Global Diabetes Devices Market : Growth and Analysis ,Forecast 2023 to 2032 by Product Revenue and Type.

Global Diabetes Devices Market: Press Release

The Global Diabetes Devices Market was valued at USD 110.00 Billion in 2023 and is estimated to reach USD 60.4 Billion by 2032, growing at a CAGR of 6.70% from 2023 to 2032.
Scope of the market:
Diabetes also called Diabetes mellitus (DM) a metabolic disease that involves an inappropriate increase in blood glucose level. Mainly develops when the pancreas does not create insulin, this glucose gets deposited in the bloodstream causing hyperglycemia i.e. high blood sugar.
3 main types of diabetes we mostly deal with are Type 1, Type 2, and gestational diabetes.

Type 1 diabetes is caused by an autoimmune reaction that stops your body from making insulin, and need to take insulin. Around 5 to 10 % of people have type 1 diabetes. This is diagnosed at a young age and children. According to the International Diabetes Federation, 1.52 million people living with type 1 worldwide in 2022 are less than 20 years of age.

Type 2 diabetes where the body doesn't properly use insulin. Around 90 to 95% of people have type 2 diabetes. Adults are affected mainly by type 2 diabetes. Gestational diabetes is developed during pregnancy.

Nowadays diabetes has become common due to factors such as high weight, unhealthy lifestyle, and increasing age. Fast-growing countries like the Middle East and Asia Pacific have seen a drastic change in their habits due to which the diabetes devices market will witness a high growth in the coming days. Recent developments in technology like advanced insulin pens and pumps helping this market to incline. The rising prevalence of technological developments and obesity are driving this market worldwide. Also, government funding, and various initiatives taken by the government to control diabetes. Top manufacturers focusing on technological advancement are also contributing toward market expansion.

According to the International Diabetes Federation, 500 million people globally are dealing with diabetes and this number is expected to grow by 25% by 2030 and 51% by 2045, and so on.

Drivers: Rising awareness of diabetes will boost the market for diabetes devices. This diabetes devices Market has witnessed massive demand due to growing consumer awareness, the rising prevalence of people suffering from diabetes, and technological advancement in this market. Rising incidence of diabetes and unhealthy lifestyles are the important factors that are driving the diabetes device market.

Economic Impact of Covid-19:

The analysis of the COVID-19 recovery trajectory provides an overview of the main strategies that industries are implementing to respond to and recover from the economic crisis. It alsofocuses on the post-pandemic and pre-pandemic era of the Global Diabetes Devices Market through PEST analysis, SWOT, Quantitative and Qualitative analysis, Attractive analysis, and DROs.

Key Players:
• Bayers AG
• Abbott Laboratories
• Sanofi
• Cellnovo
• Novo Nordisk A/S
• Eli Lilly and Company
• Becton
• Dickinson
• LifeScan Inc
• Tandem Diabetes Care, Inc.
• F-Hoffman- La Roche Ltd.
• Dexcom Inc.
• Arkray, Inc.
• Others

These players are considered in the report based on Company Profile, company overview, strategies, recent developments and trends, and financial overview.
Mergers and acquisitions and the launching of new services and products are helping key players to make their strategies in the forecast.

Recent Developments in Global Diabetes Devices Market.

November 2022:
In May 2021: An announcementwas made by Medtronic that they have received the approval for 2 devices for diabetes management. A connected insulin pen for consumers who use injection daily more than once viz., InPen. Further, the Guardian 4 sensor is designed in such a way that it monitors glucose continuously.

March 2022:
A closed- Loop insulin pump system for type 1 diabetes named MiniMed 780G, was launched by Medtronic India in March 2022.

Global Diabetes Devices Market Segmentation:
Based on Type:
• Blood Glucose Monitoring Systems
o Self-Monitoring Blood Glucose Systems
o Continuous Glucose Monitoring Systems
Treatment Devices
• Insulin Pump
• Insulin Pen
• Insulin Syringes
• Insulin Jet Injectors
Based on Distribution Channel:
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Clinics
Based on End-Use:
• Hospitals
• Diagnostic Centres
• Homecare

Regional Analysis:
North America showing its dominance over other regions due to the increasing prevalence of diabetes. It is expected to have the largest market share for diabetes devices. New product launches, technology advancements, well-developed infrastructure, and expensive treatment costs are playing a major role in driving this region ahead. The U.S. has been number 1 in the North American market for a very long time due to its large diabetic population and its reimbursement rule. According to the CDC, 38.4 million people have diabetes i.e. 11.6%

Europe is expected to be the second-largest market. Europe's strong healthcare system, large aging population, Physical inactivity, and awareness of diabetes prevalence are contributing to the growth of this region. According to the CDC, Europe has 60 million diabetic people. Further Germany has the largest market share followed by the UK which can be the fastest growing market.

Asia-Pacific diabetes device market is expected to grow at a rapid CAGR in the forecast period. High growth opportunities for manufacturers, the aging population, and healthcare infrastructure are contributing towards the growth. China has the largest market share and the Indian market will be the fastest growing market in the Asia-Pacific region.

Key questions answered by this report.
1. Top market players contributing to the revenue?
2. Trending strategies by the players?
3. Which region will be the leading one in the forecast period?
4. Factors that drive the Global Diabetes Devices Market?
5. Which factors will affect the Global Diabetes Devices Market?
6. How Covid-19 pandemic impacted the growth of the Global Diabetes Devices Market?
7. Which Segment accounted for the Global Diabetes Devices Market shares?
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