Diabetes Devices Market to Reach Over USD 90.2 Bn by 2031 with 6.0% of CAGR | TMR Study

Wilmington, Delaware, United States, April 18, 2023 (GLOBE NEWSWIRE) — The global diabetes devices market was valued at USD 50.5 Bn in 2021 and is anticipated to reach USD 90.2 Bn by 2031.

Increase in prevalence of diabetes has led to rise in demand for diabetes care devices and diabetes lancet devices. High susceptibility of the geriatric population to diabetes has led to surge in demand for diabetes tracker devices. Diabetes devices are used to monitor blood glucose level in a diabetic patient, which can be used independently or under supervision.

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Market Scope:

Rise in demand for minimally invasive devices has encouraged companies to introduce patient-friendly blood glucose monitoring devices. Role of governments and health departments to create awareness about diabetes devices is fueling the diabetes devices market size. Furthermore, improvement in healthcare infrastructure and economic growth are driving the diabetes devices market demand.

Key Findings of Study

Impact of COVID-19 – The COVID-19 pandemic disrupted economic activities due to stringent border controls and nationwide lockdowns. The healthcare sector witnessed exhaustion of hospital resources during the pandemic. The supply chain of medical equipment, including diabetes devices, was negatively affected during the pandemic. However, the role of governments to minimize disruption in the supply chain, as diabetes is a chronic disease, has created business opportunities in the diabetes devices market.

Stay at home orders changed every day functioning of individuals during the pandemic. Large patient populations used remote monitoring devices for diabetes due to restrictions to visit health centers, thereby propelling market value.

Availability of Diabetes Tracker Devices with Advanced Sensors – Based on product type, the diabetes devices market has been divided into insulin delivery devices, glucose monitoring devices, artificial pancreas systems, and diabetes monitoring software. The glucose monitoring devices segment accounted for the leading share of global market in 2021, and the trend is projected to continue during the forecast period. Easy availability of diabetes tracker devices featuring advanced sensors for monitoring blood sugar levels is a key driver of the segment. Moreover, wireless technology integrated in continuous glucose monitoring for transmitting glucose readings has become a key tool for diabetes monitoring devices.

High Prevalence of Type 1 and 2 Diabetes – Based on distribution channel, the diabetes devices market has been classified into retail pharmacies, hospital pharmacies, and online pharmacies. The hospital pharmacies segment is estimated to account for leading share of the market during the forecast period. High prevalence of type 1 and type 2 diabetes leading to increase in hospital visits is accelerating market growth. Furthermore, increase in R&D activities and robust pipeline of artificial pancreas systems are expected to augment market value.

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Growth Drivers

• Surge in demand for glucose monitoring devices owing to rise in patient population with diabetes is fueling global diabetes devices market
• Initiatives by governments to spread awareness about the availability of diabetes devices is propelling the diabetes devices market

Regional Analysis

North America held the largest share of the global diabetes devices market in 2021. This is ascribed to large diabetic population, significant awareness about remote diabetes monitoring tools, rise in healthcare budget of governments, and higher penetration of healthcare services. The U.S. is a key market for diabetes devices in North America. Increase in geriatric population, highly developed healthcare industry, and favorable reimbursement policies from public and private health insurance firms are bolstering the diabetes devices market in the U.S. According to a report published in 2022, 37.3 million people in the U.S. had diabetes, of these 28.7 million were diagnosed and 8.5 million were undiagnosed.

The diabetes devices market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Currently, Asia Pacific is a relatively underdeveloped market than developed regions. Rise in geriatric population, increase in healthcare expenditure, and surge in patient awareness about the availability of diabetes devices are fueling the industry growth in the region. China and India are key markets for diabetes devices in the region. These are the world’s most populous countries, with the maximum number of diabetes patients. According to data published by International Diabetes Federation (2017), China accounts for the largest number of people with diabetes aged between 20 and 79 years.

Key Players

Prominent players in the diabetes devices market include Medtronic, Sanofi, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Cellnovo, LifeScan, Inc., Novo Nordisk A/S, Eli Lilly and Company, Becton, Dickenson and Company, Abbott Laboratories, Insulet Corporation, and Owen Mumford Ltd.

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The global diabetes devices market has been segmented as follows;

Diabetes Devices Market, by Product Type

• Glucose Monitoring Devices
  • Self-monitoring Blood Glucose Meters
  • Blood Glucose Testing Strips
  • Lancets
  • Continuous Glucose Monitoring Meters
• Insulin Delivery Devices
  • Insulin Syringes
  • Insulin Pens
  • Insulin Pumps
• Diabetes Management Software
• Artificial Pancreas System

Diabetes Devices Market, by Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Diabetes Clinics/Centers

Diabetes Devices Market, by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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