USD 29.01 billion
Diabetes Device Market Size, Share, Growth Analysis, By Type(BGM Device, Insulin Delivery Device, Continuous Glucose Monitoring), By Distribution Channels(Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics, Online Pharmacies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2125 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
64
|Figures:
77
Diabetes Device Market Insights
Global Diabetes Device Market size was valued at USD 29.01 billion in 2022 and is poised to grow from USD 31.42 billion in 2023 to USD 59.46 billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).
Global illness burden is rising due to sedentary lifestyle adoption and growing urbanisation. The International Diabetes Federation reported that about 530 million people between the ages of 20 and 79 had been given a diabetes diagnosis. Other medical disorders like stroke, cardiovascular problems, nerve damage, and infections are also connected to the disease. The development of diabetes medical devices will therefore accelerate due to the increased knowledge of disease control and management to prevent its complications. The introduction of high-end insulin pumps and pens and other technological developments in diabetic devices are driving up demand for these goods. To capture a sizable portion of the market, top manufacturers are concentrating on technological advancements and the development of cutting-edge products.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Blood glucose monitoring devices
Fastest Growth
Continuous glucose monitoring device
Growth Rate
8.3% CAGR
Global Diabetes Devices Market ($ Bn)
Country Share for North America Region (%)
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Diabetes Device Market Segmental Analysis
Global Diabetes Device Market is segmented on the basis of type, distribution channels and region. By type, the market is segmented into BGM device, insulin delivery device, continuous glucose monitoring. By distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, diabetes clinics, online pharmacies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Diabetes Device Market Analysis by Distribution Channels
Due to their high traffic and product availability, hospital pharmacies accounted for about 54.0% of market penetration in 2022. Inpatient and outpatient pharmacies are the two kinds of pharmacies that work on a hospital site. The hospital has an inpatient pharmacy that is solely accessible to authorized staff who work in the operating rooms, intensive care units, inpatient wards, and special service sections. In contrast, outpatient pharmacies are typically found in hospital lobbies and entrances for patients. The outpatient pharmacy offers portable glucose meters and insulin administration equipment.
The fastest growing market is online pharmacies. Due to their direct relationship with manufacturers, Online pharmacies are able to offer customers advantageous discounts on diabetes devices. Increased public-private investment and rising patient awareness of internet pharmacy are two major market drivers. The COVID-19 epidemic has had a good effect on the e-pharmacies industry; through this platform, more diabetes-related gadgets are being sold.
Diabetes Device Market Analysis by Type
The dominant segment of the global diabetes device market is the blood glucose monitoring devices segment. It accounts for the largest share of the market and is expected to continue to grow at a significant rate during the forecast period. The growth of the blood glucose monitoring devices segment is driven by the increasing prevalence of diabetes, the growing awareness about diabetes management, and the increasing adoption of new technologies.
The fastest growing segment of the global diabetes device market is the continuous glucose monitoring (CGM) devices segment. It is expected to grow at a significant rate during the forecast period due to the increasing demand for real-time monitoring of blood glucose levels. The growth of the CGM devices segment is driven by the increasing prevalence of diabetes, the growing awareness about diabetes management, and the increasing adoption of new technologies.
Global Diabetes Devices Market By Type
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Diabetes Device Market Regional Insights
Due to its well-established healthcare industry, North America dominated the market in 2022 and is predicted to continue to do so with a growth rate of around 6.0% compound annual growth rate (CAGR) during the projected period. Along with technical developments and the introduction of new products, the rising incidence of obesity and the high cost of treatment are anticipated to drive the region. Due to a sizable diabetic population and advantageous reimbursement policies, the U.S. dominated the market in North America. The market is primarily driven by high per capita income and rising healthcare spending.
The rising prevalence of diabetes, expanding use of technologically sophisticated blood glucose meters, and increased demand for insulin delivery devices are all expected to contribute to Asia Pacific's projected growth at a much higher CAGR during the projection period. The market is being driven by factors including a growth in the number of elderly people, a rise in healthcare spending, and a rise in patient awareness of diabetic devices. In the coming years, it is anticipated that China and India would control the market for diabetic devices in the region. Comparatively unexplored to established regions is the Asia Pacific region. Consequently, the area offers greater potential for growth in this sector. The majority of people worldwide live in China and India, which also have the highest number of people with diabetes.
Global Diabetes Devices Market By Region
- Largest
- Fastest
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Diabetes Device Market Dynamics
Diabetes Device Market Drivers
Increasing Prevalence of Diabetes
- The rising prevalence of diabetes worldwide is a significant driver for the diabetes device market. Factors such as sedentary lifestyles, unhealthy dietary habits, obesity, and an aging population contribute to the growing incidence of diabetes. As the number of people diagnosed with diabetes increases, there is a higher demand for diabetes devices to manage and monitor the condition effectively.
Growing Adoption of Self-Monitoring
- Self-monitoring of blood glucose levels is a crucial aspect of diabetes management. The availability of portable and user-friendly blood glucose monitoring devices has led to increased adoption among patients. Self-monitoring enables individuals to track their blood glucose levels regularly, make informed decisions about insulin dosage and dietary choices, and manage their diabetes effectively.
Diabetes Device Market Restraints
Device Accuracy and Reliability
- The accuracy and reliability of diabetes devices are crucial for effective diabetes management. However, some devices may exhibit variations in measurements, calibration issues, or technical glitches that can impact the reliability of data. Inaccurate readings can lead to incorrect treatment decisions and compromise patient safety. Ensuring the accuracy and reliability of diabetes devices is essential for building trust among healthcare professionals and individuals with diabetes.
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Diabetes Device Market Competitive Landscape
The competitive environment for diabetes treatment devices lists information per competitor. Information covered includes the company's executive summary, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production locations and facilities, production capacity, and application domination. Only the companies' focus on the market for diabetic care devices is represented by the data points mentioned above.
Diabetes Device Market Top Player’s Company Profiles
- Medtronic (United States)
- Roche (Switzerland)
- Johnson & Johnson (United States)
- Abbott Laboratories (United States)
- Becton, Dickinson and Company (United States)
- Novo Nordisk (Denmark)
- Dexcom (United States)
- Sanofi (France)
- Insulet Corporation (United States)
- Ascensia Diabetes Care Holdings AG (Switzerland)
- Ypsomed Holding AG (Switzerland)
- Eli Lilly and Company (United States)
- LifeScan (United States)
- Tandem Diabetes Care (United States)
- Terumo Corporation (Japan)
- Arkray (Japan)
- Senseonics Holdings, Inc. (United States)
- MicroPort Scientific Corporation (China)
- Nipro Corporation (Japan)
- Sinocare Inc. (China)
- AgaMatrix Holdings LLC (United States)
- Trividia Health, Inc. (United States)
Diabetes Device Market Recent Developments
- In September 2023 ALR Technologies SG Ltd., a diabetes management company, announced that the patent application titled ‘Method and System of Monitoring a Diabetes Treatment Plan’ (“Predictive A1c”) has been granted in Singapore and has received notice of allowance in the United States.
- In February 2024, PHC Holdings Corporation, the parent company of Ascensia Diabetes Care, and Senseonics Holdings, Inc., a medical technology company specializing in long-term, implantable continuous glucose monitoring (CGM) systems, announced the appointment of Brian Hansen as President of CGM at Ascensia Diabetes Care. Hansen, a veteran in the diabetes industry, assumed the newly created role on February 6, 2024.
- In December 2023, the worldwide introduction of Beta Bionics’ iLet bionic pancreas could potentially reshape the market for diabetes care devices, including continuous glucose monitors (CGMs) and insulin pumps.
- In October 2023, Biocon, a global biopharmaceutical company, revealed a partnership with Juno Pharmaceuticals, a specialty pharmaceutical firm in Canada. The collaboration aims to commercialize Liraglutide, a drug-device combination designed to treat and manage Type 2 diabetes and obesity within the Canadian market.
- In March 2023, Medtronic announced the launch of its new MiniMed 780G hybrid closed-loop insulin delivery system. The MiniMed 780G system is a combination of an insulin pump and a CGM system that automatically adjusts insulin delivery based on blood glucose levels. The system is designed to help people with type 1 diabetes achieve better glycemic control.
- In February 2023, Dexcom announced the launch of its new Dexcom G7 CGM system. The Dexcom G7 is a smaller, more accurate, and longer-lasting CGM system than previous models. The system is also designed to be more affordable and easier to use.
Diabetes Device Key Market Trends
Insulin Delivery Systems
- Insulin delivery systems, including insulin pumps and insulin pens, continue to evolve with advanced features and connectivity options. The market is witnessing a shift towards smart insulin delivery systems that integrate with CGM systems, allowing for automated insulin adjustments based on glucose readings. These systems offer enhanced convenience, precision, and personalized insulin delivery, contributing to improved glycaemic control.
Diabetes Device Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global diabetes device market is a rapidly growing sector driven by the increasing prevalence of diabetes worldwide. Diabetes devices are essential tools for managing and monitoring blood glucose levels, administering insulin, and providing accurate and timely information for effective diabetes management. The global diabetes device market has witnessed significant growth in recent years and is expected to continue expanding. The market size is influenced by factors such as the increasing prevalence of diabetes, technological advancements, rising awareness about diabetes management, and the growing demand for convenient and effective diabetes care. The market is segmented into various categories, including blood glucose monitoring devices, insulin delivery systems, continuous glucose monitoring systems, and other diabetes-related devices. Technological advancements continue to drive market growth, with ongoing research and development efforts aimed at further improving device performance and capabilities.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 29.01 billion |
| Market size value in 2031 | USD 59.46 billion |
| Growth Rate | 8.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Diabetes Device Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Diabetes Device Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Diabetes Device Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Diabetes Device Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Diabetes Device Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Diabetes Device Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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