PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373904
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373904
Diabetes devices market size was valued at USD 28,205.1 Million in 2022, expanding at a CAGR of 7.9% from 2023 to 2030.
Diabetes devices are devices used to control blood sugar levels in the body which is caused by the production of insulin. Common symptoms are thirsting, wanting to eat more, and the urge to go to the bathroom more often. Additionally, diabetes devices assist in knowing the sugar levels and take approximate techniques to accomplish blood sugar levels. Insulin devices include pumps, syringes, pens, and others.
Diabetes Devices Market- Market Dynamics
The increase in geriatric population and government initiatives are propelling the market demand
The geriatric population is very prone to diabetes due to changing interest in unhealthy eating and sedentary lifestyles. Thus the market growth is fueled by the increase in the diabetic population. Additionally, the significant factors that boost the market growth are the establishment of innovative products in diabetes monitoring systems and treatment devices across the globe. Technological advancement in the region of diabetes devices such as the increasing approval of more advanced insulin pumps and pens in the world furl the growth of the diabetic device market. Moreover, in the general population's rise in obesity, the major causes of diabetes as a risk factor include the rise in obesity incidence directly related to the rising prevalence of diabetes, as a result, gaining market growth. However, the high cost of devices used for the treatment and diagnosis of diabetes is expected to hamper the market demand. Furthermore, several government initiatives & and consciousness for diabetes treatment and increasing awareness of diabetes monitoring devices are the major factors providing lucrative opportunities for the market.
Diabetes Devices Market- Key Insights
As per the analysis shared by our research analyst, the global diabetes devices market is estimated to grow annually at a CAGR of around 7.9% over the forecast period (2023-2030)
The diabetes devices industry is projected to grow at a significant rate due to the growing prevalence geriatric population and rise in obesity
Based on product segmentation, insulin delivery devices was predicted to show maximum market share in the year 2022
Based on end users segmentation, hospitals was the leading type in 2022
Diabetes can cause blindness, kidney failure, heart attacks, and stroke. Rising awareness amongst the population regarding the several ill effects of diabetes encourages them to purchase diabetes devices to monitor their blood glucose levels and control diabetes.
The global Diabetes Devices market is segmented on the basis of Product, End User, Distribution Channel, and region.
The market is divided into two categories based on product: insulin delivery devices and blood glucose monitoring devices. The insulin delivery devices segment is accounted to hold the largest market share. The segment growth is attributed to the rising utilization of insulin pens among patients suffering from a high level of blood sugar due to factors including an increase in the occurrence of type 1 and type 2 diabetes as well as increasing approval of unhealthy lifestyles across the world.
The market is divided into three categories based on end-users: diagnostic centers, hospitals, ambulatory surgery centers, and others. The hospital segment is accounted to possess the largest revenue share. Diabetic patients are more prone to be admitted to the hospital as compared to individuals who don't have diabetes. Hospitals use various range of diabetes devices for the management and diagnosis of diabetes in patients such as insulin delivery devices and blood glucose monitors.
Diabetes Devices Market- Geographical Insights
In North America, the U.S. is expected to dominate the market due to the favorable reimbursement policies and huge diabetic population. The key factors driving U.S. market growth are increasing healthcare spending and high per capita income. Additionally, the adoption of technological advancements and smart devices like the utilization of AI & data analytics are boosting the market growth. Moreover, in the APAC countries, growing awareness about diabetes care and an evolving healthcare landscape is witnessing growth in the market. The higher adoption of technologically advanced products and rise in healthcare spending are likely to fuel the overall market growth.
Key players are launching novel diabetes devices for market expansion. By adopting strategies such as collaborations, partnerships, and innovative technologies market players are started to achieve a higher market share. The diabetes devices market is greatly developing, with the presence of many domestic and international key players operating in the market. Moreover, companies are putting their efforts into taking benefit of the opportunities that come with growing economies to get the biggest market share possible. For instance, in December 2020, Novo Nordisk completed its acquisition of Emisphere Technologies Inc.… The adoption of the merger agreement was approved by Emisphere shareholders, and early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was received on 23 November 2020.
For instance, in February 2021, Ascensia Diabetes Care announced a landmark global collaboration with SNAQ. They are collaborating to integrate their technologies, Ascensia and SNAQ will empower more PWDs to make impactful mealtime decisions, with an aim to improve diabetes management.