Diabetes Care Devices Market Size, By Product (Blood Glucose Monitoring Devices {Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets}, Insulin Delivery Devices {Insulin Pumps [Tubed Pumps, Tubeless Pumps], Pens [Reus

Diabetes Care Devices Market Size, By Product (Blood Glucose Monitoring Devices {Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets}, Insulin Delivery Devices {Insulin Pumps [Tubed Pumps, Tubeless Pumps], Pens [Reusable, Disposable], Pen Needles [Standard, Safety], Syringes}), By End-Use (Hospitals, Ambulatory Surgery Centers, Diagnostic Centers, Home Care), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Diabetes Care Devices Market is speculated to grow significantly through 2032 owing to the hefty investments made by private as well as public companies to promote diabetic care. The development of high-quality products delivering real-time and practical glucose measurement and insulin administration will be supported by technological developments in diabetes diagnosis and insulin delivery devices over the years, leading to increased market valuation.

Increasing awareness of innovative technologies, combined with the availability of cutting-edge products in the marketplace, is set to have a beneficial impact on product adoption rates. For instance, in May 2022, Roche Diabetes Care India revealed the ACCU-FINE pen to provide a faster and painless insulin delivery system with improved patient outcomes for better diabetes care. The launch helped the company increase its business share in the diabetes care sector.

The diabetes care devices market has been segregated in terms of product, end-use, and region.

Based on product, the insulin delivery devices segment is set to amass positive market expansion in the next 10 years. The primary factors for their widespread adoption include the ease of use, affordability, and high performance. These devices also support improved patient satisfaction, thus accelerating its sales revenue.

With respect to end-use, the hospitals segment is poised to grow at more than 9.5% CAGR from 2023 to 2032 driven by the surging number of people suffering from diabetes and the complications associated with it. According to a new report, patients with diabetes frequently need hospitalization for diabetes-related complications since their glucose control is variable. Moreover, a study released in 2021 found that each year, nearly 30% of people with type 2 diabetes are admitted to hospitals.

From the regional perspective, the North America diabetes care devices market is slated to capture more than USD 41.5 billion market share by 2032. The increasing prevalence of diabetes and rising healthcare costs in the area would fuel the regional market growth. Also, factors such as good reimbursement conditions, an increase in medical facilities, the existence of key market competitors, and growing government funding in the development of diabetes care devices would further add to the expanding trajectory. In addition, the increase in the diabetic population base in the United States is one of the key drivers propelling the diabetes care devices industry in the region.