Diabetes Care Devices Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Becton, Dickinson and Company, Novo Nordisk A/S, Roche Holding AG

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Diabetes Care Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $93.2 billion In 2028 At A CAGR Of 7.6% :

The diabetes care devices market size has grown strongly in recent years. It will grow from $64.27 billion in 2023 to $69.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing diabetes prevalence, economic growth, public health insurance reforms, increased geriatric population, and increased healthcare expenditure.

The diabetes care devices market size is expected to see strong growth in the next few years. It will grow to $93.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increase in r&d investments and research collaborations, increase in disease burden, government initiatives and technological development . Major trends in the forecast period include stick free glucose testing, glucose responsive insulins (gris), artificial pancreas, shift in traditional insulin syringes, wearable and mobile glucose monitoring systems, intelligent glucose meters.

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Diabetes Care Devices Market Major Segments
The diabetes care devices market covered in this report is segmented -

1) By Type: Blood Glucose Test Strips, Insulin Pens, Syringes, Pumps And Injectors, Lancing Devices And Equipment, Continuous Glucose Monitoring Devices And Equipment, Blood Glucose Meters
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By Type Of Testing: Point Of Care (POC) Testing, Non-Point Of Care (POC) Testing
5) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users

Subsegments Covered: Glucose Dehydrogenase, Glucose Oxidase, Pens, Injectors And Pumps, Syringes

Key Driver - Rising Healthcare Expenditures Expected To Propel Diabetes Care Device Market Growth

Increasing healthcare expenditures are anticipated to propel the growth of the diabetes care device market going forward. Healthcare expenditures refer to the total amount spent on healthcare-related services, products, and activities within a specified period, typically on an individual, community, national, or global level. The increasing healthcare expenditures, coupled with greater access to healthcare services and rising diabetes diagnoses, drive heightened investments in research and development, leading to the advancement of diabetes care devices such as improved glucose monitoring systems, insulin delivery devices, and digital health solutions. For instance, in May 2023, the Office for National Statistics, a UK-based statistics authority, reported that healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. UK total healthcare expenditure in 2021 was $367.25 billion (£280.7 billion), and pharmaceutical expenditure was $51.84 billion (£39.6 billion) in 2021. Further, spending on preventive care was $45.93 billion (£35.1 billion) in 2021, more than doubling from the previous year. Therefore, increasing healthcare expenditure will drive the growth of the diabetes care device market going forward.

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Prominent Trend - Medtronic's Extended Infusion Set Fuels Market Expansion

Major companies operating in the diabetes care devices market are focused on developing innovative products, such as Medtronic Extended Infusion, to increase the profitability in the market. The Medtronic Extended Infusion Set is a tube that delivers insulin from the pump to the body and is designed for up to 7 days of wear. For instance, in April 2021, Medtronic Plc, a US-based medical equipment manufacturer, launched the Medtronic Extended infusion set in select European countries. The product is currently accessible for purchase in specific European nations, initially debuting in Finland and Belgium, with plans for a gradual rollout to additional European countries. Moreover, the Extended infusion set incorporates innovative technology and alternative materials, enabling it to be worn for double the duration compared to other Medtronic infusion sets, which are typically approved for 2-3 days of use.

Diabetes Care Devices Market Players
Major companies operating in the diabetes care devices market report are Becton, Dickinson and Company, Novo Nordisk A/S, Roche Holding AG, Nipro Corporation, HTL-STREFA Inc., ARKRAY, Terumo Corporation, Owen Mumford, Ypsomed AG, Vogt Medical, Sanofi India, Biocon Ltd, Mehar healthcare, Johnson & Johnson, GE Healthcare, Covidien Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell medical equipment & supply Co, Olympus Medical Systems, Hitachi Medico, Nihon Koden, Fukuda Denshi, Medtronic, Emperra GmbH E-Health, Novo Nordisk A/S, Insujet, Eli Lilly, Fresenius Medical Care, Siemens, Stryker, Teleflex Medical, LifeScan, Ascensia Diabetes Care, Tandem Diabetes Care, Dexcom Inc., SocialDiabetes, Dottli, Themis Bioscience, Ok biotech, Acon Laboratories, Bayer AG, AgaMatrix.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the global diabetes care devices market in 2023. Western Europe was the second largest region in the global diabetes care devices market. The regions covered in the diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Diabetes Care Devices Market Report Structure
3. Diabetes Care Devices Market Trends And Strategies
4. Diabetes Care Devices Market - Macro Economic Scenario
5. Diabetes Care Devices Market Size And Growth
…..
27. Diabetes Care Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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