Global Diabetes Care Devices and Drugs Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices and Insulin delivery devices), By End use(Hospitals, Ambulatory surgery centres) - Industry Forecast 2024-2031

Global Diabetes Care Devices and Drugs Market size was valued at USD 33.53 billion in 2022 and is poised to grow from USD 36.18 billion in 2023 to USD 66.47 billion by 2031, growing at a CAGR of 7.9% during the forecast period (2024-2031).

The hormone insulin produced by the pancreas regulates blood glucose levels. When the body does not create enough insulin to regulate blood glucose levels, diabetes develops. Blood glucose levels are monitored by means of diabetes care devices. A continuous glucose monitor is a piece of equipment used by diabetic patients to track and keep an eye on their blood sugar levels all day long. Those who have diabetes may find this wearable device helpful as it can facilitate easier glucose management. One of the biggest issues facing global health in the twenty-first century is diabetes. An increasing number of people are affected by the illness each year, which can have serious consequences. The International Diabetes Federation (IDF) estimates that 537 million adults in the United States between the ages of 20 and 79 have diabetes.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Diabetes Care Devices and Drugs Marketand 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 analyzed to get the final quantitative and qualitative data.

Global Diabetes Care Devices and Drugs Market Segmental Analysis

Global diabetes care devices and drugs market is segmented based on product, end use and region. Based on product, global diabetes care devices and drugs market is sub-segmented into blood glucose monitoring devices and insulin delivery devices. Based on end use, diabetes care devices and drugs market is sub-segmented into hospitals, ambulatory surgery centres, diagnostic centres, and home care. Based on region, global diabetes care devices and drugs market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Diabetes Care Devices and Drugs Market

One of the main factors propelling the growth of the global market for diabetes care devices and pharmaceuticals is the launch of new products in the form of treatment devices and monitoring systems. For instance, Universidade de Lisboa researchers in Portugal revealed in April 2020 that chitosan coating of insulin-loaded nanoparticles could improve insulin oral delivery. Growing R&D expenditures and research partnerships can open up more avenues for the market's continued expansion.

Restraints in the Global Diabetes Care Devices and Drugs Market

The global market for diabetes care devices and medications may not grow as quickly as it could due to harsh limitations, rising obesity rates, and a lack of reimbursement in some countries. The global market for diabetic devices and medications is predicted to grow slowly because to a lack of knowledge about diabetes diagnosis and treatment, particularly in developing nations.

Market Trends of the Global Diabetes Care Devices and Drugs Market

The global market trend is expected to be good due to the coronavirus pandemic. Due to the increased risk of infection from the coronavirus for those with diabetes, there has been a rise in demand in recent years for diabetes monitoring tools. Devices were essential for illness management since people with diabetes wanted to minimize hospital stays and visits.