Market Overview:
According to our latest study, "Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User," the market is projected to grow from US$ 28,942.1 million in 2022 to US$ 42,119.3 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments.
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Diabetes care devices are the medical devices used to monitor glucose levels in the blood of diabetes patients. Monitoring devices are known as continuous glucose monitoring devices or glucometers. Insulin delivery devices include pumps, syringes, pens and others. These devices are used by diabetes patients who are unable to produce insulin on their own to inject insulin into their bodies.
The market's growth can be attributed to the robustly rising prevalence of diabetes and increasing support by the government in the US. In the US, diabetes is among the most common and expensive chronic diseases. The highest rate of diabetes is commonly seen in the elder population. However, the rise in the prevalence of diabetes continues across the US, and it is also being seen among the overweight and obese population.
Based on type, the global diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment would hold a larger market share in 2022, while the same segment is also estimated to register a higher CAGR in the market during the forecast period. Glucose monitoring devices or glucose meters are medical devices used to determine the approximate levels or the concentration of glucose in the blood of the patients living with diabetes. The concentration of the glucose level can be measured by various means, such as through testing strips and lancets. The glucose monitoring devices market consists of components such as glucometers, lancets, testing strips, and other glucose monitoring devices. In 2022, the testing strips segment would hold the largest market share. In the global diabetes care devices market, various market players have introduced their devices for glucose monitoring. For instance, Contour Net EZ, Accu-Check Aviva, Abbott FreeStyle, One Touch Verio, Dexcom G6, and Guardian Sensor 3 are some of the key products offered by players such as Abbott, F. Hoffman-La Roche Ltd, and Medtronic. In addition, due to technological developments, new products are offering various benefits to the user. For instance, diamontech GmbH has invented a noninvasive glucose monitoring device. The company offers DMT Base, DMT Pocket, and DMT Band that help diabetes patients monitor their glucose levels. Therefore, the presence of market players offering various products and technological advancements in diabetes care devices are likely to propel the growth of the market during the forecast period.
The report segments the global diabetes care devices market as follows:
The global diabetes care devices market is segmented based on type and end user. Based on type, the market is segmented into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment is subsegmented into testing strips, glucometers, lancets, and others. The insulin delivery segment is subsegmented into insulin pens, insulin syringes, insulin pumps, and others. Based on end user, the market is segmented into homecare and hospitals & clinics. By geography, the global diabetes care devices market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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BD; Novo Nordisk A/S; Medtronic; B. Braun Melsungen AG; Tandem Diabetes Care Inc.; Insulet Corporation; Eli Lilly and Company; Dexcom, Inc.; Terumo Corporation; F. Hoffmann-LA Roche LTD are among the key players operating in the global diabetes care devices market.
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