Diabetes Care Products Market Is Projected To Reach Around USD 38.5 Billion In 2030 Exhibiting A CAGR Of 6.5% In The Forecasted Period.

The global diabetes care products market size was valued at USD 21.0 billion in 2021 and is projected to reach around USD 38.5 billion in 2030 exhibiting a CAGR of 6.5% in the forecasted period.

The upsurge in the prevalence of diabetes and a change in development & sedentary lifestyle. Additionally, technological developments in the diabetes devices, a growth in the diabetic population worldwide, a rise in the need for fast & safe analysis, and an increase in treatments for diabetes lead the diabetic care products market during the forecast period.

Rise in prevalence of diabetes due to obesity, aging, and unhealthy lifestyle is among the factors boosting the growth of the market. Obesity is a main factor leading to diabetes. As per the World Health Organization (WHO), in 2016, more than 1.9 billion adults were overweight, around 650 million people were obese. Risk factors, like obesity and overweight, are prominent factors for growth in the incidence of diabetes. Hence, risk factors such as overweight, smoking, obesity, and high cholesterol levels are expected to boost the prevalence of diabetes, thus fuelling the need for diabetes care products.

The number of people suffering from diabetes in regions such as MEA and APAC is rising, which in turn is boosting the demand for diabetes treatment. For instance, according to the International Diabetes Federation, in 2017, around 72,946,400 new cases of diabetes were detected in India. Thus, existence of untapped growth opportunities in speedily increasing MEA and Asian nations and rising awareness of diabetes in these nations are expected to boost the demand for diabetes devices.

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COVID -19 impact remains positive on the diabetes care products market. This was due to patients with several health issues, containing diabetes and high blood pressure being at higher risk of being infected by this virus. The mortality rate was more in patients with diabetes related to the general population. People with diabetes need constant access to insulin and care. Therefore, the acceptance of insulin pens and uninterrupted glucose monitoring devices increased the demand for close monitoring and optimal management of diabetes.

Type Insights

Insulin delivery devices are known as the fastest growing segment in the global diabetes care products market and accounted for over 56% share in 2021. Based on insulin delivery device, the market has been categorised into pens, syringes, pumps, and jet injectors. Pens held a maximum share of the diabetes care products market in 2021. Though, the pump segment is anticipated to gain substantial market share as it is projected to grow at fastest CAGR during the forecast period.

Some of the lowest blood glucose meters with innovative technology present in the U.K. are Abbott Diabetes Care Freestyle Lite, Lifescan's One Touch UltraEasy, Accu-Chek Mobile, Bayer's CONTOUR NEXT USB, Accu-Chek Aviva Nano, & TRUEone blood glucose meter. The introduction of these small, discreet, and easy-to-use blood glucose meters is anticipated to boost segment growth across the forecasted period.

Continuous glucose monitoring (CGM) is said to further collaborate with insulin delivery systems to enable a single integrated system for effective diabetes care management. For instance, Tandem Diabetes Care launched its Slim X2 insulin pump, which is incorporated with Dexcom G6 CGM. Likewise, Ypsomed Holdings developed a CGM system called Mylife Unio Neva, which assimilates with the company's insulin pump.

Distribution Channel Insights

In 2021, hospital pharmacies dominated with more than 54.0% of the market diffusion due to high pace and accessibility of products. The two types of drugstores operating within a hospital campus are inpatient pharmacy and outpatient pharmacy. Inpatient pharmacy is within the hospital, available only by authorized personnel serving operation rooms, inpatient wards, ICU, and special service areas. However, outpatient pharmacies are normally located in hospital lobbies and entries for customers. Handheld glucose meters and insulin delivery devices are present at the outpatient pharmacy.

As online pharmacies directly procure diabetes devices from the manufacturers, it assists them avail profitable deals for customers. The rising patient awareness about online pharmacies and better public-private funding are major factors boosting the segment. The COVID-19 pandemic has certainly impacted the e-pharmacies business; the sales volume of diabetes devices is witnessed to have increased through this platform.

Region Insights

North America lead the market in 2021 and is anticipated to dominate the market with a growth rate of over 6.0% CAGR during the forecast period due to its well-established healthcare sector. The rising prevalence of obesity and the high cost of treatment is also anticipated to boost the region, along with technological developments and new product launches.

In North America, the U.S. lead the market due to a large diabetic population and favourable reimbursement policies. High per capita revenue and growing healthcare spending are amongst the key factors propelling its market. As per the American Diabetes Association, in 2019, the average projected cost of diabetes-specific treatments per person was USD 9,505.60. In the U.S., a diabetic patient can experience an overall medical spending of around USD 16,750 every year. Moreover, the implementation of smart devices and technical advancements such as the use of AI & data analytics are fuelling the market growth.

The acceptance rate of insulin delivery devices in Asian nations, such as China and India, is more. Factors such as rising awareness about diabetes care and a developing healthcare landscape are accountable for the higher adoption of these devices in the APAC nations. Additionally, the growth in healthcare expenditure has intended to an upsurge in the acceptance of technologically advanced products in countries such as India & China and is projected to boost the complete market growth.

Key Companies Insights

To stay competitive in the global market, players are using new strategies such as new product development, mergers and acquisitions, joint ventures, and geographic expansions.

Some of the key players operating in the global diabetes care products market include:

· Abbott

· F. Hoffmann-La Roche AG

· Johnson & Johnson

· Dexcom

· Medtronic

· Novo Nordisk

· Ascensia Diabetes Care

· AgaMatrix

· Bionime Corporation

· Omnipod

· Medisana

· Trivia

· Rossmax International Ltd.

· Other players

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Some of the Recent Developments:

· In 2021, Medtronic received a CE mark for the InPen smart insulin pen and Guardian 4 sensor for better diabetes management.

· In 2019, Novo Nordisk collaborated with Abbott to integrate its prefilled and durable connected pens directly into the FreeStyle Libre system.

Segments

By Monitoring Device

· Self-monitoring Blood Glucose Device

o Glucometers

o Test Strips

o Lancets

· Continuous Glucose Monitoring Devices

o Sensors and Durables

o Receivers and Transmitters

By Management Device

· Insulin Pump

o Insulin Pump Monitors

o Insulin Pump Reservoirs

o Insulin Infusion Sets

· Insulin Syringes

· Cartridges in Reusable pens

· Insulin Disposable Pens

· Jet Injectors

By Distribution Channel

· Hospital Pharmacies

· Retail Pharmacies

· Online Pharmacies

Global Diabetes Care Products Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Diabetes Care Products Market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Reasons to Purchase Diabetes Care Products Market Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come

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