Diabetes Devices Market Size & Share, by Type (Blood Glucose Monitoring, Insulin Delivery Devices); Distribution Channel (Retail Pharmacy, Hospital Pharmacy, Clinics, Online Pharmacy); End-user (Diagnostic Center, Hospitals, Home Care) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4642
  • Published Date: Jan 30, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


Diabetes Devices Market
Get more information on this report: Request Free Sample PDF

Diabetes Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Technological Advancements in Diabetes Monitoring Devices – The advancements in science, technology, and manufacturing will help to manage the treatment of type 1 diabetes. People suffering from diabetes do not produce enough insulin or cannot use the insulin produced in the required way. The unavailability of insulin increases sugar levels in the blood. So, it is necessary to regulate the blood glucose levels in these people through regular monitoring. Many advancements have been made to make this process user-friendly, which is estimated to drive the diabetes devices market growth in the coming years. In 2020, the U.S Food and Drug Administration (FDA) approved a hybrid closed-loop management device named ‘Minimed770G’. This will keep an eye on the sugar levels and helps caregivers of users to estimate the appropriate insulin doses.
  • Rising Gestational Diabetes Cases – As per the Centers for Disease Control and Prevention (CDC), gestational diabetes increased by 29% from 2016 to 2020 in the United States.
  • Sedentary Lifestyle and Lack of Physical Activity – As per the CDC, over 60% of adults in the U.S do not participate in the recommended physical activity, and 25% of them are completely inactive.
  • Increasing Geriatric Population Across the Globe – The older population aged 65 and above across the U.S. was 54.1 million in 2019, as per the Administration for Community Living.
  • Rising Personal Disposable Income – The disposable personal income of the U.S population as per the Bureau of Economic Analysis 2022, increased to USD 67.6 billion and the personal consumption expenditure rose to USD 67.5 billion.

Challenges

  • Lack of Exact Blood Glucose Measurement – Although monitoring glucose has become a crucial element of treating diabetes, its precision has certain drawbacks. For the variations in strip production, strip storage, and strip ageing, accuracy may be restricted. They might also be the result of patient issues such as inaccurate coding, insufficient hand washing, a changed hematocrit, or naturally existing interfering chemicals, or environmental restrictions such as temperature or altitude.
  • The Presence of Adverse Effects
  • Lack of Knowledge to Operate Devices

Diabetes Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~ USD 29 Billion

Forecast Year Market Size (2033)

~ USD 48 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Diabetes Devices Segmentation

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:

 

             By Type

  • Blood Glucose Monitoring
  • Insulin Delivery Devices

           By Distribution Channel

  • Retail Pharmacy
  • Hospital Pharmacy
  • Clinics
  • Online Pharmacy
  • Others

 

           By End User

  • Diagnostic Center
  • Hospitals
  • Home Care

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Diabetes Devices Industry - Regional Synopsis

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.

Research Nester
Diabetes Devices Market  Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Diabetes Devices Landscape

top-features-companies
    • Medtronic plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Abbott Laboratories
    • ARKRAY, Inc.
    • Bayer AG
    • Lifescan, Inc.
    • B. Braun Melsungen AG
    • Dexcom, Inc.
    • Insulet Corporation
    • Ypsomed AG
    • Sanofi

In-the-news

In The News

  • 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


  • Report ID: 4642
  • Published Date: Jan 30, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising diabetes cases and the growing obese population across the world are the major factors driving the growth of the diabetes devices market.

The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.

Lack of knowledge to operate devices and the presence of side effects are the challenges affecting the market growth.

The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Medtronic plc, Abbott Laboratories, Arkray, Inc., Bayer AG, Lifescan, Inc., B. Braun Melsungen AG, Dexcom, Inc., Insulet Corporation, Ypsomed AG, Sanofi.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, distribution channel, end-user, and by region.

The insulin delivery devices segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Diabetes Devices Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying