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

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.