Diabetes Devices Industry Overview
The global diabetes devices market size was valued at USD 26.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030.
The market is primarily driven by factors such as an increase in technological advancements and rise in the incidences of obesity. Moreover, increasing adoption of insulin delivery devices and rising prevalence of diabetes are driving market growth. Leading manufacturers are focusing on technological innovations and development of advanced products to gain substantial share of the market. For instance, in 2019, Novo Nordisk collaborated with Abbott to integrate its prefilled and durable connected pens directly into the FreeStyle Libre system (FreeStyle LibreLinkii mobile app and LibreViewiii cloud-based system).
Gather more insights about the market drivers, restrains and growth of the Global Diabetes Devices Market
Individuals diagnosed with diabetes are at an increased risk for COVID-19, thereby accelerating the demand of diabetes devices to effectively manage patients in hospital as well as home care settings. The increasing demand of diabetes devices is attributed to prevent the longer hospital stays and higher mortality rates in diabetic patients.
In response to the urgency brought about due to the pandemic, the U.S. Food and Drug Administration (FDA) issued guidance to permit the usage of home-use devices in hospital settings. This ensured the safety of healthcare workers by minimizing patient interactions. Thus, the adoption of diabetes devices amid COVID-19 was critical in managing the patients, thereby reducing the total healthcare expenditure mainly in resource constrained settings.
Increase in incidence of diabetes due to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the market. Obesity is a major factor leading to diabetes. According to World Health Organization (WHO), in 2016, over 1.9 billion adults were overweight, of which, around 650 million people were obese. Risk factors, such as obesity and overweight, are leading to an increase in the incidence of diabetes. Therefore, risk factors such as smoking, overweight, obesity, and high cholesterol levels are expected to boost the prevalence of diabetes, thus fueling the need for diabetes devices.
The number of people suffering from diabetes in regions such as MEA and APAC is increasing, which in turn is propelling the demand for diabetes treatment. For instance, as per the International Diabetes Federation, in 2017, 72,946,400 new cases of diabetes were diagnosed in India. Thus, presence of untapped growth opportunities in rapidly growing MEA and Asian economies and growing awareness of diabetes in these regions are anticipated to boost the demand for diabetes devices.
Large geriatric population, affordable healthcare facilities, cost-efficient labor, and relatively less stringent regulatory policies are among the factors compelling diabetic devices manufacturers to expand their businesses. The manufacturers are now focusing on leveraging opportunities present in developing economies to gain maximum market share.
Technological advancements in diabetes devices such as introduction of high-end insulin pumps and pens are propelling the demand for these products. Leading manufacturers are focusing on technological innovations and development of advanced products to gain substantial share of the market.
Under this partnership, the data captured by Novo Nordisk prefilled durable connected pens will be reflected in digitally connected FreeStyle Libre system through FreeStyle LibreLink mobile app and LibreView cloud-based system. Through this technological integration, healthcare professionals can analyze both glucose and insulin data together, which in turn is likely to simplify diabetes management.
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- Diabetic Food Market – The global diabetic food market size was valued at USD 12.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. Growing diabetes among people has prompted the overall demand for diabetic food.
- Digital Diabetes Management Market – The global digital diabetes management market size was valued at USD 11.15 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. The robust growth of the market is majorly attributed to the growing prevalence of diabetes, coupled with technological advancement and innovation.
Diabetes Devices Market Segmentation
Grand View Research has segmented the global diabetes devices market based on type, distribution channel, end use, and region:
Diabetes Devices Type Outlook (Revenue, USD Million, 2018 – 2030)
- BGM Devices
- Insulin delivery devices
Diabetes Devices Distribution Channel Outlook (Revenue, USD Million, 2018 – 2030)
- Hospitals Pharmacies
- Retail Pharmacies
- Diabetes Clinics/ Centers
- Online Pharmacies
Diabetes Devices End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Diagnostic Centers
Diabetes Devices Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- November 2020: Novo Nordisk announced the acquisition of Emisphere Technologies-a drug delivery technology company. The acquisition is anticipated to help Novo Nordisk gain a competitive edge in the oral antidiabetic market.
- February 2019: Abbott entered into a non-exclusive partnership with Novo Nordisk. This partnership is expected to help in enhancing digital solutions for diabetes.
- December 2017: Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA-approved solution that can combine insulin injector pens with a smart app.
Key Companies profiled:
Some prominent players in the global diabetes devices market include
- Medtronic plc
- Abbott Laboratories
- Bayer AG
- Lifescan, Inc.
- B Braun Melsungen AG
- Lifescan, Inc.
- Dexcom Inc.
- Insulet Corporation
- Ypsomed Holdings
- Companion Medical
- Valeritas Holding Inc.
- Novo Nordisk
- Arkray, Inc.
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