In 2022, the global Diabetes Care Devices Market size reached USD 4.17 Billion, with an expected annual revenue growth rate of 5.3% over the forecast period, as indicated by the most recent report from Reports and Data.
The International Diabetes Federation (IDF) projects that the number of individuals with diabetes will likely reach 700 million by 2045. This projection, coupled with the rising incidence of diabetes, particularly type 2 diabetes, is driving the demand for diabetic care devices.
The market for Continuous Glucose Monitoring (CGM) devices is rapidly expanding, driven primarily by the increased adoption of self-monitoring devices and the growing need for accurate real-time monitoring of blood glucose levels in diabetic patients. The demand for CGM devices is especially strong among individuals with type 1 diabetes, and this trend is expected to boost market revenue in the coming years. Additionally, the growing preference for minimally invasive procedures and painless glucose monitoring methods is further fueling the demand for CGM devices in the market.
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Moreover, the increasing prevalence of diabetes-related complications such as diabetic retinopathy, neuropathy, and nephropathy is spurring the demand for advanced diabetes care devices, including insulin pumps, insulin pens, and insulin syringes. Insulin pumps, in particular, are poised for significant growth due to their numerous advantages, including precise insulin dosing, improved glucose control, and a reduced risk of hypoglycemia.
Key players in the Diabetes Care Devices Market:
- Roche Holding AG
- Abbott Laboratories
- Medtronic plc
- Johnson & Johnson
- Becton, Dickinson and Company
- Novo Nordisk A/S
- Sanofi S.A.
- Ypsomed AG
- ARKRAY Inc.
- Terumo Corporation
Some Key Highlights in the Report:
- The segment concerning Self-Monitoring of Blood Glucose (SMBG) devices is expected to dominate the revenue share during the forecast period, primarily due to the widespread prevalence of diabetes worldwide. This category encompasses items such as test strips, lancing equipment, and glucometers. Glucometers, compact instruments used to measure blood glucose levels, analyze a small blood sample obtained through a fingerstick. When used with glucometers, test strips, which contain a reagent reacting with glucose in the blood sample, generate an electrical signal measured by the glucometer. Lancing devices, on the other hand, are used to prick the fingertip or other areas to obtain a blood sample. The demand for SMBG devices is expected to rise due to the increasing global prevalence of diabetes. These devices are crucial for effective diabetes management as they enable users to continuously monitor their blood glucose levels.
- The homecare settings segment is anticipated to hold the highest revenue share throughout the projection period, driven by the growing prevalence of diabetes, increased demand for self-care management, and the accessibility and affordability of homecare settings.
- The North American market is poised to dominate the revenue share during the projected period, mainly because of the significant prevalence of diabetes and increasing public awareness of diabetes management. According to the Centers for Disease Control and Prevention (CDC), approximately 34 million Americans have diabetes, while 88 million adults are categorized as prediabetic. This heightened diabetes prevalence in North America has led to a surge in demand for diabetes care tools such as blood glucose meters, insulin pens, and Continuous Glucose Monitoring (CGM) systems. Furthermore, the market in this region is expected to experience revenue growth driven by the adoption of advanced technologies for diabetes care, including artificial pancreas and closed-loop insulin delivery systems. The United States and Canada stand out as the largest markets in North America due to substantial healthcare spending and favorable reimbursement policies. Additionally, the presence of key market players such as Abbott Laboratories, Medtronic, and Dexcom further contributes to the market’s revenue growth in this region.
- On June 30, 2017, Roche Holding AG acquired mySugr GmbH, a digital health company offering diabetes management solutions. This acquisition aimed to expand Roche’s range of digital diabetes management products and strengthen the company’s position in the diabetes care industry.
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For the purpose of this report, Reports and Data has segmented the global diabetes care devices market on the basis of Product Type Outlook, End-use Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Insulin Pump
- Self-Monitoring Blood Glucose (SMBG) Device
- Continuous Glucose Monitoring (CGM) System
End-use Outlook (Revenue, USD Billion; 2022 – 2032)
- Diagnostic Labs
- Homecare Settings
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
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