New York, May 24, 2023 (GLOBE NEWSWIRE) -- As per Market.us, a provider of market research and competitive intelligence, the Diabetes Devices Market size is projected to surpass around USD 68.2 Billion by 2032, and it is poised to reach a CAGR of 11.3% from 2023 to 2032.
Diabetes devices are devices that are utilized to regulate blood sugar levels in the body which is caused by insulin production. Diabetes devices aid in knowing the sugar levels and take approximate procedures to accomplish blood sugar levels. Insulin devices include syringes, pens, pumps, and others.
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Key Takeaway:
- By Product in 2022, the insulin delivery devices segment has generated a revenue share of 55.8% in 2022.
- By End-User, the hospital's segment has dominated the market with a revenue share, and it is growing at the highest CAGR from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 35.4%.
- Europe held a significant revenue share of 25.7% in 2022.
Insulin devices are used by diabetes patients who are unable to produce insulin on their own to inject insulin into their bodies. This device is provided to diabetic patients for actual observing blood glucose levels and enhancing the cure for this chronic condition.
Factors Affecting the Growth of the Diabetes Devices Market
There are several factors that can affect the growth of the diabetes devices market. Some of these factors include:
- Increasing Approval of Insulin Delivery Devices: Increasing approval of insulin delivery devices, technological development, and the rise in the incidence of obesity drive market growth.
- Rising Technological Advancements: Rising technological advancements, such as the introduction of high-end insulin pumps and pens, are fueling the need for these products. Manufacturers are focused on new product launches, thus propelling the market growth.
- Increasing Prevalence of Diabetes: Increasing prevalence of diabetes worldwide propels the need for monitoring and treatment devices.
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Top Trends in the Global Diabetes Devices Market
The increasing trend of continuous glucose monitoring devices can either respectively display the trend in the level of blood glucose by downloading the data. The increasing diabetes population worldwide is an emerging trend in the market. Adoption of insulin pumps is rising continuously in developing and developed regions is the global trend in the market.
Market Growth
The increasing prevalence of obesity among the population, Easy accessibility of diabetes devices, and increasing awareness regarding diabetes are the factors driving the market growth. Technological developments in diabetes monitoring devices. Additionally, the increasing geriatric population also propels the market growth.
Regional Analysis
The diabetes devices market was dominated by North America, which acquired the most significant revenue share of 35.4% during the forecast period; the higher permeation of fast food chains in the U.S. has majorly influenced the consumption of several unhealthy fast foods and soft drinks. Due to the large diabetic population and favorable reimbursement rules, High per capita income and rising healthcare expenditure are the major factors propelling the growth of the U.S. region.
Europe is projected to grow at the fastest CAGR during the forecast period; according to WHO, millions of individuals are suffering from diabetes in Europe.
The Asia-Pacific market is expected to hold the maximum revenue share in 2022. Owing to the increasing approval of the technologically developed blood glucose meters and the higher need for insulin delivery devices.
Competitive Landscape
Market players are launching novel diabetes devices for market growth. This key player is started to achieve a higher market share by adopting strategies such as partnerships, collaborations, and innovative technologies. The diabetes devices market is highly developing, with the presence of many international and domestic key players operating in the market. The competitive landscape of the market has also been examined in this report. Some of the major market players include
- Hoffmann-La-Roche Ltd
- B. Braun Melsungen AG
- Medtronic plc
- Abbott
- Sanofi SA
- Tandem Diabetes Care, Inc.
- Becton Dickinson & Company
- Terumo Corporation
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 24.0 Billion |
| Market Size in 2032 | US$ 68.2 Billion |
| CAGR (2023 to 2032) | 11.3% |
| North America Revenue Share | 35.4% |
| Europe Revenue Share | 25.7% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The geriatric population is very susceptible to diabetes owing to unhealthy eating and sedentary lifestyles. Increasing approval of insulin delivery devices drives market growth. The establishment of new products in diabetes monitoring systems and treatment devices worldwide is one of the significant factors that propel the market growth. Additionally, technological developments in the field of diabetes devices and an increase in the diabetic population across the world furl the market growth. The rise in obesity is one of the causes of diabetes in the general population. Risk factors, including an increase in the incidence of obesity directly related to the rising prevalence of diabetes, propelling the market growth.
Market Restraints
Less knowledge regarding the need for self-monitoring blood glucose levels in some regions is the main factor that could restrain the market growth. The high cost of devices used for diagnosis and treatment of diabetes hamper the market growth. Additionally, the long procedures of registration and reimbursement concerns also position a risk to the market.
Market Opportunities
The rise in the number of R&D activities for diabetes treatment offers significant opportunities for key players in the market. Various government initiatives and consciousness are the major factors creating lucrative opportunities for the market. There have also been rising government investments in healthcare. Increasing awareness of diabetes monitoring devices in developing regions provides various opportunities for the market.
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Report Segmentation of the Diabetes Devices Market
Product Insight
The insulin delivery devices segment accounted for the human growth hormone market, holding the most significant revenue share of 55.8%. Rising the usage of insulin pens by patients suffering from a high level of blood sugar. Due to the factors such as increasing approval of unhealthy routines and an increase in the occurrence of type 1 and type 2 diabetes across the world. The insulin pens derive preloaded with insulin of the patient's required amount to be prescribed by physicians.
End-User Insight
The hospital's segment dominated the highest market revenue share in 2022. Compared to individuals who don’t have diabetes, individuals with diabetes are more likely to be admitted to the hospital. A requirement in this market is going up due to more and more diabetic individuals being admitted to hospitals, propelling up the member of individuals demanding these products.
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Market Segmentation
By Product
- Blood Glucose Monitoring Devices
- Insulin Delivery Devices
By End-User
- Hospitals
- Ambulatory Surgery Centers
- Diagnostic Centers
- Other End-Users
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Diabetes Devices Market
- In May 2021, Medtronic plc introduced that the corporation had acknowledged the European adoption of 2 diabetes management devices, first in pen, an associated insulin pen aimed at customers demanding day-to-day injections. The second is Guardian 4 sensor, planned to be used either as a standalone constant glucose monitor or within the pen, and together are CE noticeable.
- In June 2022, Abbott introduced that the corporation had confirmed a contract with Tandem Diabetes Care, Inc. to improve incorporated diabetes solutions that pool its constant glucose monitoring technology with Tandem's new insulin delivery systems to supply individuals with more choices to accomplish their diabetes.
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