Diabetes Care Devices Market is expected to reach USD 56.57 billion by 2030
Global Diabetes Care Devices Market report suggests that the key market players are making moves like product launches, joint ventures, developments, mergers, and acquisitions which has an influence on the market and the Healthcare industry as a whole and also affect the sales, import, export, revenue, and CAGR values. The market data analyzed and evaluated in this market report makes achieve business goals and objectives in the preset time frame. The painstakingly analyzed market segmentation aspect provides a clear idea about the product consumption based on numerous factors ranging from type, application, deployment model, end user to geographical region.
Several top manufacturers are focusing on many technological innovations and developing advanced products to gain extensive market share. As per the records of IDF, around 21,600 children are added to the type 1 diabetic population every year. As per these figures, diabetes accounts for around 9% of total healthcare expenditure globally. Numerous government initiatives, such as the National Service Framework (NSF) programme in the U.K., are improving services by setting national standards to increase the service quality and address variations in care. The various risk factors such as overweight, smoking, obesity, and high cholesterol levels are anticipated to boost the incidence of diabetes, thus fuelling the utmost need for diabetes devices.
Data Bridge Market Research analyses that the diabetes care devices market which is USD 29.02 billion in 2022, is expected to reach USD 56.57 billion by 2030, at a CAGR of 8.7% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Diabetes care devices are the ones that is utilized to determine blood sugar levels in the body which is caused by insulin production. These care devices are provided to diabetic patients for real monitoring blood glucose levels and improve treatment for this chronic condition. Diabetes care gadgets are widely used to monitor diabetics’ blood glucose levels. A continuous glucose monitor (CGM) is a medical device that tracks and monitors diabetes patients’ blood glucose levels for the whole day. This wearable device will benefit the patients by supporting them in managing their glucose levels.
Drivers
- Rising Prevalence of Diabetes
Increasing prevalence of diabetes is expected to contribute to this market’s growth during the forecast period. As per the International Diabetes Federation Report for 2017, around 66.0 million people globally have diabetes, and it is projected to rise to 81.0 million by 2045. The top five diabetic countries in Global are the United Kingdom, France, Germany, Spain, and Italy. In North America, it has been witnessed that there are more than 29 million diabetic patients, and this number is projected to increase to 34 million by 2027. U.S. alone recorded more than 26 million diabetes patients in 2021. This boosts the market growth.
- Increase in obesity
Obesity is one of the top causes of diabetes in the general population. According to the records of WHO, around 50% of the global population was overweight in 2014, with more than 20% of the population obese. Obesity is more prevalent in men. Risk factors, such as the increasing occurrence of obesity, are directly associated to the increasing prevalence of diabetes. Consequently, the diabetes device market is increasing.
Recent Developments
- In 2021, Medtronic received a CE mark for its InPen smart insulin pen and Guardian 4 sensor for better diabetes management.
- In 2021, Medtronic launched the Medtronic Extended infusion set in very few countries. This advancement doubles the time an infusion set can be worn, allowing users to safely continue on insulin pump therapy with lesser interruptions and insertions while adding feasibility and comfort to their diabetes management routine.
- In 2020, Novo Nordisk announced the acquisition of Emisphere Technologies, a drug delivery technology company. The acquisition is expected to help Novo Nordisk gain a competitive edge in the oral antidiabetic market
Some of the major players operating in the diabetes care devices market are:
- Abbott (U.S.)
- PHC Holdings Corporation (Japan)
- WellDoc, Inc (India)
- Sanofi (France)
- Dexcom, Inc (U.S.)
- DarioHealth Corp. (U.S.)
- Medtronic (Ireland)
- B. Braun SE (Germany)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Insulet Corporation (U.S.)
- Ascensia Diabetes Care Holdings AG (Switzerland)
- Tidepool (U.S.)
- Medtronic (Ireland)
- Tandem Diabetes Care (U.S.)
- LifeScan (U.S.)
- AgaMatrix (U.S.)
- Glooko Inc. (U.S.)
- DarioHealth (Israel)
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Diabetes Care Devices Market Scope
Product Type
- Blood Glucose Monitoring Devices
- Testing Strips
- Blood Glucose Meters
- Self-monitoring Blood Glucose Meters
- Continuous Blood Glucose Monitoring Devices
- Lancets
- Others
- Insulin Delivery Devices
Device Type
- Self-monitoring
- Diagnostic
Delivery Type
- Pumps
- Pen
- Syringes
- Injectors
- Cartridges in Reusable pens
- Disposable Pens
- Jet Injectors
Distribution Channel
- Institutional Sales
- Hospitals
- Clinics
- Others
- Retail Sales
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the this research report
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Top Key Topics Covered:
- Strategic Imperatives
- Factors Creating Pressure on Growth
- The Strategic Imperative
- Growth Opportunities Fuel the Growth Pipeline Engine
- Research Methodology
- Scope and Segmentation
- Research Context and Scope of Analysis
- Segmentation
- Other Techniques for This Research Report Management
- Growth Opportunity Analysis
- Growth Drivers
- Growth Restraints
- Introduction
- The Impact of the COVID-19 Pandemic and Post
- Future Growth
- Innovation Ecosystem
Continued…
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Some of the Most Important Questions Scrutinized in the Business Intelligence Report:
- What are the key growth parameters for this global market during the forecast period?
- Which key players are expected to hold the largest market share over the forecast period?
- Who are the leading vendors and manufacturers in this market?
- What are the key strategies adopted by leading players in the market for business development and geographical expansion?
- Which end-use industries can trigger high demand in the market over the forecast period?
- What are the key segments in this market?
- Which regional player will have anticipated leading the global market in terms of size?
- What is the impact of the novel coronavirus pandemic?
- Which obstacles must new players overcome in order to occupy a major position?
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