Global Diabetes Device Market Size, Share, Growth Analysis, By Type(BGM Device, Insulin Delivery Device), By Distribution Channels(Hospital Pharmacies, Retail Pharmacies) - Industry Forecast 2023-2030

Global Diabetes Device Market size was valued at USD 29.01 Billion in 2022 and is poised to grow from USD 31.42 Billion in 2023 to USD 59.46 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).

The global burden of illness is on the rise due to the adoption of sedentary lifestyles and increasing urbanization. According to the International Diabetes Federation, approximately 530 million individuals aged 20 to 79 have been diagnosed with diabetes. Other health conditions such as stroke, cardiovascular issues, nerve damage, and infections are also linked to this disease. As awareness of disease management and prevention of complications grows, the development of diabetes medical devices is expected to accelerate. The introduction of advanced insulin pumps, pens, and other technological innovations in diabetic devices is fuelling the demand for these products. Leading manufacturers are focusing on technological advancements and the creation of state-of-the-art products to capture a significant portion of the market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Diabetes Device Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Diabetes Device Market Segmental Analysis

Global Diabetes Device Market is segmented on the basis of type, distribution channels and region. By type, the market is segmented into BGM device, insulin delivery device, continuous glucose monitoring. By distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, diabetes clinics, online pharmacies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Diabetes Device Market

The increasing occurrence of diabetes on a global scale is a key factor propelling the growth of the diabetes device market. Factors like sedentary lifestyles, poor dietary patterns, obesity, and an aging populace are among the contributors to the escalating incidence of diabetes. With a rising number of individuals diagnosed with diabetes, there emerges an elevated need for diabetes devices to effectively manage and monitor the condition.

Regular self-monitoring of blood glucose levels plays a vital role in diabetes management. The accessibility of portable and user-friendly blood glucose monitoring devices has spurred higher acceptance among patients. Self-monitoring empowers individuals to consistently track their blood glucose levels, make informed decisions regarding insulin dosage and dietary selections, and effectively manage their diabetes.

Restraints in the Global Diabetes Device Market

The precision and dependability of diabetes devices are fundamental for successful diabetes management. Nevertheless, certain devices may demonstrate disparities in measurements, calibration challenges, or technical malfunctions, which could affect the reliability of data. Inaccurate readings have the potential to result in erroneous treatment choices and jeopardize patient well-being. Guaranteeing the precision and dependability of diabetes devices is vital for establishing confidence among healthcare practitioners and individuals managing diabetes.

Market Trends of the Global Diabetes Device Market

Insulin delivery systems, such as insulin pumps and pens, are continuously advancing with more sophisticated functionalities and connectivity capabilities. There is a trend in the market towards intelligent insulin delivery systems that synchronize with Continuous Glucose Monitoring (CGM) systems, enabling automatic insulin adjustments according to glucose readings. These systems provide increased convenience, accuracy, and tailored insulin delivery, thereby enhancing glycaemic management.