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The market of diabetes devices are on the air of changing fast as the more advanced technologies and the increase of the number of diabetes patients around the world impact greatly on diabetic treatment. Diabetes gadgets are diverse and comprise a series of tools and devices that monitor the glucose level, insulin delivery, and the general care of a diabetes patient. An enhanced occurrence of type 2 diabetes and a growing knowledge of the need for efficient diabetes treatments are the main driving forces of the CT device market growth.
A major engine of the wellness devices business development is the proactive movement in the area of the glucose monitoring technologies. This cutting edge new technology will eventually supersede older modes of glucose monitoring which include finger stick tests. They ensure seamless information flows on current glucose levels for patients with diabetes and their medical attendants, doctors and experts who may tailor health programmes or interventions toward specific individuals. The fact that CGMs are convenient, and that they help get more accurate readings of blood sugar, both play an important role in their increasing popularity, and affect the level of care people with diabetes receive.
Insulin discharging gadgets moreover figure out different effect of market dynamics of diabetes devices. The creation of artificial insulin pumps and smart insulin pens have together brought a change to the way process of administration takes place. These gadgets are readily used for precise insulin dosing as well as they facilitate having fewer insulin injections and increase the flexibility in managing insulin. The story of integrating some insulin delivery devices with communication features allows them to share data with healthcare professionals, thus helping in the promotion of better connection and cooperation in the area of diabetes management.
The global diabetes epidemic has made regions where the population is growing rapidly, even fast or very fast mega cities, refer to as “developing markets”. As a result, companies that manufacture devices for diabetes have been driven by the concern to increase their presence in the market and make their devices fit diverse population needs. The two most critical considerations that are to be regarded in these sectors will be affordability and availability which generated the development of the cost effective and user friendly diabetes devices by the companies so that the usage can be much wider for improving the health outcomes.
The birthing of the digital healthcare and the application of smartphone in the management of diabetes play very big role in the changing market dynamics over the year. Mobile apps, which can be coupled with devices used to treat diabetes, make it easy to monitor and store the data about glucose levels, insulin doses, and other significant details. Besides this, most of these applications offer services like trend analysis, medication reminder and have the feature of sharing the data with the healthcare providers, hence, enabling people with diabetes to be in charge of their treatment process.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Distribution Channel, End Use and Region |
Diabetes Devices Market Highlights:
Global Diabetes Devices Market Overview
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
Abbott Laboratories and Medtronic will integrate Abbott's FreeStyle Libre CGM technology with Medtronic's insulin delivery devices as part of their August 2024 global alliance.
Diabetes Devices Market Trends
- Growing prevalence of diabetes globally is driving the market growth
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.
Diabetes Devices Market Segment Insights
Diabetes Devices Type Insights
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.
Diabetes Devices Distribution Channel Insights
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.
Diabetes Devices End-Use Insights
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
Diabetes Devices Regional Insights
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
- Abbott Laboratories
- Hoffmann-La-Ltd.
- Bayer AG
- Lifescan, Inc.
- B Braun Melsungen AG
- Dexcom Inc.
- Insulet Corporation
- Ypsomed Holdings
- Companion Medical
- Sanofi
- Valeritas Holding Inc
- Novo Nordisk
- Arkray, Inc.
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.
Diabetes Devices Market Segmentation
Diabetes Devices Type Outlook
- Blood Glucose Monitoring Devices
- Insulin Delivery Devices
Diabetes Devices Distribution Channel Outlook
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics/Centers
- Online Pharmacies
- Others
Diabetes Devices End Use Outlook
- Hospitals
- Homecare
- Diagnostic Centers
Diabetes Devices Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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