What is the global market size of the Diabetes Care Devices Market?

Global Diabetes Care Devices Market size was valued at USD 26.7 billion in 2021 and is poised to grow from USD 29.02 billion in 2022 to USD 56.57 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).

Diabetes Care Devices Market Size, Share, Growth Analysis, By Product(Blood glucose monitoring devices (Self-monitoring blood glucose meters, continuous glucose monitors, testing strips, lancets)), By End-use(Hospitals, ambulatory surgery centres, diagnostic centres, home care), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Diabetes Care Devices Market?

Global Diabetes Care Devices Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Abbott Laboratories', 'Ascensia Diabetes Care', 'Becton, Dickinson and Company', 'Dexcom, Inc.', 'Eli Lilly and Company', 'F. Hoffmann-La Roche AG', 'Insulet Corporation', 'Johnson & Johnson', 'Medtronic plc', 'Nova Biomedical', 'Novo Nordisk A/S', 'Omron Healthcare, Inc.', 'Sanofi S.A.', 'Tandem Diabetes Care, Inc.', 'Terumo Corporation', 'Trividia Health, Inc.', 'Ypsomed AG', 'ARKRAY Inc.', 'Glooko, Inc.', 'GlySens Incorporated'

Report ID: SQMIG35B2182 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 75 | Figures: 75

Diabetes Care Devices Market News

In April 2022, Abbott, CamDiab, and Ypsomed announced the partnership to develop and commercialize an integrated automated insulin delivery (AID) system in European countries. The connected, smart wearable solution is designed to continuously monitor a person's glucose levels and automatically adjust and deliver the right amount of insulin at the right time, removing the guesswork of insulin dosing.

Diabetes Care Devices Market Report Snapshots

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Diabetes Care Devices Market size was valued at USD 26.7 billion in 2019 and is poised to grow from USD 29.02 billion in 2023 to USD 56.57 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Diabetes Care Devices Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Abbott Laboratories', 'Ascensia Diabetes Care', 'Becton, Dickinson and Company', 'Dexcom, Inc.', 'Eli Lilly and Company', 'F. Hoffmann-La Roche AG', 'Insulet Corporation', 'Johnson & Johnson', 'Medtronic plc', 'Nova Biomedical', 'Novo Nordisk A/S', 'Omron Healthcare, Inc.', 'Sanofi S.A.', 'Tandem Diabetes Care, Inc.', 'Terumo Corporation', 'Trividia Health, Inc.', 'Ypsomed AG', 'ARKRAY Inc.', 'Glooko, Inc.', 'GlySens Incorporated'

Rising adoption of insulin-delivery devices and the rising prevalence of diabetes are driving the market growth. An increasing number of people are being diagnosed with Type-2 diabetes due to a sedentary lifestyle and unhealthy choices. According to the International Diabetes Federation (IDF), around 537 million adults have diabetes. This can lead to the development of various chronic diseases in the human body. Therefore, the need to regulate and control diabetes is important.

Increased adoption of test strips and self-monitoring blood glucose meters and rising demand for continuous glucose monitoring with increasing awareness of the disease in developing countries are major reasons leading to the growth of the diabetes monitoring devices segment. WHO indicates that more than 60% of the worldwide population isn't adequately dynamic. The World Wellbeing Organization expresses that active work is one of the life-supporting elements and the danger of type 2 diabetes ascends with expanding body weight at all ages. People are becoming more conscious about their health and wellbeing, therefore players can find lucrative growth opportunities in the market.

Due to its well-established healthcare industry, North America is expected to continue to dominate the diabetes care devices market share. According to projections, the U.S. market will rise due to factors such as the rising prevalence of obesity, the high cost of treatment, technological advancements, and new product introductions.

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