DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Diabetes care devices market was valued at USD 52 billion in 2021, and it is expected to reach USD 73 billion by 2027, registering a CAGR of over 5% during 2022- 2027 (henceforth, referred to as the ‘forecast period’).

The COVID-19 pandemic has substantially impacted the diabetes care devices market. The prevalence of diabetes in people hospitalized with COVID-19 infection and the recognition that improved glycemic control might improve outcomes and reduce the length of stay in patients with SARS-CoV-2 have underlined the importance of diabetes care devices.

The pandemic also highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care, through virtual consultations between healthcare providers and people with diabetes, and the use of diabetes technology. Crisis management has created unprecedented interest in remote care from both patients and providers and removed many long-standing regulatory barriers. The US Food and Drug Administration has also allowed the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals for the duration of the pandemic. Thus, the COVID-19 outbreak increased the diabetes care device market's growth globally.

The rate of newly diagnosed cases of Type 1 and Type 2 diabetes is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Moreover, the increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving market growth. Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market.

Currently, about 10% of all diabetes cases are Type-1, and the remaining are Type-2. As of 2021, North America accounted for a major market share, followed by Asia-Pacific. North America is anticipated to dominate the market during the forecast period, owing to the rising prevalence of obesity in the region. There has been a significant rise in insulin delivery systems technology, ranging from insulin injections to insulin pumps. Technological innovations and advancements offer many conveniences in measuring blood glucose levels.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsContinuous Glucose Monitoring Segment is Expected to Witness a Healthy Growth Rate Over the Forecast Period

According to AACE (American Association of Clinical Endocrinologists), recent studies have shown that of those hospitalized for severe disease, 22.2% to 26.9% reported living with diabetes. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people.​ Due to the early age and longer diabetes duration, the youth is at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs. Therefore, the incidence of diabetes is expected to increase over time. There is also a concern that diabetes may be occurring at a greater frequency in youth and young adults due to the current lifestyle and technological advancements, increasing the adoption of diabetes care devices.​

Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period.

The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness. According to a research study by Joost van der Linden et al., published in Diabetes Technology & Therapeutics Journal in March 2021, population-level real-time continuous glucose monitoring (rtCGM) was used to monitor changes in glycemic control with temporal and geographic specificity. The COVID-19 pandemic is associated with improvements in time-in-range (TIR), which were not evenly distributed across the United States.

Globally, diabetes mellitus has been of wide concern with its high global prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments. Continuous glucose monitoring has become a popular alternative to the portable finger-prick glucometers available in the market for the convenience of diabetic patients. According to a research study by Ziyi Yu et al., published in IOP Science Journal in March 2021, a large variety of promising glucose-sensing technologies from traditional electrochemical-based glucose sensors to novel optical and other electrical glucose sensors has been developed which shows a positive impact on the market growth.

Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies, like cell phone integration, which is likely to drive the segment growth during the forecast period.

The market players are adopting various strategies such as collaborations, partnerships, mergers, acquisitions, and expansions to increase market share. For instance, in 2021, Bigfoot collaborated with Abbott and received clearance from the U.S. Food and Drug Administration for the Bigfoot Unity Diabetes Management system. This first-of-its-kind system2 features smartpen caps for disposable insulin pens - injection devices, about the size of a marker, that people with diabetes use to inject insulin - which integrate with Abbott's world-leading FreeStyle Libre 2 technology.

Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.

North America is Expected to Dominate the Diabetes Care Devices Market

North America recorded more than USD 22 billion in revenue in 2021, which is expected to further increase with a CAGR of more than 6.5% during the forecast period. This is primarily due to the increasing diabetes population in North America due to stress, unhealthy diets, and obesity. In North America, there are more than 29 million diabetic patients, and this number is expected to increase to 34 million by 2027. The United States alone recorded over 26 million diabetes patients in 2021. In North America, the United States holds a major share in the diabetes care devices market. Diabetes care device market growth in this region is also supported by favorable government reimbursement policies and advanced healthcare infrastructure. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in the United States indicate the increasing usage of diabetes care products. In the United States, according to the Academy of Managed Care Pharmacy, insulin pumps cost between USD 4,500 and USD 6,500 for individuals without insurance. The price varies depending upon the features, brand, and size of the pump. Patients with insurance can expect typical copay and coinsurance rates ranging from USD 5 to half of the total cost of the pump. Despite prices, diabetes patients in the united states are using Insulin delivery devices more often. The use of CGM by Type-1 diabetic patients is very less, as compared to Type-2 diabetic patients. But the expenditure incurred by Type-1 diabetic patients on these devices is nearly double that of Type-2 diabetics. The newest CGM models, the Abbott Freestyle Libre and the Dexcom G6 overcame many technical barriers. However, high costs and uncertainties about their efficacy and necessity have kept CGM from being widely used by people with Type-2 diabetes. Moreover, to lower the cost burden of diabetic patients in the United States, Abbott introduced a new, lower-priced category with Libre, at around USD 75 to USD 150 each month (2 sensors that last 14 days each).

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The diabetes care devices market is moderately fragmented, with few significant and generic players. The CGM and SMBG devices market is dominated by a few major players, like Dexcom Medtronics, Abbott, and Senseonics, and more generic players like Roche, LifeScan, Arkray, Ascensia, etc. respectively. The competitive landscape for insulin devices includes an analysis of a few international as well as local companies including Novo Nordisk, Sanofi, Eli Lily and Company, Medtronic, Insulet, Ypsomped, Becton Dickinson and Company, among others. The intensity of competition among the players is high, as each player is striving to develop a new device and offer it at competitive pricing. Furthermore, to increase their market shares, players are tapping into new markets, especially emerging economies where the demand is very high compared to the supply.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.