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Diabetes Care Devices Market: By Product Type, Insulin delivery devices, By Distribution Channel and Geography
Diabetes Care Devices Market: By Product Type, Insulin delivery devices, By Distribution Channel and Geography
Diabetes care devices market size was valued at US$ 22 billion in 2023 and is anticipated to grow at US$ 31.8 billion till 2030 recording a CAGR of 5.7% from 2024-2030. Diabetes is the most widespread metabolic disorder in which patient body is unable to use the glucose due to the lack of Insulin. The major cause of diabetes is insulin deficiency secreted by beta cells of the islet of Langerhans of the pancreas. The other factors include genetically inheritance, changing lifestyle, and unhealthy diets can also cause diabetes. Diabetes further has severe effects on the body like internal damaging of organs and hence require regular monitoring and controlled level of glucose levels in the body. Diabetes care devices are user-friendly and can be operated by patients themselves; they monitor the blood glucose level and help patients to control diabetes.
There are two different type of diabetes, caused due to decreasing ability of the pancreas to produce the insulin and another is due to lack of response to the insulin. Diabetes is a chronic disease and the people suffering from diabetes needs to monitor blood glucose throughout their life. Globally, diabetes is the fourth leading cause of death. According to the International Diabetes Federation (IDF), seven Mn people are added every year to the pool of 246 Mn diabetics, which is projected to increase approximately 438 Mn by 2030. Moreover, about 3.8 Mn people die each year from diabetes. The global market is highly fragmented with the presence of several large and small vendors, due to which it witnesses an intensely competitive environment. For the development of new products, and enhance the competitiveness, most vendors partnering with other vendors in the global market.
Study Period
2024-2030Base Year
2023CAGR
5.7%Largest Market
North AmericaFastest Growing Market
Europe
The diabetes care devices market is growing at a significant rate due to the increase in the incidence of diabetes, especially in adults. The key drivers for the growth of global market are rise in innovative technologies, minimally or non-invasive products and increasing diabetic population boosting the growth of global market. Similarly, availability of devices, that are faster, effective, safer, and user-friendly are the key factors fuel the growth of the global market over the forecast period. Apart from this, government and private investment in research and development, and low diagnostic rates might fuel the growth of global market. However, the high cost of new devices, lack of awareness, stringent regulatory obligations, and disparity in reimbursements are some the factors that are constraining the growth of global market.
Geographically, the diabetes care devices market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America dominates the markets followed by Europe and Asia-Pacific. North America garners significant market share due to the growing diabetic population. According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S., availability of skilled professionals, and reimbursement for the diabetes care devices are the major factors contributing to the growth of the global market in North America.
Europe is the second largest region for global market in the world due to the rapidly aging population and drastic changes in lifestyle.
Asia-Pacific region is major market for global diabetes care devices due to the large patient pool, and rising diabetes incidence in the region. According to the International Diabetes Federation (IDF), China has the largest number of diabetic patients with around 96.2 Mn and India has around 66.8 Mn diabetic patients, which represents approximately 45% of the global diabetic population. Aforementioned factors help to boost the market in Asia-Pacific region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 22 billion |
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Market CAGR |
5.7% |
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By Product Type |
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By Distribution Channel |
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By Region |
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The global diabetes care devices market size was valued at US$ 22 billion in 2023 and is projected to grow at a CAGR of 5.7% from 2024-2030.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
9Global Diabetes Care Devices Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.