Diabetes Devices Market is anticipated to grow up to USD 8.0 billion, at a CAGR of 16.7% during 2022-2031

The global diabetes devices market was valued at USD 1.7 billion in 2021 and it is anticipated to grow up to USD 8.0 billion by 2031 at a CAGR of 16.7% during the forecast period.

Diabetes is a disorder that occurs when the blood glucose levels rise over normal levels, due to a defect in insulin production that controls glucose levels. Blood glucose acts as the main source of energy and can be obtained from the food we consume. Insulin, the pancreatic hormone maintains blood glucose levels. Defect in the synthesis of insulin in the body cannot regulate the blood glucose level and causes diabetes. The Blood glucose level range in a normal individual is 70 - 100 mg/dL and in a diabetic patient it raises up to 80 - 130 mg/dL. Diabetes care devices are employed to monitor the glucose levels of a diabetic patient. A continuous glucose monitor (CGM) is a medical device that tracks and monitors the blood glucose of a diabetic patient during the day.

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Market Trends and Drivers:

The key factors such as an increase in the incidence of diabetes owing to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the market. Obesity is a major factor leading to diabetes. According to WHO, in 2016, over 1.9 billion adults were overweight, of which, around 650 million people were obese. Risk factors, like obesity and overweight, are leading to a rise in the incidence of diabetes. Owing to that, risk factors like smoking, overweight, obesity, and high cholesterol levels are anticipated to boost the prevalence of diabetes, so fueling the need for diabetes devices.

COVID-19 Impact:

The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities on a day-to-day basis. As of December 2020, 63.8 million cases of COVID-19 have been reported across Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in approximately 1.5 million deaths. With the COVID-19 pandemic, most countries, comprising the whole of Europe, the US, India, and Australia, among others, are following complete nationwide lockdowns. This also affected the supply chain for diabetes devices. Due to the COVID-19 outbreak, the number of patients visiting physicians across the world had lowered. Still, this is expected to change during the forecast period and the demand for diabetes devices is anticipated to return to its pre-COVID demand phase.

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Market Restraints and Challenges:

The major factor hindering the growth of the market is that the blood glucose monitoring devices do not measure the exact level of glucose in the blood but give a range of blood glucose levels. Adding to these, the adverse effects related to some of the diabetes care devices are hindering the growth of the market.

Major Players in Diabetes Devices Market:

The key players in the diabetes devices market are Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation (Japan), SD Biosensor, Inc. (South Korea), MicroGene Diagnostic Systems Pvt. Ltd. (India), Ypsomed (Switzerland), Dr. Morepen (India), Sinocare, Inc. (China), Bionime Corporation (Taiwan), and Rossmax International Ltd. (Taiwan).

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