Diabetes Care Devices Market Analysis

Diabetes Care Devices Market Analysis

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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%.
 

• Blood glucose monitoring devices are essential tools for individuals with diabetes to track their blood sugar levels, providing critical information that empowers patients to make informed decisions about diet, exercise, and insulin dosing.
   
• Given the need for continuous monitoring to avoid complications such as hypoglycemia and hyperglycemia, these devices deliver real-time data, allowing users to maintain better control over their glucose levels throughout the day.
   
• The global prevalence of diabetes continues to rise, driving an increased demand for these monitoring devices. For instance, Scotland, such as many other countries, has experienced an upward trend in diabetes diagnoses. The Scottish Diabetes Survey highlights this growth across various age groups for both type 1 and type 2 diabetes cases.
   
• These combined factors are accelerating growth in the blood glucose monitoring devices market.
   

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.
 

• Hospitals offer comprehensive diabetes care services, including diagnosis, treatment, monitoring, and management. They require a wide range of devices such as glucose meters, insulin pumps, continuous glucose monitoring (CGM) systems, and insulin pens. Hospitals integrate these devices into their care pathways, making them a central part of their diabetes treatment protocols.
   
• Furthermore, the increasing number of hospitals is a significant driver for the market. For instance, there were 6,093 hospitals in the U.S. in 2023. This growing number increases the adoption trends for diabetes care devices.
   
• Hospitals often have specialized paediatric endocrinologists or diabetes department that are well-equipped to diagnose and manage diabetes in children and adolescents.  Thus, increasing number of diabetes cases in youth allows them to seek hospitals because of the availability of these specialized healthcare providers. Therefore, these factors are expected to augment segmental growth.
   

The U.S. dominated the North American diabetes care devices market with the largest revenue of USD 15.4 billion in 2023.
 

• The U.S. has one of the highest healthcare expenditures globally. This contributes to the investment in advanced diabetes care technologies, contributing to market growth.
   
• For instance, according to a report published by Health Affairs, the U.S. healthcare expenditure in 2023 was about USD 4.7 trillion, accounting for 18% of the national economy. This expenditure translates to nearly double the average spending of similarly wealthy countries on a per capita basis. Thus, driving the adoption of diabetes care devices.
   
• Further, the Food and Drug Administration (FDA) provides a streamlined regulatory process for the approval of new diabetes care devices, fostering a conducive environment for innovation and market entry.
   

The diabetes care devices market in the UK is expected to experience significant and promising growth from 2024 to 2032.
 

• The UK is known for its cutting-edge research in diabetes care and management, supported by leading universities and research institutions. Collaborations between academia and industry drive innovations in diabetes care devices, enhancing their effectiveness and user experience.
   
• Increased public awareness of diabetes and its management has led to greater demand for diabetes care devices. Educational initiatives aimed at healthcare professionals and patients contribute to better understanding and utilization of these technologies.
   

Japan's diabetes care devices market is anticipated to witness lucrative growth between 2024 and 2032.
 

• Japan has one of the world’s oldest populations, leading to a higher prevalence of chronic diseases, including diabetes. This demographic trend drives demand for diabetes care devices that help manage health conditions effectively.
   
• Japan is known for its technological advancements and innovation in medical devices. The country invests heavily in research and development, leading to the creation of cutting-edge diabetes care devices, including advanced glucose monitoring systems and insulin delivery technologies.
   

The diabetes care devices market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.
 

• The Saudi government is actively investing in healthcare infrastructure as part of its Vision 2030 plan, which aims to improve the overall health of the population. This includes enhancing access to diabetes care devices and promoting preventive health measures.
   
• Investment in research and development, particularly in biotechnology and medical devices, supports the creation of innovative diabetes care solutions tailored to the local population’s needs.