The global Diabetes Care Devices Market size is expected to reach USD 41.88 billion in 2028 and record a CAGR of 6.4% over the forecast period, according to the latest report by Reports and Data. Major factors boosting market revenue growth are rising prevalence of diabetes, increasing investment in the development of more advanced diabetic care devices, and increasing demand for insulin delivery devices. Diabetes devices are used to measure and effectively manage blood sugar level of patients suffering from diabetes. Regular monitoring of blood sugar levels is a crucial part of diabetes treatment and management.
Diabetes devices are widely used in diagnostic centers, hospitals, and homecare. Hospitals segment accounted for major revenue share in the global market in 2020. Growing number of multispecialty private hospitals in developing countries and increasing demand for hospital-based treatment options are major factors driving revenue growth of this segment.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China's adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with the tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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Some Key Highlights From the Report:
- In August 2021, Smart Meter launched iGlucose Blood Glucose Monitoring (BGM) System. This new BGM system is capable of tests in a simple and reliable way. With the help of this new system, caregivers can monitor and manage blood glucose levels of patients suffering from gestational diabetes.
- Insulin delivery devices segment accounted for the largest revenue share in the global market in 2020. This can be attributed to rising technological advancements in insulin delivery systems and increasing prevalence of type-1 diabetes globally.
- Major players in the market include Braun, DexCom, Inc., Abbott, F. Hoffman-La Roche Ltd., Ascensia Diabetes Care Holdings AS, LifeScan, AgaMatrix Holdings LLC, Acon Laboratories, Inc., ARKRAY USA, Inc., and Becton , Dickinson and Company.
For the purpose of this report, Reports and Data has segmented Diabetes Care Devices Market based on type, distribution channels, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Blood Glucose Monitoring Systems
- Self-Monitoring Devices
- Continuous Glucose Monitoring Devices
- Lancets
- Test Strips or Test Papers
- Insulin Delivery Devices
- Insulin Pumps
- Insulin Pens
- Insulin Syringes and Needles
- Diabetes Management Mobile Applications
Distribution Channels Outlook (Revenue, USD Billion; 2018-2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic Centers
- Hospitals
- Homecare
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and less affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and regarding advanced treatment approaches and lower awareness of advanced technologies might further hamper market growth over the forecast period.
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