PUBLISHER: The Business Research Company | PRODUCT CODE: 1429395
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429395
Diabetes care devices are employed to monitor and manage blood glucose levels in individuals with diabetes.
The primary categories of diabetes care devices include blood glucose test strips, insulin pens, syringes, pumps and injectors, lancing devices and equipment, continuous glucose monitoring devices and equipment, and blood glucose meters. Insulin pens are devices equipped with a needle to administer insulin into the subcutaneous tissue. Expenditures can be classified as public or private, and the products utilized fall into the categories of instruments/equipment and disposables. Testing methods encompass both point-of-care (POC) testing and non-point-of-care (POC) testing, with diverse end-users, including hospitals and clinics, diagnostic laboratories, and others.
The diabetes care devices market research report is one of a series of new reports from The Business Research Company that provides diabetes care devices market statistics, including diabetes care devices industry global market size, regional shares, competitors with a diabetes care devices market share, detailed diabetes care devices market segments, market trends and opportunities, and any further data you may need to thrive in the diabetes care devices industry. This diabetes care devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The diabetes care devices market size has grown strongly in recent years. It will grow from $64.27 billion in 2023 to $69.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed in the historical period can be ascribed to the growing prevalence of diabetes, economic development, reforms in public health insurance, a rise in the elderly population, and increased healthcare spending.
The diabetes care devices market size is expected to see strong growth in the next few years. It will grow to $93.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be linked to the rise in research and development investments, collaborations in research, an increase in the burden of diseases, government initiatives, and technological advancements. Key trends expected in the forecast period encompass stick-free glucose testing, glucose-responsive insulins (GRIs), artificial pancreas development, a shift away from traditional insulin syringes, and the emergence of wearable and mobile glucose monitoring systems, along with intelligent glucose meters.
The anticipated growth of the diabetes care device market is expected to be driven by increasing healthcare expenditures. Healthcare expenditures encompass the total amount spent on healthcare-related services, products, and activities within a specified period, at various levels such as individual, community, national, or global. The rising healthcare expenditures, combined with enhanced healthcare accessibility and the growing prevalence of diabetes, result in increased investments in research and development. This, in turn, leads to advancements in diabetes care devices, including improved glucose monitoring systems, insulin delivery devices, and digital health solutions. As an illustration, the Office for National Statistics reported a 9.4% increase in healthcare spending in the UK in nominal terms and a 9.7% increase in real terms in May 2023. The UK's total healthcare expenditure in 2021 was $367.25 billion (£280.7 billion), with pharmaceutical expenditure reaching $51.84 billion (£39.6 billion) in the same year. Additionally, spending on preventive care more than doubled from the previous year, reaching $45.93 billion (£35.1 billion) in 2021. Therefore, the upsurge in healthcare expenditure is expected to drive the growth of the diabetes care device market in the foreseeable future.
Changing consumer preferences and busy lifestyles are contributing to shifts in the disease profile of the global population, particularly in the realm of non-communicable diseases such as diabetes. Factors such as extended working hours, limited physical activity, and unhealthy dietary and drinking habits play a significant role in the prevalence of diabetes. According to the International Diabetes Federation's IDF Diabetes Atlas 10th edition in July 2021, the estimated global population living with diabetes is projected to rise to 643 million by 2030 and further increase to 783 million by 2045. This marks an increase from approximately 537 million adults aged 20 to 79 living with diabetes in 2021. These factors are anticipated to contribute to the growth of the market in the forecast period.
Major players in the diabetes care devices market are strategically focusing on the development of innovative products to enhance market profitability, exemplified by the introduction of the Medtronic Extended Infusion Set. This infusion set, manufactured by Medtronic PLC, a US-based medical equipment company, functions as a tube delivering insulin from the pump to the body and is engineered for a wear duration of up to 7 days. The Medtronic Extended Infusion Set was launched in select European countries in April 2021, with its initial availability in Finland and Belgium. The product incorporates advanced technology and alternative materials, allowing for an extended usage period compared to other Medtronic infusion sets, typically approved for 2-3 days of use. Further expansion into additional European countries is part of the gradual rollout plan.
In the pursuit of innovative advancements, pharmaceutical companies are actively investing in the development and commercialization of glucose-responsive insulins (GRIs), presenting significant opportunities for the evolution of novel insulin delivery devices. Notably, Novo Nordisk, a Danish pharmaceutical company, has committed an investment of $800 million to acquire the UK biotech start-up Ziylo for the development of GRIs. Simultaneously, companies such as Eli Lily and Sanofi have initiated research projects aimed at the development of GRIs. These smart insulins automatically activate or deactivate in response to fluctuating glucose levels in the blood, enhancing the effectiveness of diabetes treatment and reducing the occurrence of hyperglycemia and hypoglycemia.
Major companies operating in the diabetes care devices market report are Becton, Dickinson and Company, Novo Nordisk A/S, Roche Holding AG, Nipro Corporation, HTL-STREFA Inc., ARKRAY, Terumo Corporation, Owen Mumford, Ypsomed AG, Vogt Medical, Sanofi India, Biocon Ltd., Mehar healthcare, Johnson & Johnson, GE Healthcare, Covidien Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell medical equipment & supply Co, Olympus Medical Systems, Hitachi Medico, Nihon Koden, Fukuda Denshi, Medtronic, Emperra GmbH E-Health, Novo Nordisk A/S, Insujet, Eli Lilly, Fresenius Medical Care, Siemens, Stryker, Teleflex Medical, LifeScan, Ascensia Diabetes Care, Tandem Diabetes Care, Dexcom Inc., SocialDiabetes, Dottli, Themis Bioscience, Ok biotech, Acon Laboratories, Bayer AG, AgaMatrix.
North America was the largest region in the global diabetes care devices market in 2023. Western Europe was the second largest region in the global diabetes care devices market. The regions covered in the diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the diabetes care devices market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The diabetes care devices market consists of sales of blood glucose monitoring devices, insulin delivery devices, smart insulin pens and others that are used for monitor and treat diabetes patient. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Diabetes Care Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diabetes care devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diabetes care devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diabetes care devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.