Diabetes Care Devices Market Size to hit USD 45.09 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

23 Aug, 2022, 12:30 GMT

LONDON, Aug. 23, 2022 /PRNewswire/ -- Diabetes Care Devices Market is valued at USD 26.14 Billion in 2021 and expected to reach USD 45.09 Billion by 2028 with the CAGR of 8.1% over the forecast period. Increasing use of stick free glucose testing, rising prevalence of diabetics, and growing technological advancements are some of the major factors driving the growth of the Global Diabetes Care Devices Market. 

Diabetes Care Devices Market: Market Scope  

The global diabetes care devices market has been valued significantly higher in the coming years than it is now and the expectation is that the market is going to show a considerable amount of growth as it carries on from its momentum that it has achieved in the previous few years and that is due to the growth in the cases of diabetes over the years. Diabetes is a disorder which develops when the levels of blood glucose rise over the normal levels. This helps in defection in the insulin production which controls the glucose levels. The blood glucose levels act as a major source of energy and may be obtained from the food that is consumed. 

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Insulin, is a pancreatic hormone which maintains the levels of blood glucose. The defection in synthesis of the insulin levels in body cannot regulate the levels of blood glucose and that causes this illness. The diabetes care devices are used for monitoring the glucose levels of a patient who has diabetes. A continuous glucose monitor is also known as a CGM and it is a medical device which tracks and monitors the blood glucose of a patient who has diabetes and the monitoring has to be done throughout a day. This is a wearable technology that can be useful for people who have diabetes as it can help them in managing a person's levels of glucose. The different kinds of devices which monitor a diabetic condition include the ketone monitors, blood glucose monitor and the insulin pumps as well as smart insulin pens. The glucose monitoring devices help in the maintenance and control of the glucose levels and improving the health of a patient.

Diabetes Care Devices Market: Segmentation Analysis 

Based on product, this is a market which is segmented into the insulin delivery devices and blood glucose monitoring devices. The segment of the insulin delivery devices has been dominating the market in the last few years and has been expected to further dominate the market in the coming years. This is due to a multiplicity of factors such as the rise in the adoption of unhealthy lifestyles that has surged the diabetic prevalence. The insulin delivery devices is the segment which is showing the greatest amount of growth due to the product innovation and the prevalence of pens and other pulse devices which help in the monitoring of glucose levels in the body.  

By Product

  • Blood Glucose Monitoring Devices
  • Testing Strips
  • Lancets
  • Self-monitoring Blood Glucose Meters
  • Continuous Glucose Monitors
  • Insulin Delivery Devices
  • Insulin Syringes
  • Insulin Pens
  • Insulin Jet Injectors
  • Insulin Pumps 

By End-Use

  • Retail Pharmacies 
  • Hospital pharmacies 
  • Diabetes Clinics/Centers
  • Online Pharmacies
  • Others 

Diabetes Care Devices Market: Competitive Analysis  

Some of the major diabetes devices companies are Medtronic plc, Abbott Laboratories, F. Hoffmann-La-Ltd., Bayer AG, Lifescan, Inc., B Braun Melsungen AG. Lifescan, Inc, Dexcom Inc, Insulet Corporation, Ypsomed Holdings, Companion Medical, Sanofi, Valeritas Holding Inc and Novo Nordisk. The global diabetes care devices key players are working on the growth of their market by introducing more innovative products that are easier on the pocket of the consumer and provide more innovative and painless solutions. The diabetes market research will drive the companies towards their next goals. 

  • Acon Laboratories, Inc.
  • Becton, Dickinson and Company
  • Dexcom, Inc.
  • Johnson & Johnson
  • Medtronic Plc
  • Novo Nordisk A/S
  • Terumo Corporation
  • Hoffmann-La Roche Ltd.
  • Ascensia Diabetes Care Holdings Ag
  • Abbott Laboratories

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Diabetes Care Devices Market: Key Drivers 

The diabetes devices market growth is happening because people are at a higher risk of the disease in the last few years.  There is an increase in the incidences of diabetes because of the reasons such as obesity, aging and unhealthy lifestyle which is among the factors which contribute to the growth of this market. One of the major reasons which are leading to the increase in diabetes is the obesity. It is expected that many people are overweight in the world. There are risk factors such as obesity which are increasing the incidences of diabetes. Therefore, these risk factors like smoking, higher cholesterol levels are going to boost the prevalence of diabetes and therefore fuelling the need for these devices. 

The number people who suffer from diabetes in the emerging countries these days is propelling the demand for the market. The reason for that is the large geriatric population, affordable healthcare facilities and the labor being cost-efficient along with the lesser stringent policies with respect to regulation are going to develop the business. The manufacturers are now focusing on the opportunities of leveraging present in the developing economies for gaining a huge share in the market.  There are technological advancements too in the diabetes devices market like the introduction of the high-end insulin pumps as well as pumps that are propelling the demand for this product. The leading manufacturers are now focusing on the innovations in terms of advanced products for gaining a significant share in this market.

Diabetes Care Devices Market: Key Trends  

Diabetes devices market size trends are going to be positive for the market due to the coronavirus pandemic. The individuals who were diagnosed with diabetes are at a greater risk of coronavirus and therefore the last few years saw an increase in demand as the people were looking to monitor their diabetic levels. The individuals who were diagnosed with diabetes were looking to avoid the hospital visits and stays and therefore the devices were important in managing the illnesses. 

News-:

Zyla Partnered with Accu-Chek to Revolutionize Diabetes Care Through IoT 

On March 24th, 2022; Zyla Health is revolutionizing the management of diabetes and related diseases through its technological innovation and constant care. Zyla has launched a joint offer with Accu-Chek, which offers the best in both worlds for diabetics - A smart glucometer and continuous diabetes care under the authority of leading doctors and specialists that enable you to effectively manage a long-term condition such as diabetes. The offer was launched on Amazon and Flipkart and is now available for users across the country to take advantage of. 

Roche Announced the Launch of Connected Blood Glucose Monitoring System 

On March 11th, 2021; Roche announced the launch of the new Accu-Chek Instant system, a new ""connected"" blood glucose monitoring (BGM) system, which supports and enables Roche's approach of integrated Personalised Diabetes Management (iPDM). Accu-Chek Instant features Bluetooth enabled connectivity to the mySugr app, allowing wireless transfer of blood glucose results to the mySugr app. This app offers users quick insights to their diabetes data in addition to diabetes management features like the mySugr insulin calculator. 

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Diabetes Care Devices Market: Regional Analysis 

The diabetes industry statistics suggest that the North American market is going to lead the overall market with a growth rate compounding during the coming years because of a well-established sector of healthcare and the infrastructure which can manage the growth of the market. the increased prevalence of the illnesses like obesity and higher cost of treatment is going to drive the market. In the region, the United States market is going to be the market which is going to show the greatest dominance. This is because of unhealthy heating habits which has led to a prevalence of diabetes and in turn the market is showing the growth. The higher per capita income and the favourable policies of reimbursement and increase in the healthcare spending are going to be the biggest factors which drive the market. The Asia-Pacific market is going to also show a growth in the coming years with the higher population in the market. 

On Special Requirement Diabetes Care Devices Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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