Diabetes Care Devices Market Definition
The diabetes care devices (or) equipment market 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 and control blood glucose levels in diabetic patients.
Diabetes Care Devices Market Size
The market for diabetes care devices reached a value of nearly $28.9 billion in 2018, having grown at 6.5% since 2014.
Growth in the historic period resulted from increasing diabetes prevalence and economic growth. Factors that negatively affected growth in the historic period were lack of awareness, low healthcare access and preference for oral treatment.
Going forward, government initiatives and technological development will drive the growth. Factors that could hinder the growth of this market in future are an increasing availability of alternative treatments and government regulations.
Diabetes Care Devices Market Drivers
The Key drivers of the diabetes care devices market include:
Increase in Diabetes Prevalence – Nutrition and lifestyle modifications led to a rise in the prevalence of all non-communicable diseases including diabetes. Increases in the size of the obese population, unhealthy eating habits, physical inactivity and increasing age are some of the key factors which led to the increase in the global prevalence of diabetes during the historic period. According to the International Diabetes Federation (IDF), the number of people with diabetes increased from about 414 million in 2015 to 425 million in 2017 and in 2016, nearly 1.6 million deaths occurred due to diabetes. This increase in diabetes prevalence was a key factor for the market’s growth during 2014-2018.
Diabetes Care Devices Market Restraints
The key restraints on the diabetes care devices market include:
Low Healthcare Access – During this period healthcare access was relatively poor in most developing countries compared to the developed nations. Globally, the burden of diabetes is significantly higher in low- and middle-income countries. According to IDF, three quarters of the global diabetes prevalence population is from low-to-middle countries. The low access to healthcare services, and insufficient number of healthcare professionals in low-to-middle countries had a negative impact on the global diabetes care devices market during 2014-2018.
Diabetes Care Devices Market Trends
Major trends influencing the diabetes care devices market include:
Glucose Responsive Insulins (GRIs)
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 Liy and Sanofi have also planned research projects to develop GRIs. GRIs are ‘smart’ insulins which 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.
Shift in Traditional Insulin Syringes
The insulin delivery devices market has been evolving to become more convenient for the user and to allow users more independence. Previously, diabetic patients have used insulin injections that use a vial and a syringe to inject the hormone. This method is associated with physical and psychological inconvenience, inaccuracy in dosage amount, and failure to administer insulin doses. Traditional insulin syringes are now being replaced with insulin pens and pumps. Insulin pens deliver accurate doses of insulin as they are pre-filled with the correct insulin type and dosage. Insulin pumps are portable devices attached to the user’s body, continuously delivering set amounts of insulin via a catheter. They ensure easier administration of insulin, accurate dosages and less pain compared to vials and syringes.
Opportunities And Recommendations In The Diabetes Care Devices Market
Opportunities – The diabetes care devices market size will gain the most in the USA at $ 4,131.1 million. Market-trend-based strategies for the diabetes care devices market include the adoption of new technologies such as shift in traditional insulin syringe, innovation of new wearable devices and mobile applications, intelligent glucose meters, connected digital diabetes apps, data analytics and AI-based services and increased use of artificial pancreas systems are some of the major innovations striving the diabetes care devices market.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the diabetes care devices companies to consider focusing on new product approvals and product launches, strategic partnerships and expanding in emerging markets, among other strategies.
Diabetes Care Devices Market Segmentation
The Diabetes Care Devices market is segmented by type of device, by end user and by geography.
By Device Type-
The diabetes care devices market is segmented by type into
- a) Insulin Pens, Syringes, Pumps And Injectors
- b) Blood Glucose Test Strips
- c) Blood Glucose Meters
- d) Continuous Glucose Monitoring Devices
- e) Lancing Devices
Continuous Glucose Monitoring Devices had the highest growth rate of nearly 18% during the historic period. The fastest market growth can be attributed to the embryonic stage of the market for such devices and their increased adoption due to these devices being easier to use than conventional glucose monitoring devices such as glucose meters. Although CGM has been available for more than a decade, adoption has been relatively low, particularly outside the United States and European countries, and coverage by global reimbursement authorities has been limited. There is limited evidence on effectiveness of usage of CGM due to lack of robust clinical trials about the value of CGM in patients receiving multiple daily insulin injections (MDI) versus use of CGM in combination with insulin pump therapy.
Sub-Segmentation
By Device Type-
The insulin pens, syringes, pumps and injectors market is segmented by type into
- a) Pens
- b) Injectors And Pumps
- c) Syringes
Insulin pens segment is expected to grow at the highest CAGR of 8.3% during the forecast period.
The insulin pens market is sub-segmented by type into
- a) Disposable Pens
- b) Reusable Pens
Disposable Pens segment is expected to grow at the highest CAGR of 8.7% during the forecast period.
By Technology-
The insulin pens market is sub-segmented by technology into
- a) Regular Pens
- b) Smart Pens
The blood glucose test strips market is sub-segmented by technology into
- a) Glucose Dehydrogenase
- b) Glucose Oxidase
Glucose oxidase-based blood glucose test strips accounted for the largest share of the blood glucose test strips market in 2018 at 67.1%.
By End Use -
The diabetes care devices market is segmented by end use
- a) Homecare/Personal Use
- b) Diagnostic centers
- c) Hospitals
Homecare/personal use accounted for the largest share of the diabetes care devices market in 2018 at 60.07%.
By Geography- The diabetes care devices market is segmented into
- o North America
- o Western Europe
- UK
- Germany
- France
- Spain
- Italy
- o Asia Pacific
- China
- Japan
- India
- Australia
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America is the largest market for diabetes care devices companies, accounting for 46.8% of the global market. It was followed by Western Europe, Asia Pacific, and other regions. Going forward, Asia Pacific and Africa will be the fastest growing markets in the diabetes care devices market
Diabetes Care Devices Competitive Landscape
Major Competitors are:
- • Medtronic plc
- • Roche Holding AG
- • Johnson & Johnson (J&J)
- • Sanofi
- • Becton, Dickinson and Company
Other Competitors Include:
- • Abbott Laboratories
- • Ascensia Diabetes Care Holdings AG
- • Dexcom, Inc.
- • Novo Nordisk A/S
- • Ypsomed AG
