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Global Insights on Diabetes Care Devices Market Trends 2024
Diabetes Care Devices Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Diabetes Care Devices Market 2024 Key Insights:
• 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%.
• Rising Healthcare Expenditures Expected To Propel Diabetes Care Device Market Growth
• Medtronic's Extended Infusion Set Fuels Market Expansion
• North America was the largest region in the global diabetes care devices market in 2023
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