Diabetes Management Devices Market Report Overview
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The global diabetes management devices market size is expected to be USD 43190 million in 2022 and is projected to touch USD 79407.29 million by 2031, exhibiting a CAGR of 7.0% during the forecast period.
Due to a problem with the synthesis of the hormone insulin, which regulates blood glucose levels, diabetes is an illness that manifests when blood glucose levels rise over normal levels. People's food consumption provides blood glucose, which serves as their primary source of energy. Blood sugar levels are kept stable by the pancreatic hormone insulin. Diabetes is brought on by a problem with the body's ability to synthesize insulin, which prevents it from controlling the blood glucose level. The glucose levels of a diabetic patient are monitored via diabetes management devices. Throughout the day, a diabetic patient's blood glucose is tracked and monitored by a continuous glucose monitor (CGM), a medical gadget. People with diabetes can utilize this wearable technology to better control their glucose levels, making it particularly helpful for them.
COVID-19 Impact: Increase in Utilization of the Devices due to the High Number of Patients Hospitalized with Diabetes
The global COVID-19 pandemic has been unprecedented and staggering; with the diabetes management devices market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The market for diabetic management devices has been significantly influenced by the COVID-19 epidemic. The significance of diabetes management devices has been highlighted by the high frequency of diabetes in patients hospitalized with COVID-19 virus and the knowledge that better glycemic control may improve outcomes and shorten the duration of stay in individuals with SARS-CoV-2.Through virtual consultations between medical professionals and people with diabetes, as well as the utilization of diabetic technologies, the pandemic also highlighted prospects for advancing and spreading innovations in the provision of diabetes care. As well as removing numerous long-standing legislative restrictions, crisis management has sparked an extraordinary interest in distant treatment among both patients and clinicians. For the length of the epidemic, hospitals utilized continuous glucose monitoring equipment and personal blood glucose meters, thanks to a decision by the US Food and Drug Administration. Therefore, the global market for diabetic management devices grew faster after the COVID-19 epidemic.
LATEST TRENDS
"Latest AID System Utilized to Continuously Track Blood Sugar Levels "
The partnership between Abbott, CamDiab, and Ypsomed to create and market an integrated automated insulin delivery (AID) system across European nations was announced in April 2022. The linked, intelligent wearable device is intended to continuously track a person's blood sugar levels, automatically modify, and give the appropriate dose of insulin at the appropriate moment, doing away with the need for guessing in insulin administration.
Diabetes Management Devices Market Segmentation
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- By Type
Based on type, the market is distributed into Blood Glucose Monitoring Device and Insulin Delivery Systems
- By Application
Based on application, the market is divided into Hospitals, Clinics and Others
DRIVING FACTORS
"Technological Developments to Increase Sensor Accuracy in Glucose Oxidase"
Sensors for continuous glucose monitoring measure blood sugar levels using glucose oxidase. When glucose is turned into hydrogen peroxide by glucose oxidase, it combines with the platinum inside the sensor to provide an electrical signal that is sent to the transmitter. The most crucial component of devices for continuous glucose monitoring is a sensor. During the forecast period, segment expansion is anticipated to be fueled by technological developments that increase sensor accuracy.
"Unhealthy Lifestyles and Obesity act as Driving Factors for the Market of Diabetes Management Devices "
Another reason driving the diabetes management devices market growth is the rise in the incidence of diabetes brought on by obesity, aging, and unhealthy lifestyles. One of the main causes of diabetes is obesity. The WHO estimates that in 2016, 650 million adults worldwide were considered obese. About 2 billion adults worldwide were considered overweight in 2016. An increase in the prevalence of diabetes is being attributed to risk factors like obesity and overweight. As a result, risk factors like smoking, being overweight or obese, and having high cholesterol levels are predicted to increase the prevalence of diabetes and increase the demand for diabetes management devices.
RESTRAINING FACTORS
"Accuracy of the Reading on the Devices Might be Wrong as it reads the Interstitial Fluid and Not the Bloodstream "
The blood glucose monitors don't always provide reliable readings. The interstitial fluid, not the bloodstream, is used by the sensor to detect a person's blood glucose because technology is currently not up to par. In addition to this issue, depending solely on sensor readings might be risky because they may indicate one result while a conventional blood test indicates another. So that they may be discouraged from purchasing diabetes management devices.
Diabetes Management Devices Market Regional Insights
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"North America to Dominate the Market due to Rapidly Growing Number of Patients with Diabetes and Favorable Government Policies"
Revenue in North America exceeded the estimated amount. This is mainly because there are more people with diabetes in North America as a result of stress, poor diets, and obesity. By 2028, there will be an increase in the number of diabetic patients in North America, up from the current total. In 2021, there were a large portion of diabetic patients in only the United States. The diabetes management devices market share in North America is dominated by the United States. The development of the diabetes management devices in this region is additionally aided by favorable government reimbursement policies and a sophisticated healthcare system. The United States' fast rising prevalence and incidence of diabetic patients as well as healthcare spending point to an increase in the use of diabetes management products.
KEY INDUSTRY PLAYERS
"The Major Players of this Market are Involved in Intense Competition and Expansion into New Markets to Broaden their Shares"
The diabetes management devices market has a low level of large and generic competitors. Several large companies, like Dexcom Medtronics, Abbott, and more generic businesses like Roche, Arkray, and Ascensia, respectively, dominate the markets for CGM and SMBG devices. A few multinational and domestic businesses, including Novo Nordisk, Eli Lilly and Company, Medtronic, and Becton Dickinson and Company, among others, are examined in the competitive landscape for insulin devices. As each competitor tries to create a brand-new device and sell it for a reasonable price, there is intense competition among the players. Players are also expanding into new markets, particularly emerging economies where demand is much higher than supply, in an effort to boost their market shares.
List of Market Players Profiled
- Abbott Laboratories (U.S.)
- Dexcom (U.S.)
- Roche (Switzerland)
- Lifescan (U.S.)
- Medtronic (Ireland)
- Terumo (Japan)
- B. Braun Melsungen (Germany)
- BD (U.S.)
- Ascensia (Bayer) (U.S.)
- Senseonics Holdings (U.S.)
- Johnson & Johnson (U.S.)
- Eli Lilly (U.S.)
- Novo Nordisk (Denmark)
- Sanofi (France)
- Ypsomed Holding (Switzerland)
REPORT COVERAGE
This report covers the diabetes management devices market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 43190 Million in 2022 |
Market Size Value By |
US$ 79407.29 Million by 2031 |
Growth Rate |
CAGR of 7% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the diabetes management devices market expected to touch by 2031?
The diabetes management devices market is expected to reach USD 79407.29 million by 2031.
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What CAGR is the diabetes management devices market expected to exhibit by 2031?
The diabetes management devices market is expected to exhibit a CAGR of 7.0% by 2031.
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Which are the driving factors of the diabetes management devices market?
Technological developments during the forecast period to increase sensor accuracy in glucose oxidase and unhealthy lifestyles and obesity act as driving factors for the market of diabetes management devices are the driving factors of the diabetes management devices market.
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Which are the top companies operating in the diabetes management devices market?
Abbott Laboratories, Dexcom, Roche, Lifescan, Medtronic, Terumo, B. Braun Melsungen, BD, Ascensia (Bayer), Senseonics Holdings, Johnson & Johnson, Eli Lilly, Novo Nordisk, Sanofi, Ypsomed Holding are the top companies operating in the diabetes management devices market.