The diabetes care devices (or) equipment consists of sales of diabetes care devices and related services by entities (organizations, sole traders and partnerships) that produce diabetes care devices used to monitor blood glucose levels in diabetic patients. This industry includes establishments that produce blood glucose test strips used to check blood glucose levels, Insulin Pens, Syringes, pumps and Injectors used to inject insulin, continuous glucose monitoring devices, blood glucose meters and others.
The global diabetes care devices market is expected to grow from $35.2 billion in 2019 to $37.3 billion in 2020 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to the COVID-19 outbreak as people with diabetes are at increased risk of serious illness from COVID-19. The diabetic care devices are increasingly being used by care providers and patients (self-monitor) to frequently check the blood glucose levels. FDA issued guidance to expand the availability and capability of non-invasive remote monitoring devices including continuous glucose monitors (CGM) during the COVID-19 pandemic. However, the growth is not as significant as expected due to the demand and supply gaps. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $47.3 billion in 2023.
