Diabetes Care Devices and Drugs Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices and Insulin delivery devices), By End use(Hospitals, Ambulatory surgery centres, Diagnostic centres, Home care), By Region - Industry Forecast 2024-2031

Driver

Introduction of new and technologically advanced products

• The introduction of new products in diabetes monitoring systems and treatment devices is one of the major factors driving the growth of the global diabetes care devices and drugs market. For example, in April 2020, researchers at Portugal's Universidade de Lisboa reported that coating insulin-loaded nanoparticles with chitosan could enhance oral delivery of insulin. Increasing R&D investments and research collaborations may create more opportunities for the further growth of the market.

Increasing use of stick free glucose testing

• One of the major factors driving the growth of the diabetes care devices market is the increasing use of stick-free glucose testing. Stick-free glucose testing is beneficial because it is difficult to repeatedly use needle sticks to test blood sugar. Continuous glucose monitoring (CGM) helps patients avoid obesity. A CGM measures a patient's blood sugar every few minutes through a small sensor inserted under the skin of the abdomen or arm and sends the results wirelessly to a pump, smartphone or other device.

Restraint

Lack of reimbursement and strict regulations

• The lack of reimbursement, severe restrictions, and rising obesity rates associated with diabetes care devices in some countries may hamper the growth of global diabetes care devices and drugs market. Lack of awareness about diabetes diagnosis and treatment, especially in emerging economies is expected to hamper the growth of the global diabetes devices and drugs market.