Diabetes Care Devices Market - Forecast(2024 - 2030)

Diabetes Care Devices Market Overview

The Diabetes Care Devices Market size is estimated to reach $72.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.7% over the forecast period of 2022-2027. Diabetes care devices are used to measure blood sugar levels in the body that are induced by insulin production. Diabetic patients are given diabetes care gadgets to help them monitor their blood glucose levels and improve their treatment for this chronic condition. Diabetes is a long-term condition that happens when the pancreas does not create enough insulin. Insulin is a hormone that regulates blood sugar and maintains it under control. Diabetes is divided into three types, type 1, type 2, and gestational diabetes. Several technologies are available to help people monitor and regulate their blood sugar levels. Blood glucose monitors, lancets, testing strips, insulin pens, jet injectors, and insulin pumps are examples of these devices. Diabetes technology is the term used to describe the hardware, devices, and software that people with diabetes use to help manage blood glucose levels, stave off diabetes complications, reduce the burden of living with diabetes, and improve quality of life. More recently, diabetes technology has expanded to include hybrid devices that both monitor glucose and deliver insulin, some automatically, as well as software that serves as a medical device, providing diabetes self-management support. Diabetes technology, when applied appropriately, can improve the lives and health of people with diabetes; however, the complexity and rapid change of the diabetes technology landscape can also be a barrier to the patient and provider implementation. The hyperosmolar hyperglycemic state is a life-threatening condition characterized by a significant increase in blood glucose and hyperosmolarity with little or no ketosis. The presence of Cognitive Impairment was 63.8% among the diabetic patients that surge the use of inhalable insulin which in turn enlarges the market growth.

The rising prevalence of diabetes among people and the growing advancement of technology in diabetes care devices are some of the factors driving the Diabetes Care Devices Industry forward in the projected period of 2022-2027.

Diabetes Care Devices Market Report Coverage

The report: “Diabetes Care Devices Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Diabetes Care Devices Market.

Key Takeaways

• Geographically, in 2021, North America held a dominant market share. It is owing to the rising development in the healthcare sector that gives rise to innovation in various technology. Also, the growing number of manufacturers rise the demand for diabetes care devices. Moreover, the rising population suffering from diabetes as well as increasing expenditure on diabetes care per person is further fueling the market growth. 
• Moreover, technological advancements coupled with the approval of new products for diabetes monitoring and control in the country further propel the United States market expansion. A large geriatric population, affordable healthcare facilities, cost-efficient labor, and relatively less stringent regulatory policies are among the factors compelling diabetic device manufacturers to expand their businesses. 
• The manufacturers now focus on leveraging opportunities present in developing economies to gain maximum market share. According to the American Diabetes Association, the average estimated cost of diabetes-specific treatments was USD 9,505.60 per person in 2019. A diabetic patient in the United States can spend roughly USD 16,750 per year on medical expenses. Additionally, smart device usage and technology breakthroughs such as AI and data analytics are fueling market expansion.
• The rising prevalence of diabetes among people and the growing advancement of technology in diabetes care devices are some of the factors driving the Diabetes Care Devices Market. However, the availability of alternative treatments is one of the factors impeding the market growth.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Diabetes Care Devices Market Report.

Diabetes Care Devices Market Segmentation Analysis - By Type

Based on type, Blood Glucose Monitoring Devices held a dominant market share in the year 2021. The glucose monitoring devices (GMD) help keep track of the blood glucose levels, and insulin delivery devices help administrate insulin dosages accordingly. Innovations in these devices make it easy and reliable for diabetic patients to manage diabetes without much effort. Devices like continuous glucose monitoring devices (CGMD) are integrated with insulin pumps equipped with automated algorithms and IQ-based technologies, leading to the measurement of blood glucose levels and administration of insulin in accordance with the glucose levels automatically. However, blood glucose monitoring devices do not measure the exact level of glucose in the blood but give a range of blood glucose levels.

However, Insulin Delivery Devices are estimated to be the fastest-growing, with a CAGR of 7.7% over the forecast period of 2022-2027. Invasive insulin administration devices can create difficulties and injury. Minimally invasive insulin delivery systems avoid these problems. The insulin delivery devices sector experienced exponential expansion owing to the increased demand and technological developments. Insulin delivery systems are undergoing numerous technological improvements in order to provide better and more effective insulin delivery. Wearable medication delivery devices are one type of novel insulin delivery device. As a result of enhanced medicine delivery and glycemic control, the adoption of such devices also rises. Furthermore, owing to their ease of use, improved precision, and convenience, the demand for insulin pens and other insulin administration devices is set to expand rapidly. 

Diabetes Care Devices Market Segmentation Analysis- By End - Use Industry

The Diabetes Care Devices market based on the end-use industry can be further segmented into Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Others. Hospitals held a dominant market share in the year 2021. In hospitals, the availability of advanced technology and skilled professionals rises owing to such factors, patients mostly prefer hospitals for their treatment and thus enhancing the segment growth. In hospitals, all types of diabetes care devices are available that help patients get the proper treatment. Moreover, owing to the rising development in the healthcare industry the number of hospitals increased which in turn escalates the demand for diabetes care devices in hospitals. Also, the more modern infrastructure in hospitals enhances the service quality which in turn accelerates the growth in the diabetes care devices market.

However, Ambulatory Surgical Centers is estimated to be the fastest-growing, with a CAGR of 6.9% over the forecast period of 2022-2027. Ambulatory surgical centers are cost-effective, highly efficient, and offer a convenient setting for diabetes care procedures. In ambulatory surgical centers, the number of surgical procedures is more and owing to such factors the use of diabetes care devices surges. Here, doctors are mostly specialized in surgical procedures and therefore patients also prefer to visit ambulatory surgical centers for their treatment. Increased adoption of continuous glucose monitoring, stick-free glucose testing, as well as fast-improving global healthcare infrastructure, are among the main factors driving revenue growth in this category.

Diabetes Care Devices Market Segmentation Analysis - By Geography

The Diabetes Care Devices market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 38% as compared to its other counterparts. Technical improvements, together with the approval of new diabetes monitoring and management products in the U.S. market are boosting the regional growth. A huge geriatric population, economical healthcare facilities, cost-effective labor, and less severe regulatory laws are all driving the diabetic device market. To acquire maximum market share, manufacturers are now focusing on maximizing prospects in developing economies. Moreover, a rise in the prevalence of diabetes, an increase in healthcare expenditures, and a surge in presence of key players of insulin syringe manufacturers are further stimulating product deamnd. According to the American Diabetes Association, the average estimated cost of diabetes-specific treatments was USD 9,505.60 per person in 2019. A diabetic patient in the United States can spend roughly USD 16,750 per year on medical expenses. Additionally, smart device usage and technology breakthroughs such as AI and data analytics are fueling market expansion.

Diabetes Care Devices Market Drivers

The Rising Prevalence of Diabetes Gives Rise to the Demand For Diabetes Care Devices that have Readily Aided the Market Growth.

Nowadays, diabetes is becoming more common worldwide. According to the International Diabetes Federation, about 6.7 million deaths occurred owing to diabetes in 2021. According to AACE (American Association of Clinical Endocrinologists), 22.2% to 26.9% are living with diabetes. Diabetes and high glucose levels are linked to increased complications, respiratory failure, and fatality. Diabetes is linked to a slew of health problems. When persons with diabetes are compared to people without diabetes, those with diabetes have a 300 percent higher probability of being hospitalized and hence pay higher healthcare costs. Owing to the early age and longer diabetes duration, the youth is at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs. Moreover, the growing geriatric population is another major factor leading to the growth of diabetes cases. According to the World Health Organization (WHO), around 422 million of the global population were suffering from diabetes. Diabetes is rising at a significant pace in underdeveloped and developing nations. This is owing to the low disposable income and less awareness regarding the availability of diabetes devices. Therefore, the government initiative to increase awareness may play a crucial role in driving the global diabetic device market forward.

Growing Advancement of Technology in Diabetes Care Devices Gives Rise to the Demand for Diabetes Care Devices.

Technological advancements in diabetes devices such as the introduction of high-end insulin pumps and pens are propelling the demand for these products. Stick-free glucose testing is one of the most recent breakthroughs in diabetes treatment technologies. Stick-free glucose testing is advantageous since blood sugar testing with needles is uncomfortable. Blood sugar testing aids in making lifestyle decisions for patients, such as what to eat, how often to exercise, and how much insulin to take. Patients might avoid the poke by using continuous glucose monitoring (CGM). A tiny sensor implanted under the skin of the abdomen or arm checks blood sugar every few minutes and communicates the findings wirelessly to a pump, smartphone, or another device. For instance, the FreeStyle Libre was the first CGM system do not require a finger stick. Also, in January 2020, Tandem Diabetes Care launched their tslim X2 insulin pump with Control-IQ technology, it combines the Dexcom G6 CGM (standalone CGM) with an insulin pump to regulate insulin levels with little user effort. It’s the first system that both adjusts background insulin levels and delivers automatic mealtime doses to prevent blood sugar from getting too low or too high. According to the U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, in 2020, 34.2 million people had diabetes i.e. 10.5% of the U.S. population, and 1.5 million new cases of diabetes or 6.9 per 1,000 persons were diagnosed. Owing to such factors, the advancement of technology growing rapidly in the field of diabetes care.

Diabetes Care Devices Market Challenges

The Increasing Availability of Alternative Treatments is impeding the market growth.

Alternative treatments are increasing competition for diabetes care device manufacturers. New pharmaceuticals are likely to increase the number of patients who are treated with oral medications rather than devices. According to the Journal of the American Medical Association, nearly 70% of patients were taking 1 or more diabetes medications prior to hospitalization, with metformin and sulfonylureas most commonly used. Other innovative treatment methods are being developed in various regions as diabetes awareness and research grows. Gene and cell replacement therapy treatments are becoming increasingly popular. Alternative treatments are gradually replacing traditional insulin, influencing the market for diabetes care equipment. An increasing number of regulatory approvals for the continuous glucose monitoring market are another factor that rises the research on alternative treatments. Recent developments in molecular and cell biology paved the way for new therapy and cure techniques for type 1 diabetes. In November 2021, CRISPR Therapeutics launched VCTX210 which is the first gene-edited cell replacement therapy for the treatment of diabetes 1 type, and therefore the demand for alternative treatments increased which in turn hampers the market growth.

Diabetes Care Devices Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Diabetes Care Devices Market. The top 10- Diabetes Care Devices Market companies are-

1. Medtronic Plc
2. B. Braun
3. Dexcom Inc.
4. Abbott
5. F. Hoffman La Roche Ltd.
6. LifeScan
7. Acon Laboratories Inc.
8. Becton Dickinson and Company
9. Terumo Corporation
10. Sinocare Inc.

Recent Developments

• In April 2020, Ypsomed (Switzerland) entered into a partnership with DexCom, Inc. (US) to integrate its mylife YpsoPump data with DexCom’s G6 CGM sensors to form a hybrid closed-loop system.
• In February 2020, Insulet signed a commercialization agreement with DexCom, Inc. (US) to allow its current and future CGM systems to connect to the former’s tubeless insulin pump system, OMNIPOD Horizon system.
• In January 2020, LifeScan (US) entered into a partnership agreement with DKSH to provide marketing, sales, regulatory services, as well as distribution and logistics for the sales of LifeScan products in the Philippines, Vietnam, and Malaysia, Indonesia, Thailand, Hong Kong, and Taiwan.

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