Diabetes Care Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Diabetes Care Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global diabetes care devices market size reached US$ 29.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.9% during 2023-2028.

Diabetes care devices refer to equipment used to monitor or determine blood sugar levels. Smart insulin pens, glucometers, ketone, continuous glucose monitors (CGMs), insulin pumps and diabetes management applications are some of the common diabetes care devices. They consist of lancets, glucose sensors, monitors, docking stations, test plugs and test strips that help constantly monitor diabetic conditions. Diabetes care devices are widely used to diagnose and monitor diabetes mellitus, a chronic disorder that affects the amount of glucose absorption in the blood. Consequently, these devices assist in accurately identifying blood sugar levels, determining the effectiveness of diabetes treatment, and lowering the instances of hyperglycemia and hypoglycemia.

Diabetes Care Devices Market Trends:
The growing prevalence of diabetes, especially amongst the steadily rising geriatric population across the globe, is creating a positive outlook for the market. Diabetes care devices are widely adopted to treat and manage symptoms and complications associated with the disorder, such as respiratory issues, kidney and liver failure, and cardiovascular conditions. In line with this, the extensive utilization of glucose monitoring and insulin delivery devices for better care and management of the disease is favoring the market growth. Apart from this, the introduction of smart diabetes devices integrated with artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT) to enable remote monitoring of the patient's symptoms and biomarkers are providing an impetus to the market growth. Additionally, the increasing demand for self-monitoring of blood glucose (SMBG) that includes information regarding the patient’s dynamic blood glucose profile is positively impacting the market growth. The reading further aids in the appropriate scheduling of food, activity, and medication, thus making them a valueable tool in the treatment of diabetes mellitus. Other factors, including extensive research and development (R&D) activities, evolving eating habits and sedentary lifestyles, and the implementation of various government initiatives focusing on providing better health services are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global diabetes care devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, distribution channel and end user.

Breakup by Type:

Blood Glucose Monitoring (BGM) Devices
Self-Monitoring Devices
Continuous Glucose Monitoring Devices
Insulin Delivery Devices
Pumps
Pens
Syringes
Jet Injectors

Breakup by Distribution Channel:

Hospital Pharmacies
Retail Pharmacies
Diabetes Clinics/Centers
Online Pharmacies
Others

Breakup by End User:

Hospitals
Homecare
Diagnostic Centers
Ambulatory Surgery Centers

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, ACON Laboratories Inc., Ascensia Diabetes Care Holdings AG (PHC Holdings Corporation), Becton Dickinson and Company, Bionime Corporation, Dexcom Inc., F. Hoffmann-La Roche AG, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Sinocare Inc. and Terumo Corporation.

Key Questions Answered in This Report:
How has the global diabetes care devices market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global diabetes care devices market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the distribution channel?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global diabetes care devices market and who are the key players?
What is the degree of competition in the industry?