CAGR: 8.8%Current Market Size: USD 29.02 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global diabetes care devices market is expected to grow from USD 29.02 billion in 2022 to USD 56.9 billion by 2030, at a CAGR of 8.8% during the Projection period 2023-2030. Technology advancements and rising obesity rates are two main causes that are driving up demand for diabetes care devices. The market for diabetes care devices is also growing as a result of rising diabetes prevalence and increased use of insulin delivery systems.
Diabetes is a disorder that arises when blood glucose levels exceed normal levels due to a problem with the synthesis of insulin, which regulates glucose levels. The primary source of energy is blood glucose, which is derived from the food we eat. The pancreatic hormone insulin regulates blood sugar levels. Diabetes is brought on by a flaw in the body's ability to produce insulin, which prevents it from controlling blood glucose levels. Normal blood glucose levels vary from 70 to 100 mg/dL, however in diabetes patients, they can reach up to 80 to 130 mg/dL. The glucose levels of a diabetic patient are tracked with diabetes care devices. A continuous glucose monitor (CGM) is a medical gadget that continuously tracks and monitors a diabetic patient's blood glucose levels. People with Diabetes can utilise this wearable technology to better control their blood sugar levels, making it very helpful for them. Ketone monitors, blood glucose monitors, continuous glucose monitors, insulin pumps, smart insulin pens, and diabetes management software are a few examples of the various technologies that can track diabetic symptoms. Devices for monitoring glucose enhance patients' health by helping to maintain and control their blood sugar levels.
Sample Request: - Global Diabetes Care Devices Market
Market Dynamics:
Drivers:
Diabetes is a chronic disease in which the pancreas produces insufficient insulin or uses it ineffectively to control blood sugar. In 2019, diabetes was the tenth leading cause of death, directly accounting for an estimated 1.5 million deaths. The body's inefficient use of insulin results in type 2 diabetes, also known as non-insulin-dependent diabetes or adult-onset diabetes. More than 95% of people with diabetes have type 2 diabetes. The primary causes of diabetes are having an excessive amount of body weight and not exercising. According to the International Diabetes Federation, globally, diabetes is becoming increasingly prevalent, and there were 6.7 million deaths in 2021 because of diabetes. The tremendous rise in the number of people with diabetes is mostly attributable to rising obesity rates globally and sedentary lifestyles typified by unhealthy diets and less physical activity. Prevalence has been rising more quickly in low- and middle-income countries.
Restraints:
The high cost associated with the diabetes care devices are hampering the growth of the market. Glucose testing is expensive and painful, diabetes care devices don't always provide accurate results, and market expansion is hindered by a number of factors. Sensor insertions are painful and multiple devices are more difficult to fit on small bodies. In addition, disruptive alerts lost signals, resulting in data gaps, skin irritation, and adhesive issues.
Opportunities:
The levels of actual work have decreased due to rising urbanisation and motorization. According to the WHO, more than 60% of the world's population is insufficiently dynamic. According to the World Health Organization, active employment is one of the factors that sustains life. As a result, at any stage of life, it protects against any persistent medical issues, such as various forms of cardiovascular disease or diabetes. Type 2 diabetes risk increases with increasing body weight at any age. Type 2 diabetes is three to ten times more prevalent than normal weight in people who are obese, and it is more likely to occur in those whose body mass index (BMI) is more than 35 kg/m2. The risk of type-2 diabetes increases with an unhealthy lifestyle that includes smoking and poor eating habits. Working shifts, especially at night, has been linked to an increased risk of type 2 diabetes. Smoking is a serious risk factor that increases the likelihood of developing diabetes compared to non-smokers. The risk of developing diabetes increases with daily cigarette consumption.
Challenges:
The market is witnessing various challenges due to lack of trained professionals as well as lack of awareness about the use and benefits of diabetes care devices. It is very essential to make the consumers aware about the usage and benefits of these devices in order to improve the growth scale of the market.
Segmentation Analysis:
The global diabetes care devices market has been segmented based on type, distribution channel, and region.
By Product Type
The type segment includes insulin delivery devices and blood glucose monitoring. The nitrile gloves segment led the largest share of the diabetes care devices market with a market share of around 57% in 2022. A subcutaneous insulin injection is the most common method of insulin administration. In addition to vials and syringes, insulin pens and pumps are other ways of delivering insulin subcutaneously. Due to the ease of carrying around, the ease of use, and the increased accuracy of the dose, pen devices provide better compliance with treatment than syringes.
By Distribution Channel
The distribution channel segment includes clinics, hospitals, retail sales, institutional sales and others. The hospital segment led the largest share of the diabetes care devices market with a market share of around 27% in 2022. Due to factors such as easy availability, growing popularity of private brands, and easy availability, the hospital segment dominated the market with significant revenue share. A hospital campus is home to two types of pharmacies: inpatient pharmacies and outpatient pharmacies. Inpatient pharmacies are located within hospitals, accessible only by authorized personnel serving operation rooms, intensive care units, inpatient wards, and special services. Generally, outpatient pharmacies can be found in hospital lobbies and entrances.
Global Diabetes Care Devices Market- Sales Analysis.
The sale of diabetes care devices expanded at a CAGR of 8.1% from 2016 to 2022.
The need for diabetes care devices is growing as obesity is one of the main causes of diabetes. Over 650 million people were obese in 2016, and the World Health Organization predicts that number will continue to climb over the upcoming years (2020 to 2028). However, there are substantial obstacles limiting the expansion of the diabetes care devices market size, including limited reimbursement, high adoption costs, and product recalls.
Throughout the Projection period, it is anticipated that sales of diabetes care equipment will increase significantly. Products for continuous blood glucose monitoring give continuous and real-time blood sugar measurements, which aid in the analysis of glucose levels.
As diabetes care devices help diabetic patients avoid longer hospital stays and greater mortality rates, sales of these devices are expected to increase. The United States Food and Drug Administration (FDA) made recommendations enabling the use of home-use devices in hospital settings in response to the pandemic's urgency. This improved the safety of medical staff by lowering patient contacts. Therefore, the use of diabetes care devices proven essential in patient management, lowering overall healthcare costs, especially in areas with limited resources.
Thus, owing to the aforementioned factors, the global diabetes care devices market is expected to grow at a CAGR of 8.8% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the diabetes care devices market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the diabetes care devices market and held a 39.2% share of the market revenue in 2022.
Global Diabetes Care Devices Market - Country Analysis:
Germany's diabetes care devices market size was valued at USD 2.13 billion in 2022 and is expected to reach USD 4.21 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
Germany has strict government policies and favourable WHO regulations regarding the use of blood glucose monitoring devices, which are encouraging companies to develop innovative products. In addition to supporting local clinical research organizations (CROs) in their clinical trials, remote patient monitoring devices also ensure ease of monitoring, which facilitates the discovery process.
China’s diabetes care devices market size was valued at USD 2.18 billion in 2022 and is expected to reach USD 4.37 billion by 2030, at a CAGR of 9.1% from 2023 to 2030.
One in ten Chinese citizens has diabetes. Every year, millions of new cases of diabetes are diagnosed, according to estimates. There is a rapid decline in traditional dietary patterns in China's cities, which are experiencing economic growth and a rapid decline in the traditional diet. As a result of urbanization, improved living standards, and an ageing population, China health experts believe that this diabetes number spike is a result of urbanization, improved living standards, and an ageing population.
India's diabetes care devices market size was valued at USD 1.6 billion in 2022 and is expected to reach USD 3.18 billion by 2030, at a CAGR of 9% from 2023 to 2030.
As a result of increasing diabetes prevalence in the country, India is the second largest market in the Asia-Pacific region for diabetes care devices after China. Devices that monitor blood glucose levels are known as diabetes care devices. Due to technological advances, continuous glucose monitoring devices are becoming immensely popular as a result of the rise of diabetes care devices.
Key Industry Players Analysis:
To increase their market position in the global diabetes care devices market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
8.8% |
Market Size |
29.02 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
PHC Holdings Corporation, Medtronic, DarioHealth Corp., Sanofi, Tandem Diabetes Care, LifeScan, B. Braun SE, Dexcom, Inc, F. Hoffmann-La Roche Ltd, Tidepool, AgaMatrix, WellDoc, Inc, Insulet Corporation, and Ypsomed Holdings. |
By Type |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Diabetes Care Devices Market by Type:
Global Diabetes Care Devices Market by Distribution Channel:
Global Diabetes Care Devices Market by Region:
Global diabetes care devices market is expected to reach USD 56.9 billion by 2030, at a CAGR of 8.8% from 2023 to 2030.
Increasing prevalence of diabetes and rising obesity rate, unhealthy lifestyle, and sedentary lifestyle
North American region will witness more growth in the diabetes care devices market.
Leading players in the diabetes care devices market are PHC Holdings Corporation, Medtronic, DarioHealth Corp., Sanofi, Tandem Diabetes Care, LifeScan, B. Braun SE, Dexcom, Inc, F. Hoffmann-La Roche Ltd, Tidepool, AgaMatrix, WellDoc, Inc, Insulet Corporation, Ypsomed Holdings among others.
Political Factors- To encourage a collaborative working culture, a transparent governance system is required. The diabetes care devices market now has a lot of problems due to corruption and a lack of transparency. The current political turmoil and unpredictability are the main causes of this lack of openness. By encouraging fraudulent activities, making corporate processes like licencing and contracting more challenging, and reducing law enforcement, corruption undermines stakeholders' trust in commercial enterprises and governmental organisations. Rising bureaucratic corruption often slows economic growth, which limits the ability for markets like the diabetes care devices market to thrive.
Economic Factors- It could be harder to fulfil diabetes care devices market growth objectives in mature markets that are close to saturation. Therefore, when selecting the nations for international expansion, the industry lifecycle stage must be taken into account. When deciding whether to expand internationally, the diabetes care devices market should take into account the rates of economic growth of the various nations. There are greater opportunities to pursue long-term growth goals in nations with rapid economic growth. Consumer spending becomes more restrained when the economy is growing slowly, which has a direct impact on the growth of the diabetes care devices market's revenue.
Social Factors-Two significant social characteristics that may affect the marketing, advertising, and human resource management plans for the diabetes care devices market are respect for hierarchy and social class stratification. When approaching nations with large power distance, the diabetes care devices market is most at ease in hierarchical institutions and formal work cultures. An additional indication of the necessity for effective market segmentation techniques is the rise in social stratification. This is because the diabetes care devices market cannot effectively target numerous groups from various social classes using the same marketing mix.
Technological Factors- The diabetes care devices market should benefit nations with superior technological infrastructure since these nations make it simpler for businesses to achieve goals like cost reduction, innovation, and value creation. It will be more difficult for the diabetes care devices market to leverage technology to gain a sustainable competitive advantage because it might be simple for rivals to copy, as evidenced by a well-developed technological infrastructure. The rate and progress of technological innovation may have an impact on the market and industry as a whole. The diabetes care devices market will be able to comprehend the rate of new product development, the length of the product life cycle, and the specific features that consumers demand by analysing the forthcoming technological innovation trends.
Environmental Factors- The implementation of the closed-loop, circular economy concept is starting to become commonplace in several nations across a range of places and industries. Businesses with enabling institutional frameworks can facilitate material reuse and recycling. Similar to this, recycling is a well-liked hobby throughout the world. The market for diabetes care devices may profit from these trends in sustainability and utilise them as a tool to accomplish financial goals by lowering production costs and lowering environmental costs.
Legal Factors- Companies like the market for diabetes care devices profit from strict adherence to intellectual property regulations because it safeguards their patents against infringement and gives them a sustainable competitive advantage. Numerous federal and state legislation are in place in several nations to safeguard consumers against potential economic abuse. Laws to protect consumer privacy have become more tighter in the age of information technology. The diabetes care devices industry must strictly abide by data protection requirements when making online transactions in order to prevent lawsuits.
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