The global diabetes devices market size was USD 25.31 billion in 2021 and is expected to register a revenue CAGR of 6.4% during the forecast period. Rising awareness regarding the benefits of advanced diabetes treatment and management, increasing prevalence of diabetes, and rising requirements of insulin delivery devices are some of the major factors driving diabetes devices market revenue growth. Diabetes devices are used to determine and effectively monitor blood sugar levels of patients suffering from diabetes. These devices are also used to manage hypoglycemia and deliver insulin. Regular monitoring of blood sugar levels is a crucial part of diabetes treatment and management.
Some commonly used diabetes devices are blood glucose monitoring systems, lancets, test strips/test papers, insulin delivery devices, and diabetes management mobile applications. Blood glucose monitoring systems monitor glucose level by obtaining blood samples from fingertips. There are mainly two types of glucose monitoring systems, namely, self-monitoring devices and continuous glucose monitoring devices.
Continuous glucose monitoring devices measure glucose level through a small sensor that is inserted under skin. This sensor monitors glucose levels found in fluids, commonly known as interstitial glucose between cells. Lancets are tiny needles fixed in a plastic handle. These are primarily used to take blood samples from fingertips of diabetic patients. Insulin delivery devices can be categorized into three types, namely, insulin pumps, insulin pens, and insulin syringes & needles. Insulin pumps are small, computerized devices that deliver insulin to the user at programmed intervals. Insulin pens are disposable or reusable pen-shaped devices equipped with disposable needles.
Rapid advancements in insulin delivery devices, increasing investment in development of advanced diabetic care devices, and rapid development of advanced healthcare infrastructure in emerging countries are some key factors expected to continue to drive growth of the global diabetes devices market to a significant extent over the forecast period.
Driver: Increasing Prevalence of Diabetes is a Key Revenue Growth Driving Factor
Increasing prevalence of diabetes due to adoption of sedentary lifestyle is one of the key factors driving revenue growth of diabetes devices market. In addition, rising focus on research and development activities associated with creation of advanced diabetes devices and surging demand for insulin delivery devices among patients suffering from type-1 diabetes are some other key factors expected to drive revenue growth in the coming years.
Restraint: Inaccuracy of Diabetes Devices
Diabetes devices often show inaccurate readings. This factor is restraining revenue growth of the diabetes devices market. Moreover, high prices and adverse effects of numerous diabetes devices such as insulin overdose, low standard needles, and others are expected to hamper revenue growth of market throughout the forecast period.
Based on type, the global diabetes devices market has been segmented into blood glucose monitoring systems, lancets, test strips/test papers, insulin delivery devices, and diabetes management mobile applications. Insulin delivery devices segment is further sub-segmented into insulin pumps, insulin pens, and insulin syringes & needles. Blood glucose monitoring devices segment is also sub-segmented into self-monitoring devices and continuous glucose monitoring devices. Insulin delivery devices segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising prevalence of type-1 diabetes and technological advancements in insulin delivery systems across the globe.
Distribution Channels Outlook:
Based on distribution channels, the global diabetes devices market has been segmented into hospital pharmacies, retail pharmacies, online pharmacies, diabetes clinics, and others. Hospital pharmacies segment accounted for largest revenue share in the global market in 2020. This can be attributed to growing number of hospital admissions worldwide. Besides, rising preference for hospital pharmacies to get proper information about potential side effects, dose requirement, and similar other factors is also set to propel growth.
Based on end-use, the global diabetes devices market has been segmented into diagnostic centers, hospitals, and homecare. Hospitals segment accounted for largest revenue share in the global market in 2020. Increasing number of multispecialty private hospitals in developing countries and rising preference for hospital-based treatment are a few vital factors driving revenue growth of this segment.
Based on regional analysis, North America is expected to register significant revenue growth over the forecast period. The United States and Canada are largest revenue share contributors to the market in the region. Robust presence of key market players, availability of advanced healthcare infrastructure, and increasing prevalence of diabetes are major factors driving revenue growth in this region.
Europe accounted for the second-largest revenue share in the global market in 2020, followed by North America. Rapid advancement in diabetes care devices and increasing geriatric population are two major factors driving revenue growth in this region.
Asia Pacific accounted for a 23.7% revenue share in the global market in 2020 and is expected to expand at a faster CAGR over the forecast period. This can be attributed to rapid development of healthcare sector, rising demand for insulin delivery devices, and increasing number of private hospitals in the region.
The global diabetes devices market is highly fragmented and key companies are increasingly investing in research and development activities. Prominent companies in the market include B. Braun, DexCom, Inc., Abbott, F. Hoffman-La Roche Ltd., Ascensia Diabetes Care Holdings AS, LifeScan, AgaMatrix Holdings LLC, Acon Laboratories, Inc., ARKRAY USA, Inc., and Becton, Dickinson and Company among others.
Some key developments in the market:
Segments Covered in the Report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2022 to 2030.For this study, has segmented global diabetes devices market based on type, distribution channels, end-use, and region:
Diabetes Devices Market Report Scope
Segments covered By Type Outlook , Distribution Channels Outlook, End-use Outlook,Regional Outlook
By Type Outlook
Blood Glucose Monitoring Systems
Continuous Glucose Monitoring Devices
Test Strips or Test Papers
Insulin Delivery Devices
Insulin Syringes and Needles
Diabetes Management Mobile Applications
By Distribution Channels Outlook
By End-use Outlook
Middle East & Africa