Diabetes Care Devices Market
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The global diabetes care devices market size was valued at around USD 45.1 billion in 2023 and is estimated to grow at 11.4% CAGR from 2024 to 2032. Diabetes care devices comprise medical tools that aid in the management of diabetes, including blood glucose meters, continuous glucose monitors, insulin pumps, smart insulin pens, syringes, and lancets. Each device is crucial for tracking blood sugar levels and managing insulin therapy.
The foremost issue leading to the expansion of the market is the increasing number of diabetes cases globally. For example, the data obtained from WHO states that an estimated 422 million are expected to be diabetic in 2024, most of whom are in low and middle income nations. Diabetes also causes 1.5 million deaths each year. With these figures, it can easily be assumed that there is going to be a rise in demand for their respective management solutions which include glucose monitoring and insulin delivery devices. Thus, there will be increased efforts to improve diabetes care devices so that disease management is enhanced along with the patient outcomes.
In addition, expanding diabetes care devices markets are attributed to the increasing technology in diabetes devices as well as support from both public and private sectors in terms of funding.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Diabetes Care Devices Market Size in 2023: | USD 45.1 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2023 - 2032 CAGR: | 11.4 |
| 2023 Value Projection: | USD 118.6 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 145 |
| Tables, Charts & Figures: | 324 |
| Segments Covered: | Product, End Use, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Diabetes care devices have improved the quality of care for patients significantly and continue to be sophisticated under a growing marketing strategy revolving around continuous improvement and competitiveness in the industry. These improvements include advancements that facilitate patients with tools to improve the ways they monitor glucose levels and administer insulin, which are some factors affecting the overall diabetes care.
Development of non - invasive diabetes care devices is a booming area among market players in this segment. There are numerous companies that are developing and producing painless, affordable, and accurate devices to serve diabetic patients.
An example is the G7 made by Dexcom. The device is the latest version of their type 1 and type 2 diabetes sensor. It is 60% smaller than the G6 and also more suitable for pregnant diabetic women. The G7 is designed to be worn on the upper arm but can also be strapped onto the upper buttocks by children from ages two to six. The device monitors glucose levels and stocks the data directly to smartphones or smartwatches. This extra feature eliminates unnecessary finger poke tests.
In addition, the combination of diabetes care devices with digital software assists in the accurate logging and regulating of glucose levels. For instance, LifeScan reported in June 2022 that the findings of the Journal of Diabetes Technology and Therapeutics (DTT) provide contemporaneous proof of an improvement in glucose concentration for diabetes patients with use of glucometers alongside mobile diabetes management software integrated with Bluetooth devices. Therefore, the factors mentioned above are conducting the market expansion.
Based on product, the market is segmented into blood glucose monitoring devices, insulin delivery devices, syringes, and other insulin delivery devices. Further, blood glucose monitoring devices is segmented for self-monitoring blood glucose meters, continuous glucose monitors, testing strips, and lancets. The blood glucose monitoring devices segment dominated the market in 2023, accounting for a market share of 58.4% and a CAGR of 11.6%.
Based on end use, the diabetes care devices market is segmented into hospital, ambulatory surgical centres, diagnostic centres, homecare, and other end users. The hospital dominated the market with a substantial 24% market share in 2023 and is estimated for sizable growth ahead.
The U.S. dominated the North American market with the largest revenue of USD 15.4 billion in 2023.
The diabetes care devices market in the UK is expected to experience significant and promising growth from 2024 to 2032.
Japan diabetes care devices market is anticipated to witness lucrative growth between 2024 and 2032.
The diabetes care devices market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.
The competition within the market is between a number of large multinational companies on one hand and small to medium-sized companies on the other, each trying to gain a piece of the market. In the case of an emerging market, an important focus is on the marketing tactic where innovative technologies and devices, glucose monitoring and smart insulin delivery systems for advanced diabetes management, are regularly released. Market dynamics are greatly influenced by leading companies, capitalize on the industry by investing heavily into scientific research and more development. Furthermore, to adapt and integrate to the changing paradigms of medical care and legislation, it is critical to establish and increase market share through mergers, acquisitions, and alliances. The recent focus on individualized diabetes management, achieving better results for patients, and improving the experience of using the systems drives the competitiveness, hence affecting the investment in the design of the devices as well as trust of the healthcare providers in the diabetes care device market.
Some of the eminent market participants operating in the diabetes care devices industry include:
Market, By Product
Market, By End Use
The above information is provided for the following regions and countries:
Key players in the sector include Abbott Laboratories, ARKRAY, Ascensia Diabetes Care Holding, B. Braun Melsungen, Becton, Dickinson and Company, Bionime Corporation, DarioHealth Corp., Dexcom, and Dr. Reddys Laboratories.
The U.S. market recorded USD 15.4 billion in 2023, driven by high healthcare expenditures and investments in advanced diabetes care technologies.
The blood glucose monitoring devices segment dominated the market in 2023, accounting for a 58.4% market share and a CAGR of 11.6%, as they provide critical information for managing diet, exercise, and insulin dosing.
The global diabetes care devices industry was valued at approximately USD 45.1 billion in 2023 and is estimated to grow at an 11.4% CAGR from 2024 to 2032, driven by advancements in diabetes management technologies.