Global Diabetes Care Devices and Drugs Market

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 2025-2032

Report ID: SQMIG35G2119 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 62 | Figures: 75

Diabetes Care Devices and Drugs Market News

  • In February 2024, Tandem Diabetes Care announced that it kicked off the U.S. commercial launch of its Mobi insulin patch pump. The company says Mobi, which is fully controllable from a mobile app, is the world’s smallest durable automated insulin delivery (AID) system. It received FDA clearance for people with diabetes ages six and up in July 2023. 
  • In January 2024, Glenmark Pharmaceuticals Ltd., a research-led, global pharmaceutical company, launched a biosimilar of the popular10,11 anti-diabetic drug, Liraglutide, for the first time in India. The drug is being marketed under the brand name Lirafit™ following the approval from the Drug Controller General of India (DCGI).  
  • In December 2023, Cosmos Health Inc., a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced that it has entered into a definitive agreement, subject to customary closing conditions, with a related party to acquire the license and rights for "DIABIT-IS X", a drug used in the treatment of type-2 diabetes. 
  • In April 2022, Abbott, CamDiab, and Ypsomed announced their collaboration to develop an integrated automated insulin delivery (AID) system throughout Europe. The connected, smart wearable solution is designed to continuously monitor and automatically adjust a person's glucose levels and deliver the right amount of insulin at the right time, eliminating the guesswork of insulin dosing. 
  • In February 2022, Abbott (US) received US FDA approval for use of the Freestyle Libre 14-Day Flash Glucose Monitoring System in hospitals.
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Diabetes Care Devices and Drugs Market size was valued at USD 36.18 Billion in 2023 and is poised to grow from USD 39.04 Billion in 2024 to USD 71.72 Billion by 2032, growing at a CAGR of 7.9% during the forecast period (2025-2032).

Global diabetes care devices and drugs market is highly competitive and fragmented. To maintain a competitive edge, global diabetes care devices major players are working on their market growth by introducing more innovative products that are easy to purchase the consumer and provide more innovative and painless solutions. The intensity of competition among players is high, each player is trying to develop a new device and offer it at a competitive price. Also, to increase their market shares, players are entering new markets, especially in emerging economies where demand is much higher than supply. 'Novo Nordisk A/S', 'Eli Lilly and Company', 'Sanofi S.A.', 'Merck & Co., Inc.', 'Abbott Laboratories', 'Becton, Dickinson and Company', 'F. Hoffmann-La Roche Ltd.', 'Johnson & Johnson Services, Inc.', 'Medtronic plc', 'Dexcom, Inc.', 'Insulet Corporation', 'Ypsomed AG', 'Ascensia Diabetes Care Holdings AG', 'Tandem Diabetes Care, Inc.', 'Senseonics Holdings, Inc.', 'B. Braun Melsungen AG', 'Terumo Corporation', 'AstraZeneca', 'Boehringer Ingelheim International GmbH', 'Novartis AG'

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.

Due to the coronavirus (pandemic), global market trend is going to be positive for the market. Individuals diagnosed with diabetes are at a higher risk of contracting the coronavirus and hence demand has increased over the past few years as people look to monitor their diabetes levels. Individuals who were diagnosed with diabetes were looking to avoid hospital visits and stays, and so devices were important for managing illness.

Based on region, global diabetes care devices and drugs market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market in 2022. According to world health organization, In North America, there are more than 29 million diabetic patients and this number is expected to increase to 34 million by 2027. The increase in number of diabetes patients in Europe, lower prices of insulin and insulin delivery devices, increasing demand and sale of insulin delivery devices are the key factors driving the growth of global market.

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Global Diabetes Care Devices and Drugs Market

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