BRIC Diabetes Care Devices Market Size, Share & Trends Analysis Report By Product (Blood Glucose Monitoring Devices), By Distribution Channel (Hospital Pharmacy), By End Use, By Country, And Segment Forecasts, 2024 - 2030

BRIC Diabetes Care Devices Market Size, Share & Trends Analysis Report By Product (Blood Glucose Monitoring Devices), By Distribution Channel (Hospital Pharmacy), By End Use, By Country, And Segment Forecasts, 2024 - 2030

BRIC Diabetes Care Devices Market Growth & Trends

The BRIC diabetes care devices market size is projected to reach USD 6.42 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 8.6% from 2024 to 2030. The market in BRIC nations is primarily driven by the increasing prevalence of diabetes, especially among geriatric and obese population. Increasing collaboration and funding support to research is further augmenting the growth. The factors responsible for the increasing incidence of glucose impairment are the increasing alcohol and tobacco consumption, lack of physical activity, and obesity. However, increasing prices of advanced devices and presence of cost-effective alternative treatment may restrict the market growth.

BRIC nations are also witnessing large untapped opportunities with favorable government initiatives focused on disease awareness. According to the World Health Organization (WHO), more than 50% Indian population with diabetes remains undiagnosed. Many government initiatives and approval from the Food and Drug Administration (FDA) for advanced diabetes care devices are also propelling the growth. For instance, in 2019, the Research Trust of Diabetes India launched its 1000 days Initiative to control diabetes in the country. This initiative will bring together diabetologists across India to provide recommendations and clinical guidelines. Furthermore, technological advancements coupled with collaboration among key market players is also propelling the market growth. For instance, in September 2019, Abbott and Sanofi collaborated to work on tools that integrate Sanofi’s insulin dosing information with Abbott’s FreeStyle Libre technology.

BRIC Diabetes Care Devices Market Report Highlights

• Insulin delivery devices dominated the market and accounted for a revenue share of 54.2% in 2023. The market for insulin delivery devices is segmented into insulin pens, insulin pumps, syringes, and jet injectors.
• Hospital pharmacies dominated the market and accounted for a revenue share of 54.1% in 2023. Hospital pharmacies have become the preferred choice for patients seeking comprehensive diabetes care, providing a convenient one-stop solution for all medical needs related to the condition.
• Hospitals led the market and accounted for a revenue share of 40.8% in the year 2023. This growth is attributed to the increasing rate of hospitalizations among diabetic patients, leading to a higher need for diabetes care devices.
• The China diabetes care devices market dominated the BRICS market and accounted for the largest revenue share of 48.1% in 2023.

Please note The report will be delivered in 2-3 business days upon order notification.