Diabetes Devices Market Size Is Expected To Reach USD 54.16 Billion By 2030, According To A New Report By Grand View Research, Inc.

 Diabetes Devices Industry Overview

The global diabetes devices market size was valued at USD 26.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030.

 

The market is primarily driven by factors such as an increase in technological advancements and rise in the incidences of obesity. Moreover, increasing adoption of insulin delivery devices and rising prevalence of diabetes are driving market growth. Leading manufacturers are focusing on technological innovations and development of advanced products to gain substantial share of the market. For instance, in 2019, Novo Nordisk collaborated with Abbott to integrate its prefilled and durable connected pens directly into the Free Style Libre system (Free Style Libre Linkii mobile app and Libre Vie wiii cloud-based system).

 

Individuals diagnosed with diabetes are at an increased risk for COVID-19, thereby accelerating the demand of diabetes devices to effectively manage patients in hospital as well as home care settings. The increasing demand of diabetes devices is attributed to prevent the longer hospital stays and higher mortality rates in diabetic patients.

 

Gather more insights about the market drivers, restrains and growth of the Global Diabetes Devices market Global Diabetes Devices Market

 

In response to the urgency brought about due to the pandemic, the U.S. Food and Drug Administration (FDA) issued guidance to permit the usage of home-use devices in hospital settings. This ensured the safety of healthcare workers by minimizing patient interactions. Thus, the adoption of diabetes devices amid COVID-19 was critical in managing the patients, thereby reducing the total healthcare expenditure mainly in resource constrained settings.

 

Increase in incidence of diabetes due to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the market. Obesity is a major factor leading to diabetes. According to World Health Organization (WHO), in 2016, over 1.9 billion adults were overweight, of which, around 650 million people were obese. Risk factors, such as obesity and overweight, are leading to an increase in the incidence of diabetes. Therefore, risk factors such as smoking, overweight, obesity, and high cholesterol levels are expected to boost the prevalence of diabetes, thus fueling the need for diabetes devices.

 

The number of people suffering from diabetes in regions such as MEA and APAC is increasing, which in turn is propelling the demand for diabetes treatment. For instance, as per the International Diabetes Federation, in 2017, 72,946,400 new cases of diabetes were diagnosed in India. Thus, presence of untapped growth opportunities in rapidly growing MEA and Asian economies and growing awareness of diabetes in these regions are anticipated to boost the demand for diabetes devices.

 

Large geriatric population, affordable healthcare facilities, cost-efficient labor, and relatively less stringent regulatory policies are among the factors compelling diabetic devices manufacturers to expand their businesses. The manufacturers are now focusing on leveraging opportunities present in developing economies to gain maximum market share.

 

Technological advancements in diabetes devices such as introduction of high-end insulin pumps and pens are propelling the demand for these products. Leading manufacturers are focusing on technological innovations and development of advanced products to gain substantial share of the market.

 

In February 2019, Abbott entered into a non-exclusive partnership with Novo Nordisk. This partnership is expected to help in enhancing digital solutions for diabetes. Under this partnership, the data captured by Novo Nordisk prefilled durable connected pens will be reflected in digitally connected FreeStyle Libre system through FreeStyle LibreLink mobile app and LibreView cloud-based system. Through this technological integration, healthcare professionals can analyze both glucose and insulin data together, which in turn is likely to simplify diabetes management.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

  • Digital Diabetes Management Market - The global digital diabetes management market size valued at USD 6.3 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 19.4% from 2019 to 2026. Robust growth of the market is majorly attributed to increasing technological advancements and innovations in the field. The number of smartphones apps available for disease management has increased over the last few years and there are several apps available on web-based app stores that can help patients monitor their blood glucose levels.

  • Insulin Delivery Devices Market - The global insulin delivery devices market size was valued at USD 12.5 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. Insulin delivery devices including syringes, pens, pumps, and jet injectors are used to deliver insulin to diabetic patients. One of the foremost factors contributing to the growth of the market is the surging number of diabetics due to aging, obesity, and unhealthy lifestyles. Obesity is believed to be a major factor leading to the development of diabetes in individuals. According to the WHO, in 2014, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese.

Diabetes Devices Market Segmentation

Grand View Research has segmented the global diabetes devices market based Type, Distribution Channel, End-use, and region:

  • Type Outlook (Revenue, USD Million, 2018 - 2030)
    • BGM Devices
      • Self-Monitoring Devices
        • Blood Glucose Meters
        • Testing Strips
        • Lancets
      • Continuous Glucose Monitoring Devices
        • Sensors
        • Transmitters
        • Receiver
      • Insulin Delivery Devices
        • Pumps
        • Pens
        • Syringes
        • Jet Injectors
      • Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
        • Hospital pharmacies
        • Retail Pharmacies
        • Diabetes Clinics/Centers
        • Online Pharmacies
        • Others
      • End-use Outlook (Revenue, USD Million, 2018 - 2030)
        • Hospitals
        • Homecare
        • Diagnostic Centers
      • Regional Outlook (Revenue, USD Million, 2018 - 2030)
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa (MEA)

Market Share Insights

  • November 2020: Novo Nordisk announced the acquisition of Emisphere Technologies-a drug delivery technology company. The acquisition is anticipated to help Novo Nordisk gain a competitive edge in the oral antidiabetic market.
  • 2019: the insulin patch pump company launched its precursor Omnipod DASH version, and version of Loop emerge that’s compatible with the Omnipod tubeless pump.

 

Key Companies profiled:

Some prominent players in the global diabetes devices market include

  • Medtronic plc
  • Abbott Laboratories
  • Hoffmann-La-Ltd.
  • Bayer AG
  • Lifescan, Inc.
  • B Braun Melsungen AG
  • Lifescan, Inc.
  • Dexcom Inc.
  • Insulet Corporation
  • Ypsomed Holdings
  • Companion Medical
  • Sanofi
  • Valeritas Holding Inc.
  • Novo Nordisk
  • Arkray, Inc.

Order a free sample PDF of the Diabetes Devices Market Intelligence Study, published by Grand View Research.


About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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