What Has Been the Growth Trajectory for the Diabetes Care Devices Market in Recent Years?
The diabetes care devices market has seen considerable growth due to a variety of factors.
• The market size of diabetes care devices has experienced significant expansion in the last few years. It is projected to expand from $67.88 billion in 2024 to $76.22 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.3%.
The historic period's expansion was driven by factors such as a rise in diabetes cases, economic development, reforms in public health insurance, an aging population, and increased spending on healthcare.
What Can Be Expected from the Diabetes Care Devices Market in the Coming Years?
The diabetes care devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market for diabetes care devices is anticipated to expand rapidly in the coming years. It's projected to reach a value of $121.11 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%.
The forecasted growth is due to various factors, including enhanced R&D investments, increased research collaborations, rising disease burden, public sector initiatives, and technological advancements. The future trends in this market are predicted to be needleless glucose testing, Glucose Responsive Insulins (GRIS), synthetic pancreas, transition from traditional insulin syringes, wearable and mobile glucose monitor systems as well as smart glucose meters.
What Are the Critical Driver Fuelling the Diabetes Care Devices Market's Growth?
The upward trend in healthcare spending is expected to fuel the expansion of the diabetes care device market. This spending encompasses the overall cost incurred on healthcare-related goods, services and activities over a defined duration, usually at an individual, community, national or global scale. The rise in healthcare spending, in conjunction with broader healthcare availability and an increase in diabetes diagnoses, prompts increased R&D investments. Consequently, the development of diabetes care devices like enhanced glucose monitoring systems, insulin delivery devices, and digital health technologies is accelerated. For example, Eurostat, a European government agency, reported in November 2023 that social protection expenditure on illness and healthcare in the EU hit 8.1% of GDP in 2022. In a comparison of 24 EU countries, France had the highest expenditure at 10.0%, trailed by Germany at 9.7%, while Bulgaria had the lowest at 4.2%. Countries with low expenditure also included Ireland (4.6%), Hungary and Lithuania (4.7%), and Estonia (4.8%). Hence, escalating healthcare expenditure will catalyze the growth of the diabetes care device market in the future.
How Is the Diabetes Care Devices Market segmented?
The diabetes care devices market covered in this report is segmented –
1) By Type: Blood Glucose Test Strips, Insulin Pens, Syringes, Pumps And Injectors, Lancing Devices And Equipment, Continuous Glucose Monitoring Devices And Equipment, Blood Glucose Meters
2) By Type of Expenditure: Public, Private
3) By Product: Instruments Or Equipment, Disposables
4) By Type Of Testing: Point Of Care (POC) Testing, Non-Point Of Care (POC) Testing
5) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments:
1) By Blood Glucose Test Strips: Standard Blood Glucose Test Strips, Test Strips for Continuous Glucose Monitors
2) By Insulin Pens: Pre-filled Insulin Pens, Reusable Insulin Pens, Smart Insulin Pens
3) By Syringes: Insulin Syringes (various capacities), Disposable Syringes, Safety Syringes
4) By Pumps and Injectors: Insulin Pumps, Insulin Jet Injectors, Patch Pumps
5) By Lancing Devices and Equipment: Manual Lancing Devices, Automatic Lancing Devices, Lancets (various gauges)
6) By Continuous Glucose Monitoring Devices and Equipment: Real-Time CGM Systems, Flash Glucose Monitoring Systems, CGM Sensors and Transmitters
7) By Blood Glucose Meters: Standard Blood Glucose Meters, Smart Blood Glucose Meters, Meters with Integrated Data Management
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What New Trends Are Influencing the Diabetes Care Devices Market?
The principal players in the diabetes care devices market, such as Medtronic, are concentrating on the creation of pioneering products like the Medtronic Extended Infusion, in order to boost market prosperity. The Medtronic Extended Infusion Set, designed to be worn for a period of up to 7 days, is a tube that carries insulin from the pump to the human body. In a notable example, Medtronic, a medical device firm based in the United States, introduced the Medtronic Extended infusion set in November 2022. This product uses cutting-edge technology to reduce the loss of insulin preservatives and to improve flow, thus effectively expanding the set's wear time. The innovative features of this design include a new tubing connector and a robust adhesive patch, which ensures insulin stability and wearer comfort for a period of up to 7 days.
Who Are the Key Players in the Diabetes Care Devices Market?
Major companies operating in the diabetes care devices market include:
• Becton Dickinson and Company
• Roche Holding AG
• Nipro Corporation
• HTL-STREFA Inc.
• ARKRAY
• Terumo Corporation
• Owen Mumford
• Ypsomed AG
• Vogt Medical
• Sanofi India
• Biocon Ltd
• Mehar healthcare
• Johnson & Johnson
• Shandong WeiGao Group Medical Polymer Company Limited
• Yuwell medical equipment & supply Co
• Medtronic
• Emperra GmbH E-Health
• Novo Nordisk A/S
• Insujet
• Eli Lilly
• Fresenius Medical Care
• Siemens
• Stryker
• Teleflex Medical
• LifeScan
• Ascensia Diabetes Care
• Tandem Diabetes Care
• Dexcom Inc.
• SocialDiabetes
• Dottli
• Themis Bioscience
• Ok biotech
• Acon Laboratories
• Bayer AG
• AgaMatrix.
What Is The Most Dominant Region In The Diabetes Care Devices Market?
North America was the largest region in the global diabetes care devices market in 2024. Western Europe was the second largest region in the global diabetes care devices market. The regions covered in the diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
