The Insight Partners published latest research study on “Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” the market is projected to grow from US$ 28,942.1 million in 2022 to US$ 42,119.3 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments.
The diabetes care devices are the medical devices used to monitor the glucose levels in the blood of the diabetes patients. The monitoring devices are known as continuous glucose monitoring devices or glucometers. The other diabetes care devices are used to deliver insulin in the body, these devices are used by the diabetes patients who are unable to produce insulin by their own. The insulin delivery devices include pumps, syringes, pens, and others.
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The market’s growth can be attributed to the robustly rising prevalence of diabetes and increasing support by the government in the US. In the US, diabetes is among the most common and expensive chronic diseases. The highest rate of diabetes is commonly seen in the elder population. However, the rise in the prevalence of diabetes continues across the US, and it is also being seen among the overweight and obese population.
The global diabetes care devices market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The largest market for diabetes care devices is held by the North American region. The United States held the largest market for diabetes care devices. The Asia-Pacific region is expected to be the fastest-growing region during the forecast period.
Browse key market insights spread across 190 pages with 113 list of tables & 79 list of figures from the report, “Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/diabetes-care-devices-market
Diabetes Care Devices Market: Competitive Landscape
The Diabetes Care Devices market majorly consists of the players such as BD; Novo Nordisk A/S; Medtronic; B. Braun Melsungen AG; Tandem Diabetes Care Inc.; Insulet Corporation; Eli Lilly and Company; Dexcom, Inc.; Terumo Corporation; F. Hoffmann-LA Roche LTD among others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized strategies such as product launches, expansions, and product upgradations for the growth of their organizations. The companies have adopted several inorganic and organic strategies to accelerate their growth and improve their market position.
Below is the list of the growth strategies done by the players operating in the Diabetes Care Devices market:
In Apr-2022, BD (Becton, Dickinson and Company) a leading global medical technology company, announced that it has completed its spinoff of Embecta Corp. (embecta), which holds BD’s former Diabetes Care business and is now one of the largest pure-play diabetes management companies in the world.
In Jan-2022, Drug firm Novo Nordisk India launched a first of its kind diabetes treatment medication in the country. The company introduced the world’s first and only oral semaglutide, a game-changer in diabetes management.
In Mar-2019, Novo Nordisk invested DKK 650 million in upgrading and expanding facilities at its production site in Kalundborg, Denmark.
Mar-2022, Medtronic plc, a global leader in healthcare technology, announced reimbursement for continuous glucose monitoring (CGM), a key diabetes technology has been expanded or initiated in several countries throughout North and South America. CGM systems provide critical information on glucose levels to help simplify the management of diabetes. Automated insulin pump system reimbursement has progressed in Europe as well.
Dec-2021, Medtronic plc , a global leader in healthcare technology, announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has expanded Medicare coverage for all types of continuous glucose monitors (CGMs), including adjunctive and non-adjunctive CGMs. This includes CGMs that integrate with Medtronic insulin pumps.
Jun-2021, Medtronic plc, the global leader in medical technology, announced key clinical data from the virtual 81st annual American Diabetes Association Scientific Sessions. The presentations illustrated increases in Time in Range when using an InPen smart insulin pen, safety of an extended-wear infusion set that lasts up to 7 days, and patient satisfaction with the longer-wear infusion set.
Sep-2020, Medtronic plc, the global leader in medical technology, announced that it has received U.S. Food and Drug Administration (FDA) approval of its MiniMed 770G hybrid closed loop system. This newest insulin pump system offers the company’s most advanced SmartGuard technology, as featured in the MiniMed 670G system, with the added benefits of smartphone connectivity and an expanded age indication to children as young as 2.
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Feb-2022, Tandem Diabetes Care, Inc, a leading insulin delivery and diabetes technology company, announced U.S. Food and Drug Administration (FDA) clearance of bolus insulin dosing on the t:slim X2 insulin pump using the t:connect mobile app. This represents the first-ever FDA-cleared smartphone application capable of initiating insulin delivery on both iOS and Android operating systems. The updated t:connect mobile app is designed to offer t:slim X2 insulin pump users the ability to program and cancel bolus insulin requests through the convenience of their compatible smartphone.
In Nov-2020, Tandem Diabetes Care, Inc, a leading insulin delivery and diabetes technology company, announced Health Canada approval of the t:slim X2 insulin pump with Control-IQ technology. Control-IQ technology is an advanced hybrid closed-loop feature designed to help increase time in range (3.9-10 mmol/L)1 and deliver automatic correction boluses in addition to adjusting insulin to help prevent high and low blood sugar. The system integrates with Dexcom G6 continuous glucose monitoring (CGM), which requires no fingersticks for calibration or diabetes treatment decisions.
In Apr-2022, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod brand of products, presented new Omnipod® 5 Automated Insulin Delivery (AID) System study results in type 2 diabetes and other clinical data in type 1 diabetes at the Advanced Technologies & Treatments for Diabetes (ATTD) conference in Barcelona, Spain, and online.
Many diabetes care device market players are focusing on the emerging market in Asia Pacific due to an increase in the prevalence of diabetes and the growing use of diabetes care devices. In India, medical science has grown rapidly in the past few decades. Furthermore, diabetes treatment has become so popular and common that people from other countries are traveling to India for treatment. This is due to excessively high expenses for healthcare in other countries. For instance, health travelers who visit developing countries for medical reasons save 65-80% on health costs compared to the cost in the US. Due to several other factors, diabetes treatment in India has become very cheap compared to other foreign countries. In Japan, the number of foreign visitors is increasing; this will influence the Japanese economy. As per the Malaysia Healthcare Travel Council, in 2017, ~1,050,000 travelers visited Malaysia for healthcare purposes. Further, government authorities in countries in Asia Pacific are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Poland has slowly arisen as a favorite medical tourism destination in Europe. For instance, in Poland, the costs of medical treatments are often lower by 60-80% compared to the same benefits in other EU countries. Therefore, the rising medical tourism in developing nations is anticipated to provide lucrative growth opportunities to players operating in the global diabetes care devices market during the forecast period.
Diabetes Care Devices Market Type-Based Insights
Based on type, the global diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment would hold a larger market share in 2022, while the same segment is also estimated to register a higher CAGR in the market during the forecast period. Glucose monitoring devices or glucose meters are medical devices used to determine the approximate levels or the concentration of glucose in the blood of the patients living with diabetes. The concentration of the glucose level can be measured by various means, such as through testing strips and lancets. The glucose monitoring devices market consists of components such as glucometers, lancets, testing strips, and other glucose monitoring devices. In 2022, the testing strips segment would hold the largest market share. In the global diabetes care devices market, various market players have introduced their devices for glucose monitoring. For instance, Contour Net EZ, Accu-Check Aviva, Abbott FreeStyle, One Touch Verio, Dexcom G6, and Guardian Sensor 3 are some of the key products offered by players such as Abbott, F. Hoffman-La Roche Ltd, and Medtronic. In addition, due to technological developments, new products are offering various benefits to the user. For instance, diamontech GmbH has invented a noninvasive glucose monitoring device. The company offers DMT Base, DMT Pocket, and DMT Band that help diabetes patients monitor their glucose levels. Therefore, the presence of market players offering various products and technological advancements in diabetes care devices are likely to propel the growth of the market during the forecast period.
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