Global Diabetes Devices Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028, Rising demand in research and development in diabetes monitoring system and treatment device, increasing frequency of diabetes and other factors are driving the growth of global diabetes device market.
Global Diabetes Devices Market is valued at USD 24.30 Billion in 2021 and is expected to reach USD 39.27 Billion by 2028 with a CAGR of 7.10% over the forecast period.
In the diabetes device market, there are different types of devices like blood glucose metros (BGMs), continuous glucose monitors, injection pens, insulin pumps, automated insulin delivery systems, ketone monitors, smart insulin pens, diabetes management apps and others. These devices are used as per their needs for example, blood glucose meters measure a person’s blood sugar level at the specific moment of checking. People insert a test strip, hole their fingers with a slice into the device to draw blood, and then put a small drop of their blood onto the test strip. The meter gives a blood glucose reading in mg, and injection pens are used for injecting drugs in a patient-friendly way that is easier than using a syringe.
The COVID-19 outbreak has slightly affected the global diabetes device market in the year 2020. Import and export activities in the diabetes device market are disrupted. Due to the stringent lockdown regulations in many countries and cities, hospitals were shut down, causing a shortage of devices, cancellation of treatments, and doctors. The delivery of awareness on COVID-19 considering the changes in customer behaviour and demand, purchasing patterns, interruptions of the supply chain, all these problems are negatively impacting the diabetes device market.
The global diabetes device market is segmented on the basis of type and distribution channel. On the basis of type, the global diabetic device market is segmented into blood glucose monitoring, self-monitoring, continuous glucose monitoring, insulin delivery devices, pens, pumps, jet injectors, syringes and others. On the basis of distribution channel, the global diabetic device market is segmented into retail pharmacy, hospital pharmacy, clinics, online pharmacy and others. On the basis of end-user, the global diabetic device market is segmented into diagnostic center, hospitals, home care.
The regions covered in this global diabetes device market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of global diabetes device is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for global diabetes device market are -
Diabetes is becoming more common worldwide as a result of a secondary lifestyle, poor diet, obesity, and other factors. Diabetes monitoring devices aid in the treatment of diabetes by performing functions such as early detection and confirmation of hypoglycaemia. They can help to know the effects of medications. For example, according to the article, diabetes levels get results in less than 15 seconds and can store this information for future use. That is so, the minimum time to diagnosis. Therefore, fast treatment gives patients a chance to maintain their diabetes levels. For example, according to the diaTribe article Making Sense of Diabetes, on November 30th, 2021, the first automatic blood glucose meter, the POGO Automatic, might represent an innovation in blood glucose monitoring. Additionally, Aga matrix Company the Jazz Wireless 2 blood glucose monitoring system employs advanced Wave Sense technology to provide nearly 99% accurate readings. Using a Bluetooth wireless connection and the glucose level result, so can easily capture, analyse, and share glucose results. AgaMatrix answered the phone within 15 seconds with a real-live factory technician. The increasing availability of these advanced products helps to use them easily and quickly for the treatment of diabetes. Therefore, increasing demand for development in diabetes monitoring systems and treatment devices in the global diabetes device market.
An increased frequency of diabetic patients due to obesity rates, increased stress levels, lack of proper exercise, unhealthy diets, and secondary lifestyles has enhanced the demand for diabetic devices. These machines provide real-time blood sugar level evaluations 24 hours a day. This means very less time to analysis the result. Therefore, permitting people with diabetes to closely track blood glucose levels and trends. For example, according to the national library of medicine, in March 2020, globally an estimated 462 million individuals are affected by type 2 diabetes, corresponding to 6.28% of the world’s population. As well, according to the national diabetes statistics report in 2020, almost 7.3 million adults aged 18 years or older who met laboratory criteria for diabetes were not aware of or did not report having diabetes. This number signifies 2.8% of all US adults and 21.4% of all US adults with diabetes. Also, according to the international diabetes federation in 2021, the percentage of adults with diabetes increased with age, reaching 26.8% among those aged 65 years or older. Approximately 537 million adults (20–79 years) are living with diabetes. The various benefits of diabetic device include diabetic monitors can keep track of patient sugar intake and help regulate to body and others. Therefore, rising demand in the market to grow its revenue in the market.
However, the lack of awareness and high cost of devices may hamper the growth of diabetes devices market. Furthermore, companies in the diabetes device market are rising their product development and investment revenue opportunities to grow edge over competitors.
Geographically, North America accounts for the leading share of the market for global diabetes devices. In recent years, rising obesity and increasing awareness regarding diabetes care in the region, such that the United States and Canada have a large diabetic population, especially type 2 diabetes patients. Increased use of diabetes devices particularly insulin delivery devices and favourable reimbursement policies. Hence, increasing demand in the diabetes device market. For example, Furthermore, according to WHO, on November 12th, 2021, for more than 60 million people living with type 2 diabetes. As well, according to the 2022 Canadian Association of Optometrists, the current number of people living with diabetes in Canada is approximately 3.3 million. Diabetes can increase risk of developing cardiovascular disease, including atherosclerosis, stroke, peripheral artery disease, kidney disease and many others. Blood glucose monitoring devices that are easy to use which use a glucose strip to accurately measure blood glucose levels. As a result, increased awareness regarding diabetes devices is expected to drive the growth of the north America region.
Asia-Pacific is the second-dominating region in the global diabetes device market. Diabetes patients are increasing in number due to unhealthy diets and a lack of physical activity. As a result, expansion of diabetes hospital and diabetes devices has increased and launching a couple of new advanced technology devices. For example, according to Abbott, on November 02nd, 2020, the revolutionary Freestyle Libre system launched in India, providing real-time continuous glucose monitoring for people with diabetes. Additionally, in July 2022, India launched the best glucose metre, the Accu-Chek Active Blood Glucose Meter Kit, Blood Glucose Monitor Model BG 03. According to a Business Standard article on Jan 13th, 2022, an Indian spends Rs 11,000 annually on Type-2 diabetes care and Rs 3.5 lakh in a lifetime. As a result, increased diabetes frequency is expected to drive the growth of the diabetes care devices market.
On June 03rd, 2022- Abbott Company has developed a new bio wearable that continuously monitors glucose and ketone levels in one sensor. The system has secured an innovation device designation from the U.S. Food and Drug Administration, which is created to expedite the review of innovative technologies that improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.
On June 16th, 2022- Ascensia Diabetes Care, a global diabetes care company that manufactures the contour blood glucose monitoring (BGM) system portfolio and distributes Eversense Continuous Glucose Monitoring (CGM) Systems, announced plans to manufacture the next-generation system. It is fully implantable, long-term Eversense E3 CGM System designed to deliver key improvements on the currently available Eversense XL CGM System, whilst building on the unique benefits that European users already experience.
On April 01st, 2022- DexCom, Inc., the global leader in real-time continuous glucose monitoring for people with diabetes, announced the new Dexcom ONE continuous glucose monitoring system launch in the United Kingdom. The Dexcom ONE system is an easy-to-use real-time CGM (rt-CGM) that be more affordable and accessible for people with diabetes in the UK. Dexcom ONE is currently in review to be added to drug tariffs across the UK regions.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 24.30 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 39.27 Billion|
|Tables, Charts & Figures:||175|
|key players / Manufacturers||Medtronic, Abbott laboratories, Ascensia Diabetes Care Holdings AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., Sanofi, Novo Nordisk A/S, Ypsomed, Valeritas, Inc, Medtronic plc., Terumo corporation, Others.|
|Segments Covered||By Types, By Distribution Channel, By End Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination interested? please email us firstname.lastname@example.orgJOIN US
BrandEssence® Market Research and Consulting Pvt ltd.
124, City Road, London EC1V 2NX
© Copyright 2023-24 BrandEssence® Market Research and Consulting Pvt ltd. All Rights Reserved | Designed by BrandEssence®