Diabetes Care Devices Market
The global market for diabetes care devices is forecast to reach US $16 billion by 2030 with a growing compound annual growth rate (CAGR) of 6.5% during the forecast period 2021-2030. In 2020, the global diabetes care devices market valued at US $8.5 billion.
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The condition of diabetes is a chronic disease that occurs either when the pancreas fails to produce sufficient insulin or when the body fails to utilize the insulin it produces. Insulin is a hormone that regulates blood sugar levels. It is easier to concentrate glucose (blood sugar) in the bloodstream without insulin. Glucose in your bloodstream causes your blood sugar levels to rise.
According to the World Health Organization, diabetes killed 1.5 million people in 2019. A person can manage their blood sugar level to control diabetes, although there is no cure for the disease. Diabetes patients are at higher risk of developing heart disease, stroke, kidney disease, and eye problems, so diabetes care devices help reduce these risks. Diabetic patients use diabetes care devices to monitor and regulate their blood glucose levels. The most commonly used diabetes care devices include blood glucose test strips, ketone monitors, insulin pens, syringes, pumps, and injectors.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing the Growth
- Increasing diabetes incidence rates due to rapid urbanization and sedentary lifestyles drive the diabetes care devices market.
- The rise in obesity, consumption of junk food, and surge in need for faster and safer diabetes diagnosis and treatment are further forecast to boost the market growth.
- Some diabetes care devices also have adverse effects that may hamper the market’s growth.
- There are numerous opportunities in the developing regions for the market to grow due to the rise in awareness of diabetes monitoring devices.
Impact Analysis of COVID-19
The global diabetes care market underwent a mixed response after the sudden emergence of the Covid-19-induced pandemic. The lockdown resulted in a dramatic decline in hospital visits, reducing demand for diabetes care devices. However, during the lockdown phase, demand for diabetes monitoring and management at home increased. It further bolstered the market for such devices. In addition, the Covid-19 pandemic may make diabetes patients more vulnerable to severe illness. Due to the increasing number of Covid-19 cases, diabetes care products may experience a spike in demand in the near future.
Regional Analysis
North America held the largest share of the market. Diabetes care devices in this region are growing due to the increasing number of people with diabetes in this region and numerous players. In spite of this, the Asia-Pacific region is likely to witness a healthy CAGR due to the growing number of diabetics in the country. A report published by the WHO in 2016 shows that China has 110 million people living with diabetes, which represents almost 10% of the adult population. In addition, the report states that the number is projected to reach 150 million by 2040, with serious health, social, and economic consequences.
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Leading Competitors
The leading competitors in the global diabetes care devices market are:
- Novo Nordisk A/S
- F. Hoffmann-La Roche Ltd.
- Rossmax International Ltd.
- Medtronic PLC
- Sinocare, Inc.
- Ascensia Diabetes Care Holdings AG
- Abbott
- Rossmax International Ltd.
- Arkray, Inc.
- Dexcom, Inc.
- Bionime Corporation
- Lifescan
- Dr. Morepen
- Sanofi
- B. Braun Melsungen AG
- Acon Laboratories, Inc.
- Becton, Dickinson, And Company
- Ypsomed
- Terumo Corporation
- Other Prominent Players
Scope of the Report
The segmentation of the global diabetes care device market focuses on Type, End-User, and Region.
Segmentation based on Type
- Blood Glucose Monitoring Systems
- Self-Monitoring Blood Glucose Monitoring Systems
- Test Strips/Test Papers
- Lancets/Lancing Devices
- Insulin Delivery Devices
- Insulin Pumps
- Insulin Pens
- Insulin Syringes and Needles
- Diabetes Management Mobile Applications
Segmentation based on Distribution Channel
- Hospital pharmacies
- Retail Pharmacies
- Diabetes Clinics/Centers
- Online Pharmacies
- Others
Segmentation based on End-User
- Diabetes Specialty Clinics
- Hospitals
- Self-Home Healthcare
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
What is the goal of the report?
-The market report presents the estimated size of the Healthcare market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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