Diabetes care devices Market Size Will Achieve USD 7,932 Million by 2030 growing at 15.2%

The Global Diabetes care devices Market Size accounted for USD 2,245 million in 2021 and is projected to attain a size of around USD 7,932 million by 2030 growing with a CAGR of 15.2% for the forecast period 2022 to 2030, as reported by Acumen Research and Consulting

The need for faster and more effective methods for diagnosis and the ever-growing patient pool suffering from diabetes has led to rising demand for the diabetes care devices market. Availability of products at optimum and affordable prices or minimizing the cost of diabetes care gadgets could certainly increase the demand for such devices boosting the overall market worldwide.

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As per the World Health Organization (WHO), in 2016, an estimated 1.6 million deaths were recorded due to diabetes. Between 2000 to 2016, there was a gradual 5% rise in premature mortality from diabetes. With growing diabetes among the population, it has witnessed high adoption of digital and wireless technology. The rising number of diabetes is the primary factor boosting the global diabetes care devices market share. The rise in digital health technology globally notably digital health apps for people with or at risk for diabetes has provoked clinical care, research, and health product development. Further, WHO defines Global Observatory for eHealth (GOe) as medical and public health practice supported by mobile devices, patient monitoring devices, personal digital assistants (PDA), and other wireless devices. The increasing innovation in these devices is one of the recent diabetes care devices market trends that is supporting the industry growth.

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COVID-19 Impact on the Global Diabetes care devices Market Revenue

According to the Centers for Disease Control and Prevention (CDC), half of the patients with diabetes who also have COVID-19 are hospitalized. During a coronavirus pandemic, the FDA enables US hospitals to handle diabetic care with Abbott's FreeStyle Libre 14-day device. Abbott delivered 25,000 FreeStyle Libre sensors to U.S. hospitals and medical institutions in outbreak hotspots in collaboration with the American Diabetes Association (ADA), Insulin for Life USA, and the Diabetes Disaster Response Coalition. The mortality rate of patients with diabetes during coronavirus was high. Diabetes patients require continual insulin administration (through syringes or pens) and care. The growing use of continuous glucose monitoring devices and insulin pens increased the demand for the diabetes care devices market during the COVID-19 pandemic.

Diabetes Care Devices Market Dynamics

Rising awareness of diabetes care and measures taken by the government for new product launch has further fuelled the global diabetes care devices. Widespread progress in the healthcare infrastructure and new product launches by the market players further bolster the market growth of diabetes care devices.

In May 2019, Food and Drug Administration announced a warning for the patients and healthcare professionals regarding risks associated with using unapproved or unauthorized devices for diabetes management that involves continuous glucose monitoring system (CGMS), insulin pumps, and automated insulin dosing systems.

On the other hand, the United States Food and Drug Administration (USFDA) announced approval for the marketing of Tandem Diabetes Care Control-IQ Technology, an automated glycemic controller device in December 2019. The FDA protects public health by assuring the safety, effectiveness, security of human and veterinary drugs, and medical devices.

Despite favorable factors for the diabetes care devices market there exist some factors that have a serious impact on the market growth. This attributes to less awareness regarding the use of devices in underdeveloped and remote regions, long registration process, and reimbursement issues possibly thwarting diabetes care devices to some extent.

Diabetes Care Device Market Segmentation

The diabetes care device market is segmented based on type, end-user, and geography. Based on the product, the market is divided into blood glucose monitoring systems, continuous glucose monitoring systems, diabetes management mobile applications, insulin delivery devices, insulin pumps, insulin pens, insulin syringes and needles, lancets/lancing devices, self-monitoring blood glucose monitoring systems, and test strips/test papers. According to our diabetes care devices, the diabetes management mobile applications segment is anticipated to witness the fastest growth rate during the forecast timeframe from 2022 to 2030.

Hospitals & specialty clinics and self & home care are the end-users considered in the report. According to our diabetes care devices market forecast, hospitals & specialty clinics will generate considerable market share, whereas self & home care will witness a quick growth rate throughout the projected years from 2022 to 2030.

Diabetes Care Devices Market Regional Outlook

North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the diabetes care devices industry.

North America takes a lead in the global diabetes care devices market. In Canada, type-1 diabetes is common among the population. Home-use strips are utilized as common medical devices among the population base. It has gained significant attention in Canadian markets owing to a high initiative by the Canadian government.

The government has implemented blood glucose test strips (BGTS) quantity limits that encourage proper testing practices for optimal patient outcomes. Moreover, in Alberta, insulin-dependent patients fall in the category of reimbursement policy. Therefore, if a patient performs 5-6 tests in a day the average expenditure would be more than USD100 per month. Hence, the patient is eligible for reimbursement coverage of USD 600 annually. Such factors are responsible for the regional growth of the diabetes care devices market.

China will record significant growth in the coming years. China recorded a significant CAGR in 2018. The factors responsible for the growth of the regional market is due to high population base suffering from diabetes and a surge in government funding for diabetes management and the diabetes care devices industry.

In January 2019, the Australian government announced support for individuals suffering from type 1 diabetes. As management of diabetes is expensive there have been situations where poor diabetes management results in chronic health conditions. The Australian government is taking steps to avoid this. The government has committed funding of USD 100 million for over four years to raise access to free CGM devices for individuals with type-1 diabetes.

Diabetes Care Devices Market Players
Some prominent diabetes care device companies covered in the industry are Dexcom Inc., Merck & Co., Abbott Laboratories, GlaxoSmithKline Plc, Dickinson and Company, Acon Laboratories, Medtronic, and others.

Some of the key observations regarding the diabetes care devices industry include

• In November 2020, Abbott Laboratories announced FreeStyle Libre System for adults and children living with diabetes in India and women suffering from gestational diabetes. The product is highly specialized in measuring glucose every minute in interstitial fluid through a small (5.5mm long) filament that is inserted beneath the skin and is held with small adhesive pads.

• In November 2020, Merck & Co and Holmusk announced collaboration with the healthcare business sector to support patients and physicians in the Asia Pacific with a holistic treatment approach for prediabetes and diabetes.

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