What is the global market size of the Diabetes Care Devices Market?

Global Diabetes Care Devices Market size was valued at USD 26.7 billion in 2021 and is poised to grow from USD 29.02 billion in 2022 to USD 56.57 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).

Global Diabetes Care Devices Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices (Self-monitoring blood glucose meters, continuous glucose monitors), By End-use(Hospitals, ambulatory surgery centres) - Industry Forecast 2024-2031

Report ID: SQMIG35B2182 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 75 | Figures: 75

Global Diabetes Care Devices Market Dynamics

Diabetes Care Devices Market Drivers

Rising Prevalence of Sedentary Lifestyle and Subsequent Diabetic Problems to Boost demand for Diabetic Care Devices Market

Rising adoption of insulin-delivery devices and the rising prevalence of diabetes are driving the market growth. An increasing number of people are being diagnosed with Type-2 diabetes due to a sedentary lifestyle and unhealthy choices. According to the International Diabetes Federation (IDF), around 537 million adults have diabetes. This can lead to the development of various chronic diseases in the human body. Therefore, the need to regulate and control diabetes is important.
Patients across the globe are increasingly becoming aware of their ailments and are seeking treatment in hospitals and clinics. A shift in awareness and the need to cure diabetes is also boosting the demand for diabetic care devices in the global market. As diabetes is more prevalent in middle and lower-middle-class families, the market will find lucrative opportunities in emerging economies with favourable reimbursements.
Limited awareness and compromising living conditions in these emerging economies will boost the demand for these products in the global market. Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market.

Diabetes Care Devices Market Restraint

Inaccessibility and Low Awareness in Remote and Underdeveloped Regions will Hinder Growth of Global Diabetes Care Devices Market

Global diabetes care devices market will likely face hindrances during the forecast period as many patients in underdeveloped regions do not have access to these devices. Long registration process and issues related to reimbursement will further cause market restraints.

Global Diabetes Care Devices Market Report Snapshots

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Diabetes Care Devices Market size was valued at USD 26.7 billion in 2019 and is poised to grow from USD 29.02 billion in 2023 to USD 56.57 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Global Diabetes Care Devices Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Abbott Laboratories', 'Ascensia Diabetes Care', 'Becton, Dickinson and Company', 'Dexcom, Inc.', 'Eli Lilly and Company', 'F. Hoffmann-La Roche AG', 'Insulet Corporation', 'Johnson & Johnson', 'Medtronic plc', 'Nova Biomedical', 'Novo Nordisk A/S', 'Omron Healthcare, Inc.', 'Sanofi S.A.', 'Tandem Diabetes Care, Inc.', 'Terumo Corporation', 'Trividia Health, Inc.', 'Ypsomed AG', 'ARKRAY Inc.', 'Glooko, Inc.', 'GlySens Incorporated'

Rising adoption of insulin-delivery devices and the rising prevalence of diabetes are driving the market growth. An increasing number of people are being diagnosed with Type-2 diabetes due to a sedentary lifestyle and unhealthy choices. According to the International Diabetes Federation (IDF), around 537 million adults have diabetes. This can lead to the development of various chronic diseases in the human body. Therefore, the need to regulate and control diabetes is important.

Increased adoption of test strips and self-monitoring blood glucose meters and rising demand for continuous glucose monitoring with increasing awareness of the disease in developing countries are major reasons leading to the growth of the diabetes monitoring devices segment. WHO indicates that more than 60% of the worldwide population isn't adequately dynamic. The World Wellbeing Organization expresses that active work is one of the life-supporting elements and the danger of type 2 diabetes ascends with expanding body weight at all ages. People are becoming more conscious about their health and wellbeing, therefore players can find lucrative growth opportunities in the global market.

Due to its well-established healthcare industry, North America is expected to continue to dominate the global diabetes care devices market share. According to projections, the U.S. market will rise due to factors such as the rising prevalence of obesity, the high cost of treatment, technological advancements, and new product introductions.

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Global Diabetes Care Devices Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices (Self-monitoring blood glucose meters, continuous glucose monitors), By End-use(Hospitals, ambulatory surgery centres) - Industry Forecast 2024-2031

Global Diabetes Care Devices Market Dynamics

Global Diabetes Care Devices Market Report Snapshots

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