Diabetes Care Devices Market will value USD 56.9 billion by 2030 : GreyViews
Diabetes Care Devices Market Size by Type (Insulin Delivery Devices and Blood Glucose Monitoring), By Distribution Channel (Clinics, Hospitals, Retail Sales, Institutional Sales and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the diabetes care devices market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the diabetes care devices market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, distribution channel, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global diabetes care devices market are PHC Holdings Corporation, Medtronic, DarioHealth Corp., Sanofi, Tandem Diabetes Care, LifeScan, B. Braun SE, Dexcom, Inc, F. Hoffmann-La Roche Ltd, Tidepool, AgaMatrix, WellDoc, Inc, Insulet Corporation, Ypsomed Holdings among others. To achieve a substantial market share in the worldwide diabetes care devices market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A diabetes care device determines how much blood sugar is in the body as a result of insulin production, which causes blood sugar levels to rise. In order to monitor blood glucose levels in diabetic patients and improve treatment for this chronic condition, diabetic patients are provided with these care devices. Blood glucose levels for diabetics are widely monitored with diabetes care gadgets. There are some factors which are hampering the growth of the market such as high cost, lack of trained professionals, lack of awareness about the usage and benefits of the devices etc. Additionally, the results of diabetes care devices aren't always accurate, the glucose testing device is expensive and painful, and some factors prevent the market from expanding. Sensor insertions are painful and it is harder to fit multiple devices on small bodies. Additionally, disruptive alerts lose signals, which results in data gaps, skin irritation and adhesive issues.There are a number of factors motivating diabetic device manufacturers to expand their businesses, including large geriatric populations, affordable healthcare facilities, cost-efficient labor, and relatively less stringent regulatory policies. In order to gain maximum market share, manufacturers are now focused on leveraging opportunities in developing economies.
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Scope of Diabetes Care Devices Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | PHC Holdings Corporation, Medtronic, DarioHealth Corp., Sanofi, Tandem Diabetes Care, LifeScan, B. Braun SE, Dexcom, Inc, F. Hoffmann-La Roche Ltd, Tidepool, AgaMatrix, WellDoc, Inc, Insulet Corporation, Ypsomed Holdings among others |
Segmentation Analysis
Insulin delivery devices are expected to be the fastest-growing segment in 2022.
The type segment includes insulin delivery devices and blood glucose monitoring. The insulin delivery devices segment is expected to witness the highest growth rate during the forecast period. Insulin injections are the most common method of insulin administration. There are a number of ways to deliver insulin subcutaneously, including vials and syringes, insulin pens, and insulin pumps. Compared to a syringe, a pen device is easier to carry around, easier to use, more accurate, and more satisfactory to patients, so compliance with treatment is better.
Hospitals are expected to be the fastest-growing segment in 2022.
The distribution channel segment includes clinics, hospitals, retail sales, institutional sales and others. The hospital segment is expected to witness the highest growth rate during the forecast period. The rising number of diabetes cases is boosting the growth of this segment as hospitals are well equipped with all the essential equipment required for diabetes treatments and checkups. Outpatient pharmacies and inpatient pharmacies operate within a hospital campus. An inpatient pharmacy is located within the hospital, accessible only by authorized employees serving operating rooms, intensive care units, inpatient wards, and special service areas. As opposed to outpatient pharmacies, which are generally located in the hospital lobbies and entrances.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the diabetes care devices market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Recently, diabetes prevalence has increased dramatically in the North American region. Diabetes is at an all-time high in developed countries, including the United States and Canada, mostly because of lifestyle changes. Furthermore, favourable government reimbursement policies and advanced healthcare infrastructure are supporting the growth of this market for diabetes care devices.
Country Analysis
- Germany
Germany's diabetes care devices market size was valued at USD 2.13 billion in 2022 and is expected to reach USD 4.21 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
A stringent government policy in Germany and favourable regulations by WHO about blood glucose monitoring devices are encouraging companies to innovate, boosting the growth of the market in the country.
- China
Chinas diabetes care devices market size was valued at USD 2.18 billion in 2022 and is expected to reach USD 4.37 billion by 2030, at a CAGR of 9.1% from 2023 to 2030.
In China, one in 10 people has diabetes, and millions of new cases of diabetes are being recorded each year in the 21st century. An ageing population, increasing living standards, and urbanization are all believed to be factors contributing to this spike in diabetes numbers, according to Chinese health experts.
- India
India's diabetes care devices market size was valued at USD 1.6 billion in 2022 and is expected to reach USD 3.18 billion by 2030, at a CAGR of 9% from 2023 to 2030.
Considering the increasing diabetes population in India, the market for diabetes care devices in the Asia-Pacific region ranks second after China. In recent years, technological advances have made continuous glucose monitoring devices immensely popular in the country.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising cases of diabetes, propelling the growth of the market across the countries.
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