NORTH AMERICA DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
The North America Diabetes Care Devices Market is expected to register a CAGR greater than 6% over the forecast period, 2022-2027.
In North America, till April 2022, the United States is having the highest COVID cases with 82 million, the country also registered the highest death rate. According to the Diabetes Voice article published in May 2020, close to 40,000 deaths of people who are having diabetes. In the North American region diabetes patients are more concerned about stocking up the monitoring and managing devices due to this the market increased during these years.
The North American region had witnessed an astounding increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. 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. Patients with Type 2 diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates. Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia. Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.
Key Market TrendsMonitoring Devices is Having the Highest Market Share in 2021The Monitoring Devices Segment is expected to increase with a CAGR of over 7 % during the forecast period, mainly due to the demand from the Type-1 diabetes population, which was more than 60 million by the end of 2027.
Monitoring devices are garnering widespread adoption, due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months and are very expensive. As a result, most people prefer selecting health insurance plans that cover almost 80% of the total expenditure on healthcare devices. Such schemes are covering the cost of diabetes testing supplies, blood glucose test strips, and blood glucose meters. For example, Medicare, the federal health insurance program in the United States, covers approximately 80% of the cost of BGM devices for diabetic people. The usage of CGM devices is on an increasing trend in North America because of its advancement in technology and its ability to empower people with diabetes to make more informed decisions about their health. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.
The United States is Expected to Dominate the North America Diabetes Care Devices Market.The United States is expected to grow tremendously during the forecast period, owing to factors, such as the high prevalence of obesity and increasing awareness regarding diabetes care in the region.
The Innovations in Insulin pump devices in the United States are driving the market. In July 2021, Medtronic received FDA clearance for its new extended-wear infusion set, designed to last more than twice as long as existing infusion sets that connect traditional tubed pumps to the body for insulin delivery. That means it can be worn on the body for up to 7 days compared to existing sets that must be changed out every 2 or 3 days. In the United States, there are innovations from start-up companies having approximately 2.9 billion in funding diabetes industries, like Glooko, OneDrop, verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc. Thus, owing to the above factors it is expected to drive the market growth over the forecast period.
Competitive LandscapeThe market is dominated by a few major players. Abbott’s new FreeStyle Libre Flash Glucose Monitoring System was approved, which is the first continuous blood sugar monitor, for people with diabetes, which does not need backup finger prick tests. The innovations in test strips are increasing and are under development. For example, the new test strip includes features, such as underfill detection, and provides the user with the ability to reapply blood when the test strip is underfilled (“second chance” sampling). Dexcom acquired TypeZero Technologies, paving way for automated insulin delivery. The acquisition has sent Dexcom ahead on its way in the race to create an artificial pancreas system, rather than simply offering a continuous glucose monitoring device.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook