The global diabetes devices market was USD 29.7 billion in 2022 and is expected register a revenue CAGR of 10% during the forecast period. Rising prevalence of diabetes, increasing awareness of the value of self-monitoring blood glucose levels, and rising use of innovative diabetes devices are major factors driving market revenue growth.
Report Scope of the Diabetes Devices Market:
|Market Size in 2022||USD 29.7 Billion|
|Revenue Forecast by 2032||USD 77.03 Billion|
|Growth rate from 2023 to 2032||10.0%|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
High blood glucose levels are a direct outcome of the body's failure to generate or use insulin adequately is the main cause of diabetes. The World Diabetes Federation estimates that 463 million people across the globe have diabetes in 2019; by 2045, this figure is expected to reach 700 million. Need for diabetic equipment, such as glucose monitoring systems, insulin delivery systems, and other diabetes care devices is being driven by rising prevalence of diabetes.
Revenue growth of the market is driven by use of innovative diabetes gadgets. Continuous Glucose Monitoring (CGM) systems, for instance, are transforming the management of diabetes By offering real-time glucose readings and alarms. Also, the precision and practicality of diabetes management are being improved through the integration of insulin pumps with CGM devices.
Revenue growth of the diabetic devices market is also driven by rising use of digital health technology and accessibility of software and apps for managing diabetes. These technologies are assisting patients in better managing their diabetes by offering them individualized insights, reminders, and warnings.
Need for diabetic devices and revenue growth of the market are being driven by rising demand for diabetes devices across various end-use industries, including hospitals, clinics, and home healthcare settings. Moreover, rising demand for minimally invasive and non-invasive diabetic devices is driving revenue growth of the market. As an illustration, the advancement of needle-free insulin delivery systems is enhancing patient comfort and insulin medication adherence.
Revenue growth of the diabetic devices market is driven by rising government initiatives and financing for diabetes research and management. In November 2021 for instance, the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) announced a funding opportunity to assist study on the creation of novel technologies for the management and treatment of diabetes.
However, high cost of diabetic devices and lack of knowledge regarding the need of self-monitoring blood glucose levels in some countries are major factors, which could restrain revenue growth of the market.
Major Companies and Competitive Landscape:
The diabetes devices market is dominated by a few major players, who hold a significant share of the market revenue. These companies are investing in research and development, as well as strategic partnerships and acquisitions, to strengthen their product offerings and gain a competitive edge. Some of the major players in the global diabetes devices market include:
Diabetes Devices Market Segmentations:
By Type Outlook
By Distribution Channel Outlook
By End-use Outlook