Diabetes Devices Market Size Report 2022-2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research, is an In-Depth Analysis of Market Characteristics, Segmentation, Regional and Country Breakdowns, Competitive Landscape, Market Outlook, Future Scope, and Strategies for This Market.
According to Precedence Research, the global diabetes devices market size is projected to hit USD 48.8 billion by 2030 from US$ 28.30 billion in 2021. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 6.2%.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.
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The global diabetes devices market is growing at a rapid rate along with the rising prevalence of diabetes among the global population across the globe. According to the International Diabetes Federation (IDF), about 537 million adult population aged 20 years to 79 years are living with diabetes in 2021 all over the globe. This number is expected to reach to 643 million by 2030 and to 783 million by the year 2045. In 2021, around 6.7 million deaths were recorded due to diabetes.
According to the World Health Organization, diabetes is a major cause of kidney failure, stroke, and blindness. The rising awareness regarding the diabetes and diabetes management among the population is significantly boosting the demand for the diabetes devices across the globe. Furthermore, the easy availability of various innovative drug delivery devices such as pen injections, jet injectors, and pumps have rapidly gained traction among the consumers and fostered the growth of the global diabetes devices market.
Future of Diabetes Devices Market
The technological advancements and the integration of novel technologies in the diabetes devices is expected to shape the future of the diabetes devices market. For example, in January 2019, Bigfoot Biomedical and Eli Lilly & Co. entered into a partnership to design and develop solution for the dosing and delivery of insulin by adopting artificial intelligence (AI). Such innovative products and introduction of novel technologies is expected to foster the market growth in the foreseeable future.
- On the basis of type, the insulin delivery devices segment dominated the market in 2020. This growth is majorly attributed to the increased adoption of the insulin devices among the diabetic patients. Insulin is the most consumed device used for the management and control of diabetes. The availability of various type of insulin such as syringes, pens, pumps, and jet injectors serves the consumers as per their need and conveniences.
- Based on the distribution channel, the online pharmacy is estimated to exhibit the highest CAGR during the forecast period. The rapid emergence and growing penetration of the online pharmacies and the rising demand for the insulin devices among the consumers for home care setting is expected to have a significant and positive impact on the market growth.
- Depending on the end use, the hospital was the leading segment in the global diabetes devices market in 2020. The rising prevalence of diabetes across the globe. And the rising number of diabetic patient admission in hospitals is the sole factor that has driven the growth of the hospital segment in the global diabetes devices market.
- North America was the largest revenue generator in 2020. The major factor behind the growth of the North America diabetes devices market includes increased prevalence of diabetes due to unhealthy eating habits, increased awareness regarding diabetes management, increased healthcare expenditure, and enhanced access to healthcare facilities. The presence of several top manufacturers, technological advancements, and new product launches are the various factors that has driven the market growth.
- Asia Pacific is witnessing a rising adoption of the insulin delivery devices owing to the rising awareness regarding blood glucose monitoring and management. According to the International Diabetes Federation, around 75% of the diabetic population lives in the low and middle income countries. Emerging nation like India is among the top diabetic countries in the globe. The surging awareness regarding diabetes, rising adoption of the technologically advanced insulin and glucose monitoring devices, increasing prevalence of diabetes, and rising healthcare consumer expenditure are the major factors that are driving the growth of the Asia Pacific diabetes devices market.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic had a moderate effect of the global diabetes devices market as the essential medical products were allowed to operate during the pandemic.
- The manufacturers faced a temporary shortage of raw materials and supply chain disruptions owing to the lockdown restrictions.
- The increased adoption of the online pharmacies gained traction for buying diabetes devices among the consumers.
- Diabetic patients were at higher health risks owing to the COVID-19 infection.
Key Developments in the Marketplace:
- In September 2017, Abbott acquired the US FDA approval for its Freestyle Libre Glucose Monitoring System that uses small sensors for monitoring the blood glucose levels.
- In March 2021, Roche introduced itsAccu-Check Instant system,whichcan be connected to mySugar app with the help of Bluetooth.
The diabetes devices market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the key players in the global diabetes devices market include:
- B Braun Melsungen AG
- Abbott Laboratories
- Bayer AG
- Medtronic Plc
- Lifescan, Inc.
- Dexcom, Inc.
- Tandem Diabetes Care, Inc.
- Companion Medical
Segments Covered in the Report
- Blood Glucose Monitoring
- Continuous Glucose Monitoring
- Insulin Delivery Devices
- Jet Injectors
By Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
By End Use
- Diagnostic Center
- Home Care
- North America
- Asia Pacific
- South Korea
- Rest of the World
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