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The size of the Market for diabetic devices is estimated to reach USD 55.6 billion by 2032 at 7.8% CAGR annually for the 2032-2023 forecast period. The market for Diabetes Devices is developing steadily, moving powered by layers of influences and tendencies that effect the ways the patients manage diabetes. Among the main factors which is the increased number of diabetic patients worldwide, there is also social, economic, and environmental determinants. The number of people who diagnosed as diabetics is growing and represents a new set of challenges in terms of devices which support the regulation of the imbalance and blood sugar level measurement.
Technological innovations play an indispensable role in shaping the market for diabetes tools. Repeatedly glucose meters (CGM) have been developed, smart insulin kits have been constructed, and insulin pumps integrated with sensor technologies made it possible to control diabetes more effectively. These inventions give exact time for sugar level and automated facility in insulin delivery process which allow greater accuracy and control over sugar levels as well. As technological evolutions continues, the market is seeing a transformation in favor of interconnected and internet-integrated devices for diabetics that seamlessly share detailed information with the patients, their providers as well as caregivers.
The gap toward individualized healthcare is starting to impact current market today. The patients experiencing diabetes have expressed different needs and wishes, and so, the market is providing the users with diverse customizable and patient-oriented solutions. The equipment that very subtlety tracks glucose levels and the profile of insulin delivery customized to the very individualized needs become the center of the highly specialized care of diabetes with the help of advanced patient technology.
More knowledge about the importance of detecation of diabetes in early stages and in the management field as proactive method that fosters the request for point-of care testing devices. These instruments not only allow people to take measurements in small towns but also the most inconvenient places, which say nothing of large medical centers. Point-of-care testing is a feasible option with the ease of use and access where individuals get the chance to be proactive and manage their diabetes better such as by knowing whether their diet, medication, and lifestyle is effective or not.
The market factors too attract attention to the regulatory regimes and reimbursement strategies in the clinical innovation world. Strict regulation of devices on diabetes used and approval process, in combination with insurance reimbursement has great influence on market dynamics. Through compliance with regulatory standards users are surely convinced about the safety and efficacy of diabetes devices making diabetes devices sellable in the market. While these payment policies may affect the availability of the advanced diabetes devices at the same time that they are governing the rate of take-up and entering of the product.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 28.3 Billion |
| Market Size Value In 2023 | USD 30.5 Billion |
| Growth Rate | 7.80% (2023-2032) |
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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