Diabetes Devices Market size is anticipated to reach USD 48 Billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of diabetes devices was USD 29 Billion. The growing prevalence of diabetes across the world’s population and growing awareness about diabetes disease are estimated to drive the market’s growth during the forecast period. As per the American Diabetes Association estimations, in 2019, the total American population with diabetes was nearly 11.3 % of people i.e., about 37.3 million individuals.
In addition, one of the factors boosting the market's expansion is the rise in diabetes cases brought on by age, obesity, and bad lifestyle choices. According to the data reported, nearly 38 percent of adults across the globe are overweight as of 2019. Diabetes incidence is rising as a result of risk factors such as obesity and overweight. Therefore, it is anticipated that risk factors including smoking, being overweight or obese, and having high cholesterol levels will increase the prevalence of diabetes and increase the demand for diabetic devices. Numerous incentives, including a sizable ageing population, economical healthcare options, cost-effective labor, and relatively lax regulatory standards, are driving diabetic device manufacturers to grow their operations. To capture the largest possible proportion of the market, firms are now concentrating on harnessing opportunities existing in developing economies. Hence, these factors are highly expected to influence the global diabetes devices market’s growth positively over the projected period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 29 Billion |
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Forecast Year Market Size (2033) |
~ USD 48 Billion |
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Regional Scope |
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Type (Blood Glucose Monitoring, Insulin Delivery Devices)
The global diabetes devices market is segmented and analyzed for demand and supply by type into blood glucose monitoring, and insulin delivery devices. Out of these, the insulin delivery devices segment is anticipated to hold the largest market size by the end of 2033 owing to rising diabetic cases with complications that can’t be treated with medications alone, high adoption and easy availability of self-monitoring devices, and increasing demand for homecare products and therapies during COVID-19. The number of blood glucose monitors sold in 2019 alone by private labels was 14 million units. Syringes, pens, jet injectors, oral insulin, pumps, and other forms of insulin delivery methods are among the numerous ones available. Inhalable insulin and other innovative methods of treating diabetes are also in various stages of development and availability around the globe.
Distribution Channel (Retail Pharmacy, Hospital Pharmacy, Clinics, Online Pharmacy)
The global diabetes devices market is also segmented and analyzed for demand and supply by distribution channel into retail pharmacy, hospital pharmacy, clinics, online pharmacy, and others. Amongst these five segments, the hospital pharmacy segment is expected to garner a significant share. Patients suffering from diabetes often visit hospitals for treatment and glucose monitoring, and it is easier and more convenient for them to purchase the prescribed drugs or needful devices directly from the same hospital premises. On the other hand, the online pharmacy segment is projected to witness a massive CAGR during the forecast period, owing to the rising awareness of these online platforms amongst users across the world. Purchasing diabetes devices online help the user to receive the prescribed drugs directly at their homes, without the need to visit offline stores. Besides this, several online pharmaceutical businesses are also offering wide discounts to lure their customers as part of their customer retention process. This, as a result, is estimated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Distribution Channel |
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By End User |
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North American Market Forecast
The North America diabetes devices market is projected to hold the largest market share by the end of 2033 on the back of an increase in the prevalence of diabetes cases, rising healthcare expenditure, and the growing presence of dominant players in insulin syringe manufacturers. The healthcare expenditure of the U.S in 2020 rose to 9.7% and is estimated to reach USD 4.1 trillion. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies that promote the market players to opt for easy testing of newly launched devices over a large target population so as to develop efficient treatment options and glucose monitoring options, are also expected to contribute to the market growths in the region. In addition, the region's expanding healthcare industry and rising commercialization of diabetes device products are also predicted to fuel the market growth notably over the projected period.
LifeScan IP Holdings, LLC declared the launch of U.S OneTouch Verio Reflect, the first product with a Blood Sugar Mentor. This feature allows people with diabetes a personalized real-time guide.
Insulet Corporation declared that it’s Omnipod 5 Automated Insulin Delivery System received clearance from the U.S Food and Drug Administration. This was used for 6 years and older people suffering from type 1 diabetes.
Author Credits: Radhika Gupta, Shivam Bhutani
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