Global Diabetes Care Devices and Drugs Market

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

Report ID: SQMIG35G2119 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 62 | Figures: 75

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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).

diabetes care devices and drugs market is highly competitive and fragmented. To maintain a competitive edge, diabetes care devices major players are working on their market growth by introducing more innovative products that are easy to purchase the consumer and provide more innovative and painless solutions. The intensity of competition among players is high, each player is trying to develop a new device and offer it at a competitive price. Also, to increase their market shares, players are entering new markets, especially in emerging economies where demand is much higher than supply. 'Novo Nordisk A/S', 'Eli Lilly and Company', 'Sanofi S.A.', 'Merck & Co., Inc.', 'Abbott Laboratories', 'Becton, Dickinson and Company', 'F. Hoffmann-La Roche Ltd.', 'Johnson & Johnson Services, Inc.', 'Medtronic plc', 'Dexcom, Inc.', 'Insulet Corporation', 'Ypsomed AG', 'Ascensia Diabetes Care Holdings AG', 'Tandem Diabetes Care, Inc.', 'Senseonics Holdings, Inc.', 'B. Braun Melsungen AG', 'Terumo Corporation', 'AstraZeneca', 'Boehringer Ingelheim International GmbH', 'Novartis AG'

The introduction of new products in diabetes monitoring systems and treatment devices is one of the major factors driving the growth of the diabetes care devices and drugs market. For example, in April 2020, researchers at Portugal's Universidade de Lisboa reported that coating insulin-loaded nanoparticles with chitosan could enhance oral delivery of insulin. Increasing R&D investments and research collaborations may create more opportunities for the further growth of the market.

Due to the coronavirus (pandemic), market trend is going to be positive for the market. Individuals diagnosed with diabetes are at a higher risk of contracting the coronavirus and hence demand has increased over the past few years as people look to monitor their diabetes levels. Individuals who were diagnosed with diabetes were looking to avoid hospital visits and stays, and so devices were important for managing illness.

Based on region, diabetes care devices and drugs market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the market in 2022. According to world health organization, In North America, there are more than 29 million diabetic patients and this number is expected to increase to 34 million by 2027. The increase in number of diabetes patients in Europe, lower prices of insulin and insulin delivery devices, increasing demand and sale of insulin delivery devices are the key factors driving the growth of market.

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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

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