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The diabetes management devices market size is forecast to increase by USD 13.98 billion at a CAGR of 7.68% between 2023 and 2028. The market is experiencing significant growth due to the rising global burden of diabetes and the growing focus on artificial pancreas systems. These advanced devices, which include dedicated apps, continuous glucose monitors (CGM), transdermal sensors, and non-invasive glucose testing technologies like spectroscopy, aim to provide healthcare providers and users with valuable insights into glucose patterns and treatment plans. User-friendly interfaces and visual representations facilitate medication adherence and effective management of glucose levels. The market is also witnessing the integration of artificial intelligence and machine learning algorithms to improve accuracy and predictive capabilities. However, the prohibitive cost of diabetes care devices, including CGM systems, testing strips, and insulin pumps, remains a major challenge for market growth.
The market is experiencing significant growth due to the increasing diabetic population worldwide. According to the International Diabetes Foundation, approximately 463 million adults were living with diabetes in 2019, and this number is projected to reach 700 million by 2045. The rising prevalence of obesity rates, overweight, smoking, and high cholesterol levels are major contributors to the increasing diabetic population. Diabetes devices play a crucial role in managing blood sugar levels for individuals with diabetes, including insulin delivery devices such as insulin pens and minimally invasive insulin pumps. Mobile health applications and wearable devices have also emerged as essential tools for diabetes management, enabling real-time monitoring of blood glucose levels and providing personalized recommendations for diet and exercise.
Furthermore, hospitals and specialty clinics are key end-users of diabetes care devices, including diabetes lancet devices and diabetes tracker devices, for the diagnosis and treatment of diabetes. Effective diabetes management is essential to prevent complications such as kidney failure, gangrene, and lower limb amputation associated with uncontrolled blood sugar levels in individuals with type 1 diabetes, an autoimmune disease. The market is expected to grow significantly in the coming years, driven by the increasing diabetic population and the development of advanced, user-friendly devices for managing diabetes.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The blood glucose monitoring devices segment is estimated to witness significant growth during the forecast period. Diabetes management devices play a crucial role in assisting individuals with diabetes in monitoring and managing their blood glucose levels effectively. These devices encompass a range of products, including insulin pumps and continuous monitoring systems. Insulin pumps, such as the Mobi insulin pump, deliver insulin in a controlled manner, while continuous monitoring systems, like those offered by Glucowear, provide real-time glucose level readings throughout the day. Hospital pharmacies and retail pharmacies are significant channels for procuring diabetes devices. The hospital segment, including diagnostic centers, is a significant consumer of diabetes devices due to the large geriatric population requiring constant care.
Furthermore, minimally invasive devices, such as diabetes lancet devices, ensure painless blood sampling for glucose testing. Diabetes care devices, including blood glucose monitoring devices and insulin pumps, are essential tools for managing diabetes effectively. Continuous glucose monitoring systems, which use a sensor to measure glucose levels continuously, offer a more comprehensive approach to diabetes management. These devices are vital for maintaining optimal health and ensuring the well-being of individuals with diabetes.
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The blood glucose monitoring devices segment accounted for USD 12.92 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is a substantial and expanding sector, encompassing a range of products such as blood glucose meters, continuous glucose monitoring (CGM) systems, insulin pumps, and related accessories. Factors fueling this market's growth include the escalating diabetes prevalence, heightened awareness of glycemic control, and advancements in diabetes care technology. Key players in this market include Abbott Laboratories, Medtronic, and Dexcom, Inc. The market's growth is driven by the geriatric population's increasing need for diabetes management devices, the proliferation of minimally invasive devices like Mobi insulin pumps and Diabetes tracker devices, and the expanding presence of hospital pharmacies and retail pharmacies.
Furthermore, diabetes devices, such as Diabetic lancet devices and diagnostic centers, also contribute significantly to the market's growth. The market in North America is anticipated to witness steady expansion due to the continuous development of innovative technologies in insulin pumps, CGMs, and other diabetes care devices.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising global burden of diabetes is the key driver of the market. Diabetes is a chronic condition characterized by the body's inability to produce or effectively use insulin, leading to elevated blood sugar levels. This condition, affecting approximately 537 million adults worldwide in 2021, is projected to impact 643 million and 783 million individuals by 2030 and 2045, respectively. The rising incidence of diabetes, driven by factors such as obesity, smoking, sedentary lifestyles, and urbanization, poses a significant challenge to healthcare systems. Diabetes complications, including hospital stays and increased mortality rates, can result from poor disease management. To address this issue, insulin delivery devices, mobile health applications, and advanced disease management solutions have emerged as essential tools for managing blood sugar levels.
Furthermore, these technologies enable real-time monitoring, automated insulin delivery, and remote patient monitoring, improving patient outcomes and reducing healthcare costs. Hospitals and specialty clinics continue to play a crucial role in the management of diabetes, particularly for elderly populations with comorbidities. Affordable healthcare options are essential to ensure access to these life-saving technologies and services for the growing diabetic population.
Growing focus on artificial pancreas is the upcoming trend in the market. The Diabetic population continues to expand due to rising obesity rates, an aging population, and increasing prevalence of conditions such as high cholesterol levels and smoking. Effective diabetes management is crucial to mitigate the risks of hospital stays and mortality rates. Insulin delivery devices, including artificial pancreas systems, have emerged as essential tools in managing diabetes. These advanced systems combine continuous glucose monitors (CGMs) and insulin pumps to automatically regulate blood sugar levels. The integration of artificial intelligence algorithms and machine learning techniques in artificial pancreas systems enables personalized insulin delivery, improving glycemic control and reducing the risk of hypoglycemia.
Furthermore, the market for these systems is poised for growth, fueled by technological advancements and the demand for better diabetes management solutions. Hospitals and specialty clinics play a significant role in the adoption of these devices, providing access to cutting-edge technology and expertise for diabetes care. Affordable healthcare options are essential to ensure widespread adoption, particularly in underserved populations. The market is expected to grow significantly in the forecast period, offering promising opportunities for market participants.
The prohibitive cost of diabetes care devices is a key challenge affecting the market growth. Diabetes management devices play a crucial role in managing the health of the diabetic population, particularly in monitoring blood sugar levels and delivering insulin treatment. These devices include continuous glucose monitoring (CGM) systems and insulin delivery devices such as insulin jet injectors, insulin pens, insulin patches, and implantable insulin devices. Mobile health applications are also gaining popularity in diabetes management, allowing real-time monitoring and tracking of blood sugar levels, obesity rates, and other health indicators. However, the high cost of these devices is a significant barrier for many diabetic patients, especially those in developing countries. Traditional insulin therapy using syringes is still prevalent, but advanced insulin delivery systems offer more convenience and accuracy.
Furthermore, hospitals and specialty clinics are essential in providing diabetes care, reducing hospital stays and mortality rates for diabetic patients. Effective disease management also requires addressing underlying conditions such as obesity, smoking, and high cholesterol levels, particularly in the elderly population. Affordable healthcare options are essential to ensure widespread access to these life-saving devices and treatments.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers diabetes management devices such as FreeStyle Freedom Lite, FreeStyle Lite and FreeStyle Libre glucose monitoring system for personal and, FreeStyle Optium Neo and FreeStyle Precision Pro blood glucose and ketone monitory system for hospital use.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing diabetic population and the need for effective disease management. Insulin delivery devices, including insulin pumps and insulin pens, are gaining popularity as they offer precise insulin administration and flexibility for users. The integration of mobile health technology, such as mobi insulin pumps and diabetes tracker devices, enables real-time monitoring and wireless transmission of glucose levels to healthcare providers. The elderly population and those with conditions like obesity, high cholesterol levels, smoking, and inactive lifestyles are at a higher risk of developing diabetes. Hospital stays and mortality rates due to complications like kidney failure, gangrene, heart attack, blindness, and stroke are significant concerns.
Diabetes devices, including continuous monitoring systems, glucose monitoring devices, and diabetes care devices, play a crucial role in managing blood sugar levels. Minimally invasive devices like transdermal sensors and non-invasive spectroscopy are emerging as alternatives to traditional lancets and insulin syringes. Artificial intelligence and data analytics are being integrated into diabetes management devices to improve the efficacy of treatment, medication adherence, and user-friendly interfaces. Healthcare providers can access patient data through electronic health records, hospital information systems, and point-of-care testing devices, enabling personalized treatment plans and visual representations of glucose patterns. Affordable healthcare options, such as online pharmacies and retail pharmacies, are essential in ensuring access to insulin and other diabetes management devices for the diabetic population.
The market is expected to grow further with the development of smart technology, artificial pancreas systems, and dedicated apps for diabetes management.
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Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.68% |
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Market growth 2024-2028 |
USD 13.98 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.22 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, France, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, ACON Laboratories Inc., B.Braun SE, Becton Dickinson and Co., Bionime Corp., Dexcom Inc., Eli Lilly and Co., F. Hoffmann La Roche Ltd., iHealth Labs Inc., Insulet Corp., LifeScan IP Holdings LLC, Medtronic Plc, Nemaura Medical Inc., Nipro Corp., Nova Biomedical Corp., Novo Nordisk AS, PHC Holdings Corp., Prodigy Diabetes Care LL, Tandem Diabetes Care Inc., and WellDoc Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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