Redding, California, Jan. 04, 2023 (GLOBE NEWSWIRE) — According to a new market research report, titled “Diabetes Care Devices Market by Type [Diabetes Monitoring (CGM, Test Strips, Self-Monitoring Blood Glucose Meters, Lancets, Haemoglobin A1C Testing Kits)], [Insulin Delivery (Syringes, Pens, Pumps, Jet Injectors)] – Global Forecast to 2028” published by Meticulous Research®, the diabetes care devices market is expected to grow at a CAGR of 6.7% from 2023 to reach $31.9 billion by 2028.
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As the prevalence of diabetes is increasing globally, self-management of diabetic treatments has become necessary to avoid long-term complications and fatalities. Diabetes care devices play an important role in managing diabetes as they enable patients to record and track their blood glucose levels all day long and administer the insulin doses according to the insulin levels.
The key factors driving the overall diabetes care devices market are the rising obesity cases, unhealthy and sedentary lifestyle, increasing prevalence of diabetes, and development of new insulin delivery systems. However, some limitations of diabetes care devices are their high costs and accessibility in low-middle income countries.
Impact of COVID-19 on Diabetes Care Devices Market
The COVID-19 pandemic has severely impacted the diabetes care devices market. COVID-19 patients had higher blood glucose levels due to the use of steroids for the COVID-19 treatment. In 2020, the increase in the number of individuals suffering from diabetes due to COVID-19 expanded the income of the central participants in the diabetes care division. Many players in the market presented new progressed diabetes care devices and association arrangements for diabetes care devices.
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Diabetes Care Devices Market Overview
The diabetes care devices market is segmented based on type: (diabetes monitoring devices and insulin delivery devices) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at a global level.
In 2023, the diabetes monitoring devices segment is estimated to account for the largest share of the overall diabetes care devices market. This is mainly attributed to the increased adoption of test strips and self-monitoring blood glucose meters and increasing demand for continuous glucose monitoring with rising awareness towards the disease in developing countries. Diabetes monitoring devices can be utilized to monitor blood glucose values and help the patient adjust their dietary intake, physical activity, and insulin doses to improve glycemic control on a regular basis.
Diabetes monitoring devices are further segmented into continuous blood glucose monitoring devices, test strips, lancets, self-monitoring blood glucose meters, and hemoglobin A1C testing kits. The test strips segment is expected to dominate the diabetes monitoring devices market in 2023, primarily due to the frequent usage of test strips for both continuous and self-glucose monitoring and is widely used by patients in developing countries.
Moreover, insulin delivery devices also are further segmented into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors. In 2023, the insulin pens segment is expected to dominate the insulin delivery devices market. This can be primarily attributed to its advantages over traditional syringe insulin delivery methods, including improved patient satisfaction and adherence, user-friendly, greater ease of use, superior accuracy for delivering small insulin doses, greater social acceptability, and less reported injection pain. However, insulin pumps are the fastest-growing segment due to the advantages such as predictable insulin delivery, precise delivery of insulin, and reduction of wide fluctuation in blood glucose. It also mimics the normal pancreas’s release of insulin.
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Geographically, in 2023, North America is estimated to account for the largest share of the global diabetes care devices market, followed by Europe and Asia-Pacific. Factors such as the increasing prevalence of diabetes with the rising need to self-monitor and treat the disease, increasing prevalence of major risk factors of diabetes such as obesity and sedentary lifestyle, increasing geriatric population, and growing government initiatives promoting diabetes care are driving the growth of the diabetes care devices market in North America. However, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by the increasing prevalence of diabetes with the rising need to self-monitor the treatments, increasing prevalence of obesity and sedentary lifestyle, growing geriatric population, and government initiatives promoting diabetes care.
The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past four years. In recent years, the diabetes care devices market has witnessed several new product launches, approvals, agreements, collaborations, partnerships, expansions, and acquisitions. For instance, in May 2023, Medtronic PLC (Ireland) received CE Mark approval for the expanded functionality of its InPen and Guardian 4 sensors. Moreover, in February 2020, Abbott Laboratories (U.S.) partnered with Insulet Corporation (U.S.) to combine its leading continuous glucose monitoring (CGM) technology with Insulet’s Omnipod Horizon Automated Insulin Delivery System.
Some of the key players operating in the global diabetes care devices market are Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), Abbott Laboratories (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), F. Hoffmann-La Roche Ltd (Switzerland), LifeScan IP Holdings, LLC (U.S.), Medtronic PLC (Ireland), Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Sanofi AS (France), and DexCom, Inc. (U.S.), among others.
The diabetes care devices market is dominated by Abbott Laboratories (U.S.), Medtronic PLC (Ireland), DexCom, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Ascensia Diabetes Care (Switzerland), LifeScan IP Holding, LLC (U.S.), Becton, Dickinson and Company (U.S.), Insulet Corporation (U.S.), Novo Nordisk A/S (Denmark), and Tandem Diabetes Care, Inc. (U.S.). Together, these companies held around 80% share of the global diabetes care devices market in 2020.
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Scope of the Report:
Diabetes Care Devices Market, by Type
- Diabetes Monitoring Devices
- Insulin Delivery Devices
Diabetes Care Devices Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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