PUBLISHER: Polaris Market Research | PRODUCT CODE: 1652023
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1652023
The global diabetes devices market size is expected to reach USD 67.39 billion by 2034, according to a new study by Polaris Market Research. The report "Diabetes Devices Market Size, Share, Trends, Industry Analysis Report: By Type, Distribution Channel, End Use (Hospitals, Diagnostic Centers, and Homecare), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Diabetes devices help people suffering from diabetes monitor and maintain blood sugar levels, prevent severe complications, and generally improve the quality of life. This proactive approach enhances disease management, improves patient outcomes, and underscores the significant role these devices play in advancing patient care. The diabetes devices market demand is driven by the effectiveness of diabetes devices in reducing hospitalizations and mortality rates.
The incorporation of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in diabetes devices majorly contributes to the growing diabetes devices market revenue. AI and ML help identify underlying risk factors, predict risk complications, and suggest interventions to prevent diabetes-related conditions, such as diabetic retinopathy and nephropathy. These technologies also play a crucial role in improving lifestyle management, fostering positive clinical decisions, and increasing patient engagement. For instance, a study published in the National Library of Medicine in August 2024 highlights how AI and machine learning are being increasingly utilized in diabetes management, significantly improving predictive accuracy, personalized treatment strategies, overall patient outcomes, and healthcare efficiency.
Diabetes device manufacturers are expanding their presence into emerging markets due to factors such as a large elderly population, affordable healthcare, cost-effective labor, and less stringent regulations. Market participants are also capitalizing on technological advancements, including advanced insulin pumps and pens, to cater to the rising demand. For instance, in June 2022, Abbott launched a new continuous glucose and ketone monitoring system, further strengthening its position in the market.
Key Highlights of Diabetes Devices Market Report
Based on type, the insulin delivery devices segment dominated the diabetes devices market share in 2024. The segment's robust growth is attributed to significant technological advancements, such as insulin patches, pumps, and automated insulin delivery (AID) systems.
Based on distribution channel, the hospital pharmacies segment led the market with a revenue share of 56.33% in 2024. This is due to the high volume of patients and the availability of new innovative products in hospital pharmacies.
North America dominated the diabetes devices market with a revenue share of 41.80% in 2024. Various factors such as an rising aging population, increasing incidence of diabetes due to lifestyle changes, and growing prevalence of obesity contribute to the regional market growth.
The Asia Pacific diabetes devices market is expected to register a significant CAGR of 7.45% during the forecast period. The market growth in the region is driven by the presence of leading players and a rising incidence of diabetes. Additionally, advancements in blood glucose monitoring technology are expected to propel market expansion in the region during the forecast period.
A few of the key players in the market are Abbott Diabetes Care; B Braun Melsungen AG; Biocorp; DexCom, Inc.; Johnson & Johnson; GlucoModicum; LifeScan Inc.; Medtronic PLC; Molex; Novo Nordisk; Phillips-Medisize; Roche Diabetes Care; Senseonics, Inc.; and Tandem Diabetes Care, Inc.
Polaris Market Research has segmented the diabetes devices market report on the basis of type, distribution channel, end use, and region: