The global diabetes devices market is on the rise. According to research and consulting company, Precedence Research, the market size of diabetes devices worldwide will hit US$ 48.8 billion by 2030, up from US$ 28.30 billion in 2021. This means a cumulative average growth rate (CAGR) of 6.2% from 2022 to 2030. The report contains 150+ pages of detailed analysis.
The various diabetes devices such as blood glucose monitoring systems, insulin pens, insulin umps, and jet injectors are commonly used to check blood glucose levels and it helps an individual in diabetes management. The global diabetes devices market is primarily driven by the rising prevalence of diabetes among the population owing to the factors such as unhealthy food habits, consumption of tobacco, increasing obese population, and lack of awareness.
Unhealthy food habits and obesity are extensively contributing towards the growth of diabetes among the people. According to the World Health Organization (WHO), around 422 million of the global population were suffering from diabetes. Rising awareness regarding the availability of various diabetes devices is influencing the market growth.
Crucial factors accountable for market growth are:
- Growing prevalence of diabetes
- Unhealthy food habits and sedentary lifestyle
- Growing awareness regarding diabetes control
- Rapid growth of online pharmacy
- Rapidly increasing diabetic population in underdeveloped and developing nations
- Technological advancements and developments in the diabetes management devices
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Diabetes Devises Market Report Scope
|Market Size in 2022||USD 30 Billion|
|Growth Rate||CAGR of 6.2% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
The global diabetes devices market is dominated by the North America, closely followed by Europe and Asia Pacific regions. North America is a matured market for the diabetes devices because a decline in the rate of diabetic population has been witnessed in the US since 2008. New diabetes cases in the US is prevailing among the Hispanic and non-Hispanic black population, the immigrant population.
Increased awareness regarding diabetes, high disposable income, increasing consumer expenditure on healthcare products, developed healthcare infrastructure, and higher adoption rate of technologically advanced products in North America has exponentially contributed towards the growth of the diabetes devices market in the region.
The prevalence of type 2 diabetes is rapidly growing in the low and middle income countries that makes the Asia Pacific and Africa the most opportunistic market for the diabetes devices. Furthermore, rising government expenditure for the development of sophisticated healthcare infrastructure and increase in the marketing and promotional activities by the private brands is significantly grabbing the attention of the geriatric population and stimulating them to make a purchase of the diabetes device. Moreover, the development of advanced and low cost devices is significantly boosting the adoption rate of the diabetes devices among the population.
Diabetes Devices Market Dynamics
Drivers – The primary driver of the diabetes devices market is the rising prevalence of diabetes among the population. According to the WHO, the type 2 diabetes is the dominant type of diabetes that is affecting most of the people along with the children. Type 2 diabetes is a result of inactivity and excess weight of the body. Hence, the rising prevalence of type 2 diabetes is a major factor driving the growth of the market.
Restraints – The lack of awareness and low income of the people especially in the underdeveloped nations may act as a major constraint for the diabetes devices market.
Also Read: Digital Signage Market Size to Touch US$ 42.54 Billion By 2030
Opportunities – The introduction of artificial intelligence in the diabetes devices is a key trend in the market. Eli Lilly and Bigfoot Biomedical entered into a partnership in 2019 to develop a system that uses artificial intelligence technology for dosing insulin.
Challenges – Lack of proper healthcare infrastructure and developed distribution channel in the emerging and underdeveloped markets is a major challenge posed against the market players.
Diabetes Devices Market Key Players
- B Braun Melsungen AG
- Abbott Laboratories
- Bayer AG
- Medtronic Plc
- Lifescan, Inc.
- Dexcom, Inc.
- Tandem Diabetes Care, Inc.
- Companion Medical
Diabetes Devices Market Segments
- 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
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global diabetes devices market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions.
Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global diabetes devices market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Why should you invest in this report?
If you are aiming to enter the global diabetes devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for diabetes devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Frequently Asked Questions –
[sc_fs_multi_faq headline-0=”h3″ question-0=”What is the CAGR of diabetes devices market?” answer-0=”The global diabetes devices market is expected to grow at a noteworthy CAGR of 6.2% from 2021 to 2030.” image-0=”” headline-1=”h3″ question-1=”What is the current size of diabetes devices market?” answer-1=”The global diabetes devices market size was reached at US$ 26.7 billion in 2020 and is expected to hit US$ 48.8 billion by 2030. ” image-1=”” headline-2=”h3″ question-2=”Which are the driving factors of the diabetes devices market?” answer-2=”Growing prevalence of diabetes and unhealthy food habits and sedentary lifestyle are the driving factors of the diabetes devices market. ” image-2=”” headline-3=”h3″ question-3=”Who are the major players in the diabetes devices market?” answer-3=”The major players operating in the diabetes devices market are B Braun Melsungen AG, Bayer AG, Abbott Laboratories, Sanofi, Medtronic Plc, F.Hoffman-La-Ltd., Dexcom, Inc., Lifescan, Inc., Tandem Diabetes Care, Inc., and Companion Medical. ” image-3=”” headline-4=”h3″ question-4=”Which region will lead the global diabetes devices market?” answer-4=”The North America region will lead diabetes devices market during the forecast period. ” image-4=”” count=”5″ html=”true” css_class=””]