Key factors contributing to the high CAGR are increasing prevalence of diabetes and lack of awareness. Further, aspects such as technological progressions, product launches and collaborations are fueling the market growth of diabetes devices.
Based on current analysis, the global diabetes devices market was valued at USD 25.46 Billion in 2020 and is expected to reach USD 44.36 Billion by 2028, at a CAGR 7.1% Rising awareness about therapeutics for diabetes and diabetes management among patients is strengthening growth of the market. Continuous technological developments and advancements in the product is another factor expected to create potential opportunities in the market and continue over the forecast period. The diabetes devices offer a solution to diabetes affected patients manage the sugar level in the blood. diabetes device are devices used for checking the sugar level in the blood, it is also used to control glycemic improvement and reduction in hypoglycemia. The cost-effectiveness of devices such as lancets, self-monitoring blood glucose meters, testing strips, and continuous monitoring devices is completely influencing revenue of the market. Major international market players are involving themselves in various collaborations, partnerships and acquisitions to give further rise to the diabetes device market in the forthcoming years.
Moreover, multiplying prevalence of diabetes, rising awareness regarding diabetes care, growing intensity of obesity and technological progressions are further fueling the market growth of diabetes devices. According to WHO, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese. Obese population are likely to be detected with type 1, type 2 or gestational diabetes. This information helps us to understand that diabetes market is growing at an increasing rate due to market drivers mentioned above.
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Companies profiled for this market study
Medtronic, Insulet, Dexcom, Sanofi, Tandem, Ypsomed, Eli Lilly, Bayer Healthcare AG, Becton Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG and Johnson & Johnson.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Key findings from the report
Asia-Pacific is anticipated to grow enormously at CAGR of 8.2% during the forecast period, owing to factors, such as a high prevalence of diabetes, growing obese population, and government initiatives of raising awareness regarding diabetic care
Medtronic PLC received the US Food and Drug Administration (FDA) approval for Guardian (TM) Connect continuous glucose monitoring (CGM) system, for people with diabetes aged between 14-75 years. such market initiatives are proving to be profitable for the growth of diabetes device market
Glucose monitoring devices dominated the diabetes devices market by registering 52% of market share in diabetes device products
Expansion of the global diabetes management devices market is also supported by prominent investments, scope of infiltration in middle- and low-income regions and increasing awareness in patient population about effective diabetes control and thus preclusion of disease related complications
Opportunities for global diabetes device market are adding up due to development of artificial pancreas and development of home infusion therapy. Major market players are developing products that designed to instrument glucose monitoring technologies
North America is leading the regional market, followed by Europe owing to higher number of obese individuals, advanced healthcare infrastructure, availability of technologically advanced products and overall health consciousness.
The National Healthcare System will expect children with 12 years of age on an insulin pump to gain sufficient diabetes control as a result of being on an insulin pump
Eli Lilly and Sanofi have strategic research projects to develop Glucose Responsive Insulins (GRIs). GRIs are insulins which automatically activate or deactivate in response to changing glucose levels in the blood. They improve diabetes treatment efficacy and reduce the incidence of hyperglycemia and hypoglycemia.
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Type (Revenue in USD Million; 2020–2028)
Glucose Monitoring Devices
Self- monitoring blood glucose meters
Blood glucose testing strips
Continuous glucose monitoring meters
Insulin Delivery Devices
Diabetes Management Software
Artificial Pancreas System
Distribution Channels (Revenue in USD Million; 2020–2028)
Diabetes Clinics/ Centers
Regional Outlook (Revenue in USD Million; 2020–2028)
Middle East & Africa
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