According to Vision Research Reports, the global diabetes devices market was valued at US$ 42.8 Bn in 2019 and is projected to expand at a CAGR of 6.6% from 2021 to 2027. The global diabetes devices market size is expected to reach of around US$ 74.2 billion by 2027.
The report provides revenue of the global diabetes devices market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global diabetes devices market during the forecast period.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global diabetes devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global diabetes devices market.
The report delves into the competitive landscape of the global diabetes devices market. Key players operating in the global diabetes devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global diabetes devices market that have been profiled in this report.
- Diabetes is a global issue affecting millions of people every year. This has led to major technological advancements in diabetes treatment. Global diabetes care devices market exhibits a great potential and is estimated to grow exponentially by 2027.
- Diabetes care devices are used to diagnose and monitor the blood glucose level into a diabetic patient’s body. The demand for minimally invasive devices has led companies to launch patient-convenient diabetes care device.
- North America dominated the global diabetes devices market in 2018 and the trend is anticipated to continue during the forecast period. Large diabetes population, higher awareness, significant health care spending in the overall national budget, early availability of advanced technologies, and higher penetration of health care services across the U.S. and Canada are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for diabetes devices and it is expected to expand at a high CAGR during the forecast period
Rise in Incidence of Pediatric and Geriatric Diabetes to Drive Market
- The world’s population is aging rapidly, especially in some of the developed economies such as the U.S. and Japan. Developed economies present high rates of aging. According to the World Health Organization, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050 as compared to 900 million in 2015. Countries such as India, China, Thailand, and South Korea are also expected to have large geriatric populations in the shortest span of time in the near future.
- Diabetes is more prevalent in the geriatric population. According to the American Diabetes Association, over 25% of the diabetic patients in the U.S. are aged 65 years and above.
- Incidence of diabetes in the pediatric population is gradually increasing. Hence, rise in pediatric and geriatric diabetes is expected to fuel the growth of the diabetes devices market.
Glucose Monitoring Devices Segment to Dominate Market
- Based on product type, the global diabetes devices market has been divided into glucose monitoring devices insulin delivery devices diabetes monitoring software, and artificial pancreas systems. The glucose monitoring devices segment has been bifurcated into self- monitoring blood glucose meters, blood glucose testing strips, lancets, and continuous glucose monitoring meters.
- The insulin delivery devices segment is further classified as insulin syringes, insulin pens, and insulin pumps.
- The glucose monitoring devices segment dominated the global diabetes devices market in 2018 and the trend is projected to continue during the forecast period. Wide availability of glucose monitoring devices with advanced sensors for the detection of blood sugar levels is a major driver for the segment.
- Moreover, the use of wireless technology in CGM for transmitting glucose readings collected from the interstitial fluid between the patient’s skin cells, has become an important tool for monitoring type 1 diabetes.
Hospital Pharmacy to be Highly Lucrative Segment
- In terms of distribution channel, the global diabetes devices market has been classified into hospital pharmacy, retail pharmacy, online pharmacy, and diabetes clinics/ centers.
- Hospital pharmacies is projected to be the most attractive segment during the forecast period.
- High prevalence of type 2 and 1 diabetes is anticipated to increase hospital visits. Moreover, increasing investment in R&D and promising pipeline of artificial pancreas system are anticipated to fuel the hospital pharmacies segment.
North America to Dominate Global Market
- In terms of region, the global diabetes devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global diabetes devices market in 2018, followed by Europe.
- North America accounted for major share of the global diabetes devices market in 2018. Its dominance can be attributed to a large diabetes population, higher awareness, and significant health care spending in the overall national budget, early availability of advanced technologies, and higher penetration of health care services across the country.
- The diabetes devices market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
- The global diabetes devices market is fragmented in terms of number of players. Key players in the global market include Medtronic, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Tandem Diabetes Care, Inc., Abbott Laboratories, Cellnovo, Insulet Corporation, LifeScan, Inc., Owen Mumford Ltd., among others
Key players in the global diabetes devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global diabetes devices market. A few expansion strategies adopted by players operating in the global diabetes devices market are:
- In January 2020, Tandem Diabetes Care Inc. launched slim X2 insulin pump with Control-IQ technology. The device comes with an advanced hybrid-closed loop feature designed to help increase time in range (70-180 mg/dL).
- In May 2019, Roche Diabetes Care India launched Accu-Chek, a blood glucose monitoring system, and “mySugr” app aimed at betterment of people with diabetes.
- In June 2017, Medtronic the company launched MiniMed 670G system. It is based on Hybrid Closed Loop system for people with type 1 diabetes.
- In April 2017, Cellnova delivers first commercial batch of insulin cartridges with manufacturing partner, flex.
The global diabetes devices market has been segmented as follows:
- Global Diabetes Devices Market, by Product Type
- Glucose Monitoring Devices
- Self- monitoring blood glucose meters
- Blood glucose testing strips
- Continuous glucose monitoring meters
- Insulin Delivery Devices
- Insulin syringes
- Insulin pens
- Insulin pumps
- Diabetes Management Software
- Artificial Pancreas System
- Global Diabetes Devices Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics/Centers
- Global Diabetes Devices Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Key Questions Answered in Global Diabetes Devices Market Report
- What is the scope of growth of product companies in the global diabetes devices market?
- What will be the Y-o-Y growth of the global diabetes devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global diabetes devices market?
- Will North America continue to be the most profitable market for diabetes device providers?
- Which factors are anticipated to hamper the growth of the global diabetes devices market during the forecast period?
- Which are the leading companies in the global diabetes devices market?
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global diabetes devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global diabetes devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the diabetes devices market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the diabetes devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global diabetes devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global diabetes devices market more reliably and accurately.