Global Diabetes Devices Market is expected to grow at a CAGR of ~6% by 2026 and is likely to Stay Resilient Throughout the Recession Period (2022-2023)

Diabetes devices are medical devices which measures the blood glucose level in the body at regular intervals. Various types of devices fall under the category of diabetes care such as blood glucose monitoring devices and insulin delivery devices.

Slowdown in the Demand for Diabetes Devices Points to An Upcoming Recession

The economic recession is expected to have a mixed effect on medical device companies. The ongoing economic slowdown in United States and Europe can impact the consumer spending on healthcare devices. Sales have declined slightly for blood glucose monitors and even test strips. In the space, Tandem Diabetes Care is the first one to directly attribute a slowdown in sales to recession fear.

An Increasing Adoption of Continuous Glucose Monitoring (CGM) Devices Drives the Diabetes Devices Market

A continuous glucose monitoring (CGM) device is a wearable technology designed to monitor glucose levels without finger pricks. CGM may be beneficial for people who need to monitor their sugar levels frequently to see trends and patterns. Technological innovations in CGMs is increasing their adoption in the global diabetes devices market.

Growing Focus on Developing New Insulin Products

The growing demand for advanced insulin delivery devices supported by the high adoption of recently launched innovative smart devices and portable products is driving the demand of diabetes devices market.

Potential of Digitization in Diabetes Care Using Sensors, Wearables, and Mobile Devices Drives the Diabetes Devices Market Growth

Significant developments in the wearable device and remote sensor market are driven by the miniaturization of sensors & circuitry and the improvements in functionality and processing power of mobile devices. Various mobile apps and tools have been developed that close the loop between blood glucose tracking and insulin delivery, and many digital platforms have emerged including DayTwo, Viome, and Glooko, among others that are projected to boost the growth of digitization in diabetes care.

Covid-19 Impact on the Diabetes Devices Market

During the COVID-19 pandemic, the demand for diabetes devices continues to grow as a preventive measure to control glucose levels and complications in patients with diabetes mellitus. Diabetic patients are more likely to have serious complications from COVID-19, thus CGM becomes important for these patients.

Upcoming Market Challenges: Global Diabetes Devices Market

The high costs of CGM devices and reimbursement issues in developing countries are some of the major factors which are likely to affect the growth of the diabetes devices market in the further coming years.

North America is Poised to Hold a Larger Share in the Diabetes Devices Market

From a geographical outlook, North America is set to hold a larger share of the diabetes devices market. This can be mainly attributed to the growing cases of diabetes, adoption of technologically advanced products, increasing awareness on diabetes self-management solutions, and unhealthy food habits in this region.

Competitive Landscape Analysis: Diabetes Devices Market

Some of the well-established and leading market players operating in the global diabetes devices market are Medtronic Plc, Abbott Laboratories, Dexcom, Insulet Corporation, and Ypsomed, among others.

Growth Strategies Adopted by Leading Market Players to Establish Their Strong Foothold in the Diabetes Devices Market

All established and leading players operating in the global diabetes devices market are adopting aggressive growth strategies such as collaborations, acquisitions, innovations and new product launches to garner a larger market share.

For instance,

In August 2022, Insulet Corporation announced that they have received clearance from the US FDA for its Omnipod® 5 Automated Insulin Delivery System (Omnipod 5) for individuals aged two years and older with type 1 diabetes (T1D).

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Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.