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 Insights

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).

As diabetes is a life-threatening, chronic disorder for which there is no treatment, it is becoming a global pandemic affecting millions of individuals worldwide. Type-1 diabetes is caused by an immune system defect, but Type-2 diabetes is related to a sedentary lifestyle, which leads to insulin resistance.

Increasing prevalence of diabetes, specifically the type 2 variant, is likely to propel the sales of diabetes care devices. According to the International Diabetes Federation (IDF), nearly 537 million adults between 20-79 years of age have diabetes.

As studies reveal that diabetes can lead to several health complications such as gangrene, kidney failure, stroke, blindness, lower limb amputation, heart attack, etc., making its control and management extremely essential.

WHO estimates suggest that compared to high-income economies, diabetes is more prevalent in low and middle-income nations, attributed to the increasing obese and overweight population, limited disease awareness, sedentary lifestyles, and compromising living conditions.

The considerable rise in disease burden and the rollout of several government awareness programs will boost the diabetes care devices industry market during the forecast period.

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

Global Diabetes Care Devices Market Report Snapshots

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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 Insights

Global Diabetes Care Devices Market Report Snapshots

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