USD 29.01 Billion
Report ID: SQMIG35B2125 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 64 | Figures: 77
Global Diabetes Device Market size was valued at USD 29.01 Billion in 2022 and is poised to grow from USD 31.42 Billion in 2023 to USD 59.46 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).
Global illness burden is rising due to sedentary lifestyle adoption and growing urbanisation. The International Diabetes Federation reported that about 530 million people between the ages of 20 and 79 had been given a diabetes diagnosis. Other medical disorders like stroke, cardiovascular problems, nerve damage, and infections are also connected to the disease. The development of diabetes medical devices will therefore accelerate due to the increased knowledge of disease control and management to prevent its complications. The introduction of high-end insulin pumps and pens and other technological developments in diabetic devices are driving up demand for these goods. To capture a sizable portion of the market, top manufacturers are concentrating on technological advancements and the development of cutting-edge products.
Global Market Size
USD 29.01 Billion
Blood glucose monitoring devices
Blood glucose monitoring devices
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Global Diabetes Device Market is segmented on the basis of type, distribution channels and region. By type, the market is segmented into BGM device, insulin delivery device, continuous glucose monitoring. By distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, diabetes clinics, online pharmacies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Diabetes Device Market Analysis by Distribution Channels
Due to their high traffic and product availability, hospital pharmacies accounted for about 54.0% of market penetration in 2022. Inpatient and outpatient pharmacies are the two kinds of pharmacies that work on a hospital site. The hospital has an inpatient pharmacy that is solely accessible to authorized staff who work in the operating rooms, intensive care units, inpatient wards, and special service sections. In contrast, outpatient pharmacies are typically found in hospital lobbies and entrances for patients. The outpatient pharmacy offers portable glucose meters and insulin administration equipment.
The fastest growing market is online pharmacies. Due to their direct relationship with manufacturers, Online pharmacies are able to offer customers advantageous discounts on diabetes devices. Increased public-private investment and rising patient awareness of internet pharmacy are two major market drivers. The COVID-19 epidemic has had a good effect on the e-pharmacies industry; through this platform, more diabetes-related gadgets are being sold.
Diabetes Device Market Analysis by Type
The dominant segment of the global diabetes device market is the blood glucose monitoring devices segment. It accounts for the largest share of the market and is expected to continue to grow at a significant rate during the forecast period. The growth of the blood glucose monitoring devices segment is driven by the increasing prevalence of diabetes, the growing awareness about diabetes management, and the increasing adoption of new technologies.
The fastest growing segment of the global diabetes device market is the continuous glucose monitoring (CGM) devices segment. It is expected to grow at a significant rate during the forecast period due to the increasing demand for real-time monitoring of blood glucose levels. The growth of the CGM devices segment is driven by the increasing prevalence of diabetes, the growing awareness about diabetes management, and the increasing adoption of new technologies.
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Due to its well-established healthcare industry, North America dominated the market in 2022 and is predicted to continue to do so with a growth rate of around 6.0% compound annual growth rate (CAGR) during the projected period. Along with technical developments and the introduction of new products, the rising incidence of obesity and the high cost of treatment are anticipated to drive the region. Due to a sizable diabetic population and advantageous reimbursement policies, the U.S. dominated the market in North America. The market is primarily driven by high per capita income and rising healthcare spending.
The rising prevalence of diabetes, expanding use of technologically sophisticated blood glucose meters, and increased demand for insulin delivery devices are all expected to contribute to Asia Pacific's projected growth at a much higher CAGR during the projection period. The market is being driven by factors including a growth in the number of elderly people, a rise in healthcare spending, and a rise in patient awareness of diabetic devices. In the coming years, it is anticipated that China and India would control the market for diabetic devices in the region. Comparatively unexplored to established regions is the Asia Pacific region. Consequently, the area offers greater potential for growth in this sector. The majority of people worldwide live in China and India, which also have the highest number of people with diabetes.
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Diabetes Device Market Drivers
Increasing Prevalence of Diabetes
Growing Adoption of Self-Monitoring
Diabetes Device Market Restraints
Device Accuracy and Reliability
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The competitive environment for diabetes treatment devices lists information per competitor. Information covered includes the company's executive summary, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production locations and facilities, production capacity, and application domination. Only the companies' focus on the market for diabetic care devices is represented by the data points mentioned above.
Diabetes Device Market Top Player’s Company Profiles
Diabetes Device Market Recent Developments
Insulin Delivery Systems
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global diabetes device market is a rapidly growing sector driven by the increasing prevalence of diabetes worldwide. Diabetes devices are essential tools for managing and monitoring blood glucose levels, administering insulin, and providing accurate and timely information for effective diabetes management. The global diabetes device market has witnessed significant growth in recent years and is expected to continue expanding. The market size is influenced by factors such as the increasing prevalence of diabetes, technological advancements, rising awareness about diabetes management, and the growing demand for convenient and effective diabetes care. The market is segmented into various categories, including blood glucose monitoring devices, insulin delivery systems, continuous glucose monitoring systems, and other diabetes-related devices. Technological advancements continue to drive market growth, with ongoing research and development efforts aimed at further improving device performance and capabilities.
|Market size value in 2022
|USD 29.01 Billion
|Market size value in 2031
|USD 59.46 Billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Diabetes Device Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diabetes Device Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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