Diabetes Care Devices Market

Diabetes Care Devices Market Overview

“The global Diabetes Care Devices Market is projected to reach USD 16.50 Billion by 2030 from USD 10.10 billion in 2023, at a CAGR of 8.4% from 2023-2030.”

Diabetes has become a global health concern, affecting millions of people worldwide. Effective management of this chronic condition is crucial to prevent complications and improve quality of life. These devices, ranging from glucometers and insulin pens to continuous glucose monitoring systems and insulin pumps, are revolutionizing diabetes management.

Diabetes care devices are mainly used to measure blood sugar levels in the body as a result of insulin synthesis. Diabetic patients are given diabetes care gadgets to help them monitor their blood glucose levels and enhance their treatment for this chronic illness. A continuous glucose monitor (CGM) is a medical gadget that continuously measures the blood glucose of a diabetic patient throughout the day.

This wearable gadget is especially beneficial for diabetics since it may help them regulate their glucose levels. Ketone monitors, blood glucose monitors, smart insulin pens, continuous glucose monitors, insulin pumps, and diabetes management software are examples of diabetes monitoring equipment. Glucose monitoring devices aid in the maintenance and management of glucose levels, hence enhancing patient health.

The diabetes care devices market is growing due to a number of factors, including an increasing number of diabetic patients, an ageing population, and an increase in the use of sophisticated diabetes care devices. One of the market's important developments is the rising use of continuous glucose monitoring devices.

These devices are becoming increasingly popular as a result of their ability to provide real-time blood sugar readings and aid diabetics in better controlling their illness. Furthermore, the market for insulin pumps is expected to grow in the next years, as these devices can help individuals with diabetes maintain their blood sugar levels and reduce the risk of diabetic complications. However, due to rising diabetes incidence and greater use of sophisticated diabetic care devices, the market for diabetes care devices is likely to develop in the approaching years.

The cost of these devices is one of the key restrictions in the diabetes care devices industry. Glucometers, continuous glucose monitoring systems, insulin pumps, and other associated technologies can be costly, rendering them unavailable to those on fixed incomes.

The heavy price covers not only the initial purchase of the equipment but also recurring costs for supplies such as test strips and sensors. To overcome this limitation, it is critical to focus on developing cheap choices and guaranteeing access to subsidies, insurance coverage, and reimbursement policies that make these devices more accessible to all diabetics.

The integration of diabetes care devices with digital technologies and connectivity has opened up new avenues for personalized and connected care. Mobile applications, wearable devices, and data analytics platforms allow individuals to track their glucose levels, insulin doses, and lifestyle factors in real time.

This data can be shared with healthcare providers, enabling them to provide personalized recommendations and interventions. The opportunity lies in developing more sophisticated algorithms and artificial intelligence tools that can analyze vast amounts of data to provide personalized insights and predictions for better diabetes management.

Demand Outlook

"The demand for diabetes-related devices is driven mainly by factors such as the increase in technological advancements as well as an increase in obesity-related prevalence. Additionally, the rising prevalence of diabetes and the increased use for insulin delivery equipment are driving the demand for diabetes care devices. "

A rise in the prevalence of diabetes, in addition to changes in the urbanization process and sedentary lifestyles are key factors behind the market for diabetes-related devices expansion. In addition, the advancement of technology in the area of diabetes devices and an increasing number of diabetics will drive demand for diabetes-related devices in the coming years.

Diabetes is becoming more common across the globe, and will cause 6.7 million deaths in 2021. (Source: International Diabetes Federation). This means that the demand for diabetes treatment devices is likely to rise through 2023-2030.

The huge growth in the population of people with diabetes is due to the rising rates of obesity all over the world and the sedentary lifestyle that is characterized by poor nutrition and a lack of physical activity. Because of these reasons and the prevalence of diabetes, the diabetes treatment devices market is expected to increase over the projected time.

In the forecast period during the projection period, market for diabetes-related devices are expected to increase because of the need for speedy and safe diagnosis in addition to an increase in the number of diabetes-related therapies.

An increase in awareness of diabetes monitoring devices and market opportunities that are not explored in developing countries are expected to create opportunities for growth in the diabetes monitoring devices market.

The blood glucose monitors however, on contrary they do not determine the exact amount of glucose present in blood but rather offer the range in blood sugar levels. In addition, the negative effects that are associated with different diabetes treatment tools are predicted to limit the market expansion for diabetes-related devices.

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Market Dynamics

The devices that aresales of diabetes-related devices are expected to increase since they aid diabetic patients avoid lengthy hospital stays and greater mortality rates. To address the urgency of the pandemic, the United States Food and Drug Administration (FDA) issued guidelines that allow the use of devices for home use in hospitals.

Through reducing the number of patient interactions, it ensured the health of healthcare workers. Therefore, the use of diabetes-related devices was vital to the managing patients, and reducing overall costs for healthcare, especially in environments with limited resources.

One of the main factors that drive the demand for diabetes treatment devices is the increase in the incidence of diabetes because of the aging process, obesity and a lifestyle that is unhealthy. Additionally, other factors like smoking cigarettes, overweight, obese, or being overweight and having high levels of cholesterol are predicted to increase the risk of diabetes, thereby increasing the demand for diabetes-related devices.

The prevalence of diabetes is increasing in regions like those in Middle East and Asia Pacific and Asia Pacific, which is increasing the demand for diabetes-related devices. This is why the untapped growth potential in the rapidly developing MEA along with Asian economies and the growing awareness of diabetes in these regions, are likely to increase the sales of diabetes-related devices.

An increasing number of elderly people affordable healthcare facilities, low-cost labor and less stringent regulations are among the main factors driving diabetes care device manufacturers to increase their production. Manufacturers of diabetes-related devices are now focused on taking advantage of opportunities in emerging markets to boost their market share.

Recent trends in the diabetes devices, like the release of high-end insulin pumps as well as pens are leading demand for diabetes care devices. To gain a substantial market share, top companies in diabetes care are focusing on technological advancements and the development of new products.

Diabetes Care Devices Market Segment Analysis

The global diabetes care devices market is segmented by type, patient care setting, and region.

Based on type, the diabetes care devices market is segmented into blood glucose monitoring systems, self-monitoring blood glucose monitoring systems, continuous glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications.

Diabetes management mobile applications are predicted to grow at the quickest pace throughout the forecast period, owing to its convenience, ease of use, and utility in providing patients and healthcare practitioners with real-time data regarding diabetic condition for integrated diabetes management. Insulin delivery devices will account for more than 47 percent of the global diabetes devices market in 2022, making them the fastest expanding segment. However, due to the quickest CAGR during the projection period, the pump category is expected to have a large diabetes care devices market size.

Continuous Glucose Monitoring (CGM) systems offer a more advanced and comprehensive method of glucose monitoring. CGM systems consist of a small sensor inserted under the skin, which continuously measures glucose levels in the interstitial fluid.

Blood glucose monitoring systems are essential devices used by individuals with diabetes to measure their blood glucose levels. These systems typically consist of a glucometer and test strips. Self-monitoring blood glucose (SMBG) systems are similar to blood glucose monitoring systems but provide additional features and functionalities.

Based on patient care setting, the diabetes care devices market is segmented into hospitals & specialty clinics, self & home care.  The hospital and specialized clinics segment dominated the diabetes care devices market with a 41.25 percent market share in 2022.

Diabetes care devices are in high demand as the number of diabetic hospitalizations rises. Diabetes patients are three times more likely to be hospitalized than non-diabetic persons. Diabetes care devices have come a long way in recent years. The vast majority of these devices aim to improve diabetes care in hospitals and clinics.

Competitive Landscape of the Diabetes Care Devices Market

The global diabetes care devices market key players include Medtronic plc, Roche Diabetes Care, Abbott Laboratories, Dexcom, Inc., Ascensia Diabetes Care Holdings AG, Novo Nordisk A/S, Tandem Diabetes Care, Becton, Dickinson and Company, Eli Lilly and Company, Sanofi S.A., LifeScan, Terumo Corporation, ACON Laboratories, Inc.

Recent Developments in the Diabetes Care Devices Market

Oct 26, 2023: Medical device maker Dexcom (DXCM.O) on Thursday raised its annual revenue forecast and beat quarterly estimates on strong demand for its continuous glucose monitoring (CGM) devices, sending its shares more than 14% higher in extended trading.

May 06, 2023: Roche Diabetes starts manufacturing top glucose monitoring device in India

April 15, 2023: ETHealthworld spoke to a few experts on how AI-enabled CGM devices are revolutionising diabetes management that leads to better patient experiences, and the limitations that it carries. The AI-based software continuously captures data for 14 days and through a ‘time in range’ parameter it measures the amount of time spent in the target blood glucose range- between 70 and 180 mg/dL.

March 2023: Abbott announced that the U.S. Food and Drug Administration cleared its FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring system sensors for integration with automated insulin delivery (AID) systems. Abbott modified the sensors to enable integration with AID systems.

January 2023: LifeScan announced that the peer-reviewed Journal of Diabetes Science and Technology published Improved Glycemic Control Using a Bluetooth Connected Blood Glucose Meter and a Mobile Diabetes App: Real-World Evidence From Over 144,000 People With Diabetes, detailing results from a retrospective analysis of real-world data from over 144,000 people with diabetes – one of the largest combined blood glucose meter and mobile diabetes app datasets ever published.

In May 2022, Labcorp announced the launch of the at-home collection device Labcorp OnDemand, which measures hemoglobin A1c (HbA1c) from a small blood sample. The Labcorp OnDemand Diabetes Risk test uses dried blood technology to provide average blood sugar levels over time. With a prick of the finger and a few drops of blood, consumers can proactively monitor their health status on a regular basis from the comfort of their homes.

15 October 2021: LifeScan launched OneTouch® Solutions, a holistic digital health offering that linked people with diabetes to solutions and support from proven experts.

15 September 2021: The New LifeScan and Welldoc Partnership brought consumers an evidence-based approach to managing diabetes and other chronic conditions.

In January 2020, Tandem Diabetes Care, Inc. launched a slim X2 insulin pump with Control-IQ technology. The device comes with an advanced hybrid-closed loop feature designed to help increase time in range (70-180 mg/dL).

In May 2019, Roche Diabetes Care India launched Accu-Chek, a diabetes blood monitoring device, and the ‘mySugr’ app aimed at the betterment of people with diabetes

Regional Insights

North America dominated the diabetes care devices market in 2022 and is expected to continue to do so with a compound annual growth rate (CAGR) of more than 6.3 percent due to its well-established healthcare industry.

According to estimates, the U.S. market for diabetes care devices will rise due to factors such as an increasing prevalence of obesity, the high cost of treatment, technological advancements, and new product introductions. North America's diabetes care devices market was led by the United States because to its sizable diabetic population and favorable reimbursement policies. High per capita income and growing healthcare costs are two major factors influencing the market for diabetic care devices.

The diabetes care devices market is anticipated to develop at the fastest rate in Asia Pacific. Devices for the treatment of diabetes are commonly utilized in Asian nations like China and India. The rise in sales of diabetes care devices in APAC nations is due to factors including greater knowledge of diabetes and changes in the healthcare environment.

Additionally, higher healthcare spending has led to a rise in the adoption of technologically sophisticated goods in nations like China and India, which is anticipated to accelerate the expansion of the market for diabetes care devices.

Segments Covered in the Diabetes Care Devices Market

Diabetes Care Devices Market by Type  

• Blood glucose monitoring systems
• Self-monitoring blood glucose monitoring systems
• Continuous glucose monitoring systems
• Test strips/Test papers
• Lancets/Lancing devices
• Insulin delivery devices
  • Insulin pumps
  • Insulin pens
  • Insulin syringes and needles
• Diabetes management mobile applications

Diabetes Care Devices Market by Patient Care Setting,

• Hospitals & specialty clinics
• Self & home care

Diabetes Care Devices Market by Regions,

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently asked questions with answers

What is the worth of the diabetes care devices market?

The global Diabetes Care Devices Market is projected to reach USD 16.50 Billion by 2030 from USD 10.10 billion in 2023, at a CAGR of 8.4% from 2023-2030.

What is the share of the North America diabetes care devices industry?

North America dominates the diabetes care devices market, with a market share of over 37%. 

Which are the top companies to hold the market share in the diabetes care devices market?

Medtronic plc, Roche Diabetes Care, Abbott Laboratories, Dexcom, Inc., Ascensia Diabetes Care Holdings AG, Novo Nordisk A/S, Tandem Diabetes Care, Becton, Dickinson and Company, Eli Lilly and Company, Sanofi S.A., LifeScan, Terumo Corporation, ACON Laboratories, Inc. are among the leading players in the global diabetes care devices market.

What are the key factors driving the market?

Increasing prevalence of obesity and diabetes and technological innovations & product advancements are key factors driving revenue growth of the global diabetes care devices market.

1. Introduction
   1. Market Definition
   2. Market Segmentation
   3. Research Timelines
   4. Assumptions And Limitations
2. Research Methodology
   1. Data Mining
      1. Secondary Research
      2. Primary Research
      3. Subject-Matter Experts’ Advice
   2. Quality Checks
      1. Final Review
   3. Data Triangulation
      1. Bottom-Up Approach
      2. Top-Down Approach
      3. Research Flow
   4. Data Sources
3. Executive Summary
4. Market Overview
   1. Global Diabetes Care Devices Market Outlook
      1. Market Drivers
      2. Market Restraints
      3. Market Opportunities
   2. Impact Of Covid-19 On Diabetes Care Devices Market
   3. Porter’s Five Forces Model
      1. Threat From New Entrants
      2. Threat From Substitutes
      3. Bargaining Power Of Suppliers
      4. Bargaining Power Of Customers
      5. Degree Of Competition
   4. Industry Value Chain Analysis
5. Global Diabetes Care Devices Market By Type
   1. Blood Glucose Monitoring Systems
   2. Self-Monitoring Blood Glucose Monitoring Systems
   3. Continuous Glucose Monitoring Systems
      1. Test Strips/Test Papers
      2. Lancets/Lancing Devices
   4. Insulin Delivery Devices
      1. Insulin Pumps
      2. Insulin Pens
      3. Insulin Syringes And Needles
   5. Diabetes Management Mobile Applications
6. Global Diabetes Care Devices Market By Patient-Care Setting
   1. Hospitals & Specialty Clinics
   2. Self & Home Care
7. Global Diabetes Care Devices Market By Region
   • North America
     1. Us
     2. Canada
     3. Mexico
   • South America
     1. Brazil
     2. Argentina
     3. Colombia
     4. Rest Of South America
   • Europe
     1. Germany
     2. Uk
     3. France
     4. Italy
     5. Spain
     6. Russia
     7. Rest Of Europe
   • Asia Pacific
     1. India
     2. China
     3. Japan
     4. South Korea
     5. Australia
     6. South-East Asia
     7. Rest Of Asia Pacific
   • Middle East And Africa
     1. Uae
     2. Saudi Arabia
     3. South Africa
     4. Rest Of Middle East And Africa

8. Company Profiles* 

              8.1. Medtronic Plc

       8.2. Roche Diabetes Care

       8.3. Abbott Laboratories

       8.4. Dexcom, Inc.

       8.5. Ascensia Diabetes Care Holdings Ag

       8.6. Novo Nordisk A/S

       8.7. Tandem Diabetes Care

       8.8. Becton, Dickinson And Company

       8.9. Eli Lilly And Company

       8.10. Sanofi S.A.

      8.11. Lifescan

       8.12. Terumo Corporation

       8.13. Acon Laboratories, Inc.

Research Methodology