Diabetes Devices Market Analysis and Forecast to 2032: By Type (Blood Glucose Monitoring System, Self-Monitoring Blood Glucose Monitoring System, Continuous Glucose Monitoring System, Test Strips/Test Papers, Lancets/Lancing Devices, Insulin Delivery Devi

Diabetes Devices Market Analysis and Forecast to 2032: By Type (Blood Glucose Monitoring System, Self-Monitoring Blood Glucose Monitoring System, Continuous Glucose Monitoring System, Test Strips/Test Papers, Lancets/Lancing Devices, Insulin Delivery Devices, Insulin Pumps, Insulin Pens, Insulin Syringes & Needles, Diabetes Management Mobile Applications), End User (Hospitals & Specialty Clinics, Self & Home Care), and Region

The global diabetes devices market was valued at USD 1.7 billion in 2022 and it is anticipated to grow up to USD 8.0 billion by 2032 at a CAGR of 16.7% during the forecast period.

Diabetes is a disorder that occurs when the blood glucose levels rise over normal levels, due to a defect in insulin production that controls glucose levels. Blood glucose acts as the main source of energy and can be obtained from the food we consume. Insulin, the pancreatic hormone maintains blood glucose levels. Defect in the synthesis of insulin in the body cannot regulate the blood glucose level and causes diabetes. The Blood glucose level range in a normal individual is 70 – 100 mg/dL and in a diabetic patient it raises up to 80 – 130 mg/dL. Diabetes care devices are employed to monitor the glucose levels of a diabetic patient. A continuous glucose monitor (CGM) is a medical device that tracks and monitors the blood glucose of a diabetic patient during the day.

Global Diabetes Devices Market Scope and Report Structure

Market Trends and Drivers

The key factors such as an increase in the incidence of diabetes owing to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the market. Obesity is a major factor leading to diabetes. According to WHO, in 2016, over 1.9 billion adults were overweight, of which, around 650 million people were obese. Risk factors, like obesity and overweight, are leading to a rise in the incidence of diabetes. Owing to that, risk factors like smoking, overweight, obesity, and high cholesterol levels are anticipated to boost the prevalence of diabetes, so fueling the need for diabetes devices.

Market Restraints and Challenges

The major factor hindering the growth of the market is that the blood glucose monitoring devices do not measure the exact level of glucose in the blood but give a range of blood glucose levels. Adding to these, the adverse effects related to some of the diabetes care devices are hindering the growth of the market.

Global Diabetes Devices Market Segmental Overview

The report analyses the global diabetes devices market based on type, end user, and region.

Global Diabetes Devices Market by Type

Based on type, it is segmented into blood glucose monitoring systems. Self-monitoring blood glucose monitoring systems, continuous glucose monitoring systems, test strips/test papers, lancets/lancing devices, insulin delivery devices, insulin pumps, insulin pens, insulin syringes and needles, and diabetes management mobile applications. The blood glucose monitoring systems segment is likely to dominate the market during the forecast period. The key factors such as convenience, simplicity of use coupled with utility in providing real time insights related to diabetic conditions to patients and healthcare professionals for integrated diabetes management are boosting the market growth.

Global Diabetes Devices Market by End User

Based on end user, it is segmented into hospitals & specialty clinics, and self & home care. The hospitals & specialty clinics segment is likely to dominate the market during the forecast period. The key factors such as technological innovations coupled with a rising focus to reduce the chances of infections and accidental pricking to increase the growth of the market during the forecast period.

Geographical Analysis of Diabetes Devices Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the market during the forecast period. High per capita income coupled with increasing healthcare spending are the key factors boosting the growth of the market during the forecast period. The large diabetic population and favorable reimbursement policies are also boosting the growth of the market.

Major Players in Diabetes Devices Market

The key players in the diabetes devices market are Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation (Japan), SD Biosensor, Inc. (South Korea), MicroGene Diagnostic Systems Pvt. Ltd. (India), Ypsomed (Switzerland), Dr. Morepen (India), Sinocare, Inc. (China), Bionime Corporation (Taiwan), and Rossmax International Ltd. (Taiwan), among others.

COVID-19 Impact

The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities on a day-to-day basis. As of December 2020, 63.8 million cases of COVID-19 have been reported across Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in approximately 1.5 million deaths. With the COVID-19 pandemic, most countries, comprising the whole of Europe, the US, India, and Australia, among others, are following complete nationwide lockdowns. This also affected the supply chain for diabetes devices. Due to the COVID-19 outbreak, the number of patients visiting physicians across the world had lowered. Still, this is expected to change during the forecast period and the demand for diabetes devices is anticipated to return to its pre-COVID demand phase.

Recent Developments

February 2020, Abbott received US FDA approval for the use of Free Style Libre 14-day Flash glucose monitoring systems in hospitals.

February 2020, Insulet signed a commercialization agreement with DexCom Inc., to allow its current and future CGM systems to connect to the former’s tubeless insulin pump system, OMNIPOD Horizon system.

April 2020, Ypsomed entered into a partnership with DexCom, Inc. to integrate its mylife YpsoPump data with DexCom’s G6 CGM sensors to form a hybrid closed-loop system.

January 2020, Life Scan entered into a partnership agreement with DKSH to provide marketing, sales, regulatory services, as well as distribution and logistics for the sale of Life Scan products in the Philippines, Vietnam, Malaysia, Indonesia, Thailand, Hong Kong, and Taiwan.

December 2019, Eli Lily and Company announced a global commercialization agreement to integrate DexCom, Inc., products into Lilly’s personalized diabetes management system, currently in development, to advance the treatment of diabetes.

Frequently Asked Questions

Q1. How big is the diabetes devices market?

Ans. The global diabetes devices market size was USD 1.7 Billion in 2022 and is anticipated to reach USD 8.0 Billion in 2032, growing at a rate of 16.7% from 2023 to 2032.

Q2. What is the diabetes devices market growth rate?

Ans. The growth rate of the diabetes devices market is 16.7% from 2023 to 2032.

Q3. Which region holds a major market share for the diabetes devices market?

Ans. North America holds a major market share of the diabetes devices market in 2022.

Q4. Which segment accounted for the largest diabetes devices market share?

Ans. By end user, the dental hospitals & specialty clinics segment accounted for the largest diabetes devices market share.

Q5. Who are the key players in the diabetes devices market?

Ans. The global diabetes devices market report includes players such as Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation (Japan), SD Biosensor, Inc. (South Korea), MicroGene Diagnostic Systems Pvt. Ltd. (India), Ypsomed (Switzerland), Dr. Morepen (India), Sinocare, Inc. (China), Bionime Corporation (Taiwan), and Rossmax International Ltd. (Taiwan).

Q6. What are the factors driving the diabetes devices market growth?

Ans. The major factors driving the growth of the market are the development of technologically advanced diabetes devices.

Q7. What are the key growth strategies of diabetes devices market players?

Ans. The key growth strategies of diabetes devices market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the diabetes devices market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the diabetes devices market during the forecast period.

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