Diabetes care devices are used to monitor and control blood glucose levels in diabetic patients.
The main types of diabetes care devices are blood glucose test strips, insulin pens, syringes, pumps and injectors, lancing devices and equipment, continuous glucose monitoring devices and equipment, and blood glucose meters. Insulin pens are injection devices with a needle that delivers insulin into the subcutaneous tissue. The type of expenditures is public and private. The products used are instruments/equipment and disposables. The various end-users are hospitals and clinics, diagnostic laboratories, and others.
The global diabetes care devices market 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 End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
Subsegments Covered: Glucose Dehydrogenase, Glucose Oxidase, Pens, Injectors And Pumps, Syringes
The global diabetes care devices market size will grow from $58.63 billion in 2022 to $62.94 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global diabetes care devices is expected to grow to $80.06 billion in 2027 at a CAGR of 6.2%.
Busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as diabetes. Long working hours, limited physical activity, and unhealthy eating and drinking habits are major causes of diabetes. For instance, according to WHO data 2021, more than 95% of people with diabetes have type 2 diabetes. According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030. These factors are expected to increase the patient pool of diabetes. For instance, according to IDF data 2021, nearly 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. These factors are expected to aid the growth of the diabetes care devices market in the forecast period.
Major companies in the diabetes care devices market include Abbott Laboratories, Novo Nordisk, Medtronic Inc., Dexcom, Inc., F. Hoffmann-La Roche Ltd., Becton Dickinson, Insulet, Ypsomed, ConvaTec Group Plc, and B. Braun Group.
The diabetes care devices market is expected to be limited by the high cost of the equipment, especially in low-income countries, where the cost related to diabetes devices is very high, despite insurance coverage. For example, in the US all the expenses related to diabetes treatment, which includes diabetes care devices can reach $1,000 a month. Thus, high costs associated with diabetes care devices and their accessories are likely to impede the market growth going forward.
Pharmaceutical companies are investing in developing and commercializing glucose-responsive insulins (GRIs), providing significant opportunities for the development of new types of insulin delivery devices. For example, Novo Nordisk, a Danish pharmaceutical company, has planned to develop GRIs by acquiring UK biotech start-up Ziylo with an investment of $800 million. Companies such as Eli Lily and Sanofi have also planned research projects to develop GRIs. GRIs are 'smart' insulins that automatically activate or deactivate in response to changing glucose levels in the blood. They improve diabetes treatment efficacy and reduce the incidence of hyperglycemia and hypoglycemia.
North America was the largest region in the global diabetes care devices market in 2022. Western Europe was the second largest region in the global diabetes care devices market share. The regions covered in the diabetes care devices market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the diabetes care devices market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The diabetes care devices market consists of sales of blood glucose monitoring devices, insulin delivery devices, smart insulin pens and others that are used for monitor and treat diabetes patient. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The diabetes care devices market research report is one of a series of new reports from The Business Research Company that provides diabetes care devices market statistics, including diabetes care devices industry global market size, regional shares, competitors with a diabetes care devices market share, detailed diabetes care devices market segments, market trends and opportunities, and any further data you may need to thrive in the diabetes care devices industry. This diabetes care devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.