasing diabetes prevalence in this region. Further, the German Diabetes Devices market held the largest market share, and the UK Diabetes Devices market was the fastest-growing market in European region.
The Asia-Pacific Diabetes Devices Market is expected to grow at the rapid CAGR from 2023 to 2032. The region presents substantial growth opportunities for device manufacturers and suppliers because of the combination of a large and growing diabetic population, growing healthcare access and technological advancements. Moreover, China’s Diabetes Devices market held the largest market share, and the Indian Diabetes Devices market was the fastest-growing market in Asia-Pacific region.
Diabetes Devices Key Market Players & Competitive Insights
Leading market players are investing hugely in research and development in order to expand their product lines, which will help the Diabetes Devices market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Diabetes Devices industry must offer cost-effective items.
Manufacturing locally to reduce the operational costs is one of the key business tactics used by the manufacturers in the global Diabetes Devices industry to benefit clients and grow the market sector. In recent years, the Diabetes Devices industry has offered some of the most significant advantages to the medicine. Major players in the Diabetes Devices market, including Abbott Laboratories, F. Hoffman-La-Ltd.; Bayer AG; Lifescan, Inc.; Companion Medical; B Braun Melsungen AG; Dexcom Inc.; Insulet Corporation; Ypsomed Holdings; Sanofi; Novo Nordisk; Valeritas Holding Inc.; and Arkray, Inc., and others, are trying to increase market demand by investing in the research and development operations.
Medtronic is a multinational medical technology company headquartered in Dublin, Ireland, with its operations headquartered in the USA. Founded in the year 1949, it is one of the largest and most well-known companies in the medical device and healthcare industry. The company mainly emphasizes on developing and manufacturing a wide range of the medical devices and technologies. These devices are used in various medical specialties, including cardiology, neurology, diabetes management, spinal surgery and more. In May 2021, Medtronic announced that the company had obtained European approval for two diabetes management devices. First is InPen, a connected insulin pen fabricated for consumers requiring multiple daily injections. The latter is a Guardian four sensor designed to be utilized either as a standalone continuous glucose monitor or with the InPen, and both are CE-marked.
Abbott Laboratories, commonly known as Abbott, is a multinational healthcare company with a diverse portfolio of products and services in various medical and healthcare fields. The company was founded in the year 1888 and focused on manufacturing and distributing pharmaceuticals. It is a global healthcare company with operations in several segments like medical devices, pharmaceuticals, nutrition, diagnostics and cardiovascular and neuromodulation devices. The company has a global presence in more than 160 countries and invests significantly in research and development to advance healthcare technologies. In June 2020, Abbott announced that the company had come up with an agreement with Tandem Diabetes Care to develop the integrated diabetes solutions that combine its continuous glucose monitoring technology with Tandem's innovative insulin delivery systems for supplying people with more options to manage their diabetes.
Key Companies in the Diabetes Devices market include
Diabetes Devices Industry Developments
April 2023:Abbott, Camdiab, and Ypsomed announced a partnership in order to develop and market an integrated automated insulin delivery (AID) system in European countries. The system will combine Abbott’s Freestyle Libre three continuous glucose monitoring (CGM) system with CamDiab’s CamAPS FX algorithm and Ypsomed’s YpsoPump insulin pump.
March 2023:Dexcom and Tandem Diabetes Care announced a partnership to develop and commercialize a closed-loop insulin delivery system. The system will combine Dexcom's G7 CGM system with Tandem's t:slim X2 insulin pump and control-IQ advanced hybrid closed-loop technology.
February 2023:Insulet and Medtronic announced a partnership to develop and commercialize a closed-loop insulin delivery system. The system will combine Insulet’s Omnipod five-tubeless insulin pump with Medtronic's Guardian Connect CGM system and its Adaptive Insulin Delivery Technology.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 28.3 Billion |
| Market Size 2023 | USD 30.5 Billion |
| Market Size 2032 | USD 55.6 Billion |
| Compound Annual Growth Rate (CAGR) | 7.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, End Use and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott Laboratories; Bayer AG; Lifescan, Inc.; B Braun Melsungen AG; Dexcom Inc.; Insulet Corporation; F.Hoffmann-La-Ltd.; Ypsomed Holdings; Companion Medical; Valeritas Holding Inc.; Sanofi; Novo Nordisk; and Arkray, Inc. |
| Key Market Opportunities | · Integration of advanced technologies. |
| Key Market Dynamics | · Increased prevalence of diabetes worldwide and introduction of new and technologically advanced products. |
Diabetes Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The Diabetes Devices Market size valued at USD 28.3 Billion in 2022.
The global market is foreseen to rise at a CAGR of 7.80% during the forecast period, 2023-2032.
North America held the largest share in the global market
The prime market participants in the market are Abbott Laboratories, Ypsomed Holdings; F.Hoffmann-La-Ltd.; B Braun Melsungen AG; Bayer AG; Lifescan, Inc.; Dexcom Inc.; Insulet Corporation; Companion Medical; Sanofi; Novo Nordisk; Valeritas Holding Inc.; and Arkray, Inc.
The Blood Glucose Monitoring Devices category dominated market in 2022.
Hospital Pharmacies had largest share in the global market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
