Global Diabetes Devices Market - 2023-2030

Global Diabetes Devices Market - 2023-2030

The Global Diabetes Devices Market reached US$ 28.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 55.9 billion by 2030. The Global Diabetes Devices Market is expected to exhibit a CAGR of 8.9% during the forecast period 2023-2030.

Continuous glucose monitors (CGM), insulin pumps, infusion tools, smartphone apps, and other medical technology are constantly being developed. Depending on needs and preferences, modern technology provides various solutions for people with type 1 and type 2 diabetes. Devices are increasingly user-friendly and minimally intrusive, ranging from blood glucose meters and continuous glucose monitoring (CGM) to advanced insulin pumps.

Recently, the technology expanded to hybrid devices which can monitor glucose and deliver insulin accordingly. Automated “closed-loop” systems for pairing CGM (Continuous Glucose Monitoring) devices and insulin pumps is considered for diabetes management at the next level.

Market Dynamics

Growing Management of Diabetes is Boosting the Global Diabetes Device Market Growth During the Forecast Period

The market players are launching products to manage diabetes. For instance, in April 2022, an integrated automated insulin delivery (AID) system was developed by a collaboration between Abbott, CamDiab, and Ypsomed to help patients with diabetes manage their condition on the go. The partnership's initial focus will be on nations throughout Europe.

The new integrated AID system is being developed to link Ypsomed's my life YpsoPump and CamDiab's CamAPS FX mobile app, which connects with Abbott's FreeStyle Libre 3 sensor, the world's smallest1 and most accurate continuous glucose monitoring sensor with readings every minute, to create a smart, automated process for delivering insulin based on real-time glucose data.

Technology Advances are Boosting the Global Diabetes Devices Market Growth During the Forecast Period

To incorporate the SoloSmart devices into the Glooko platform, which will benefit medical professionals and people with diabetes, Glooko and Sanofi have engaged in a global partnership. For use with the SoloStar and DoubleStar insulin injection pens, SoloSmart is a single add-on linked device. Utilizing the Glooko app, these pens are used to record information about the insulin dosage and the date and time of administration.

Increasing Adoption of Insulin Monitoring Devices Provides the Diabetes Device Market Growth Opportunities

The Dexcom G6 CGM and this touchscreen insulin pump work together to forecast hypoglycemia and aid in its prevention without needing finger tests. Users can download free upgrades using a personal computer. A fee can apply to some improvements.

Using the Dexcom G6, the Control-IQ closed loop feature forecasts blood sugar levels 30 minutes before and automatically modifies basal rates to prevent hyper- and hypoglycemia. A micro corrective bolus can be automatically administered every hour as well.

The t-connect mobile app from Tandem shows the current glucose and insulin levels on board and mirrors the insulin pump screen on the user’s smartphone. Users can now give a bolus using the upgraded version on their phone. Data is automatically uploaded to T-Connect so that care team members can access it whilst visiting the office or if they call with a question.

Side Effects Associated With the Diabetic Devices is Hampering the Global Diabetes Devices Market Growth

Although diabetes devices typically have acceptable safety records, they can cause complications or side effects like any other medical equipment. Some people may feel skin irritability or redness around the infusion site where the pump's catheter is put. This can be brought on by an allergy to the adhesive or a sensitivity to the components of the infusion set.

If the appropriate hygiene and care are not kept up, there is a danger of infection at the infusion site. Rarely, technical issues with insulin pumps, such as infusion set blockage or failure, can cause erroneous insulin delivery or supply stoppage.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the diabetes devices market. The pandemic led to the deployment of novel technologies in the healthcare industry leading to breakthroughs in patient care. For instance, sensor-based monitoring devices and virtual consultations are helping people manage glucose levels at their place. The availability of wearable devices such as Abbott’s FreeStyle Libre has provided patients to constantly monitor glucose levels and inform real-time insights to doctors.

Russia-Ukraine Conflict Analysis

The impact of the Russia-Ukraine war on the diabetes devices market is complex and multifaceted. importing medical devices, including diabetic devices, becomes more challenging during times of conflict. Restrictions on trade, customs issues, or security concerns can affect the importation and distribution of diabetic devices, leading to potential shortages or difficulties in obtaining them.

Segment Analysis

The Global Diabetes Devices Market is segmented based on product, end-user, and region.

The Blood Glucose Meter Devices Segment is Expected to Hold one of the Dominant Positions in the Market Over the Forecast Period.

The blood glucose meter devices segment accounted for the highest market stake, accounting for approximately 44.8% of the diabetes devices market in 2022. Monitoring involves evaluating blood glucose levels, logging the information, and sharing it with care providers for analysis to receive personalized support.

In addition, Continuous glucose monitors (CGMs) are a great example of an advanced software-based medical device that has enhanced rapidly over the last decade but still has miles to go before reaching perfection. These high-tech wearables provide users with invaluable data to help them make informed therapy decisions.

Geographical Analysis

North America Holds a Dominant Position in the Global Diabetes Devices Market

North America is estimated to hold around 37.9% of the total market share throughout the forecast period. Owing to the growing aging population in the region, product launches and collaborations by the market players are expected to boost regional growth over the forecast period.

For instance, 11.3% of Americans, or 37.3 million people, have diabetes. By 2022, 8.5 million people with diabetes will not have received a diagnosis. Every social, economic, and racial background is impacted by diabetes. T1D affects 1.45 million Americans or roughly 3.75% of all instances of diabetes that have been diagnosed. The increasing diabetes prevalence leads to increasing demand for the diabetes device market in the North American region.

Competitive Landscape

The major global players in the market include Medtronic plc, Abbott Laboratories, F.Hoffmann-La-Ltd., Bayer AG, Lifescan, Inc., B Braun Melsungen AG, Novo Nordisk, Dexcom Inc., Insulet Corporation, and Ypsomed Holdings among others.

Why Purchase the Report?
• To visualize the Global Diabetes Devices Market segmentation based on the product, material, distribution channel, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of diabetes devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Diabetes Devices Market Report Would Provide Approximately 53 Tables, 47 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies