Diabetes Care Devices and Drugs Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices and Insulin delivery devices), By End use(Hospitals, Ambulatory surgery centres) - Industry Forecast 2024-2031

Diabetes Care devices and Drugs Market size was valued at USD 33.53 billion in 2022 and is poised to grow from USD 36.18 billion in 2023 to USD 66.47 billion by 2031, at a CAGR of 7.9% during the forecast period (2024-2031).

Blood glucose levels are maintained by the pancreatic hormone insulin. The diabetes occurs when the body does not produce enough insulin to control blood glucose levels. Diabetes care gadgets are used to keep track of a patient's blood glucose levels. A continuous glucose monitor is a medical device used to track and monitor a diabetic patient's blood glucose levels throughout the day. This wearable gadget can be useful for individuals with diabetes as it can make managing glucose levels easier.

Diabetes is one of the largest global health problem of the 21st century. Every year more and more people live with the condition, which can lead to life-changing complications. According to the International Diabetes Federation (IDF), approximately 537 million adults aged 20-79 years have diabetes. Studies have shown that diabetes can lead to many health complications such as gangrene, kidney failure, paralysis, blindness, amputation of lower limbs, heart attack, etc., Which makes its control and management very necessary. According to WHO estimates, compared to high-income economies, the prevalence of diabetes is higher in low- and middle-income nations, due to increasing obesity and overweight populations, limited disease awareness, sedentary lifestyles, and compromised lifestyles.

An increase in the number of newly diagnosed cases of type 1 and type 2 diabetes is observed, mainly due to obesity, unhealthy diet and physical inactivity. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2 in 2021. The increasing prevalence of diabetes, especially type 2, is likely to boost the sales of diabetes care devices. Rapidly increasing incidence and prevalence of diabetic patients in developed countries and healthcare costs are indicates that increasing use of diabetic care products. The increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving market growth. Leading manufacturers are focusing on technological innovations and advanced product development to gain significant market share.

US Diabetes Care Devices and Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.