The global diabetes care devices market size was valued USD 49, 000 million in 2020 and is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing incidence of diabetes and the increasing amount of programs began by various health organizations associated to health alertness.
Diabetes care devices are defined as hardware & software used by diabetes prone patients to manage blood glucose levels, decrease the problem of living with diabetes, strip off issued related to diabetes problems, and develop quality of life. Generally, diabetes technology is separated into two core groups, namely insulin directed by pump, pen, or syringe and blood glucose monitoring or continuous glucose monitor. In recent times, diabetes technology has extended to contain fusion devices that both monitor glucose and provide insulin, almost spontaneously, as well as software that helps in self-management maintenance. Diabetes care devices, when used correctly, can progress the lives and fitness of people with diabetes.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle is anticipated to spur the growth of the market.
- Technological advancements, increasing obese population, and consumption of junk food contributes to the market growth.
- Surge in requirement for faster and safer diagnosis and treatment of diabetes are estimated to propel the market growth.
- Adverse effects associated with some of the diabetes care devices can hamper the market's growth.
- High cost of diabetes care, unregulated reimbursement, and effective alternative therapies are major factors that can hinder the growth of market.
- Growing requirements for fast, safe, and effective methods of diagnosis and treatment of diabetes can create challenges for the market growth.
- Rising awareness about diabetes monitoring devices and untapped market opportunities in the developing regions can create lucrative opportunities during the forecast period.
Scope of Diabetes Care Devices Market Report
The report on the global diabetes care devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Diabetes Care Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Monitoring Devices (Self-monitoring Blood Glucose [Test Strips, Glucometer Devices, and Lancets] and Continuous Glucose Monitoring [Durables and Sensors]), Management Devices (Insulin Pumps [Insulin Pump Reservoir, Insulin Pump Device, and Infusion Set], Insulin Cartridges, Jet Injectors, Insulin Syringes, and Disposable Pens)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
DexCom, Inc.; Novo Nordisk A/S; Medtronic plc; Abbott Laboratories; and F. Hoffmann-La Roche Ltd
Diabetes Care Devices Market Segment Insights
Self-monitoring blood glucose segment to hold a significant market share
On the basis of monitoring devices, the market is bifurcated into self-monitoring blood glucose and continuous glucose monitoring. The self-monitoring blood glucose segment is further classified as test strips, glucometer devices, and lancets. The continuous glucose monitoring segment is bifurcated into durables and sensors. The self-monitoring blood glucose segment is anticipated to expand at a robust CAGR during the forecast period due to increased acceptance of test strips and self-monitoring blood glucose devices across the world. With the growing inclination of self-management and the growing awareness toward the disease in the emerging economies, this segment is expected to account a major market share in the coming years.
Insulin pumps segment to expand at a robust CAGR
In terms of management devices, the market is segregated into insulin pumps, insulin cartridges, jet injectors, insulin syringes, and disposable pens. The insulin pumps segment is further divided into insulin pump reservoir, insulin pump device, and infusion set. The insulin pumps segment is estimated to grow at a rapid pace in the projected timeline due to rising use of insulin pumps to improve manage blood sugar levels.
North America is anticipated to constitute a key market share
Based on regions, the market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a vital share of the market during the forecast period due to the growing diabetic population, unhealthy diets, stress, and obesity. Diabetes care devices market growth in this region is also supported by advantageous government reimbursement rules and progressive healthcare infrastructure.
The global diabetes care devices market is segmented on the basis of:
- Self-monitoring Blood Glucose
- Test Strips
- Glucometer Devices
- Continuous Glucose Monitoring
- Insulin Pumps
- Insulin Pump Reservoir
- Insulin Pump Device
- Infusion Set
- Insulin Cartridges
- Jet Injectors
- Insulin Syringes
- Disposable Pens
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The key players competing in the diabetes care devices market are DexCom, Inc.; Novo Nordisk A/S; Medtronic plc; Abbott Laboratories; and F. Hoffmann-La Roche Ltd