Global Diabetes Care Devices Market Report

Global Diabetes Care Devices Market, By Type (Blood Glucose Monitoring Systems, Insulin Delivery Devices, Diabetes Management Mobile Applications), By End-User (Hospitals, Diabetes Specialty Clinics, Self/Home Healthcare), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: July 2021
  • Report ID: BWC21411
  • Available Format: PDF
  • Page: 141

Report Overview

Diabetes is a chronic disease that occurs either when the pancreas fails to produce adequate insulin or when the body fails to use the insulin that it generates. Insulin is a hormone that helps to keep blood sugar levels in check.

Global Diabetes Care Devices Market- Industry Trends & Forecast Report 2027

The global diabetes care devices market was worth USD 8.9 billion in 2020 and is further projected to reach USD 14.0 billion by the year 2027, growing at the CAGR of 6.7% in the forecast period (2021-2027). Globally, the diabetes care devices market is progressing due to the increasing prevalence of diabetes around the world and the increasing acceptance of diabetes monitoring and management devices. As a result of raising awareness of this chronic disease, this market is expected to blossom during the forecast period.

Source: BlueWeave Consulting

Global Diabetes Care Devices Market- Overview

Diabetes is a chronic disease that occurs either when the pancreas fails to produce adequate insulin or when the body fails to use the insulin that it generates. Insulin is a hormone that helps to keep blood sugar levels in check. Over time, glucose (blood sugar) accumulates in the bloodstream without insulin, making it easier for it to become concentrated. The rise in blood sugar levels in your blood is caused by the accumulation of glucose in your bloodstream.

According to the World Health Organization, diabetes claimed the lives of 1.5 million people in 2019. There is currently no cure for diabetes; however, it can be controlled by managing one’s blood sugar levels. Diabetes increases a person's risk of developing heart disease, stroke, kidney disease, and eye problems, therefore diabetes care devices are used to reduce such risks. Diabetes care devices are used for monitoring and regulating the glucose level in a diabetic patient’s body. Blood glucose test strips, ketone monitors, insulin pens, syringes, pumps, and injectors are some of the most commonly used diabetes care devices.

Global Diabetes Care Devices Market Forecast and Trends

Growth Drivers

Rising Prevalence of Diabetes all around the world

The prevalence of diabetes in developing countries like China and India is increasing rapidly at an alarming rate. Diabetes was formerly a condition only associated with the geriatric population; however, it is becoming increasingly prevalent among young people as well. A report released by the American Diabetes Association revealed that the prevalence of diabetes among Americans under 20 is estimated to be about 210,000. The report further states that the incidence of type 1 and type 2 diabetes among youth was estimated to be 18,200 and 5,800, respectively, in 2014-15.

Increased urbanization, obesity, sedentary lifestyles, and lack of adequate knowledge about diabetes are some of the causes of the rising prevalence of diabetes. Thus, the market for diabetes care devices market is progressing swiftly and is estimated to gain traction in the forecast period.

Increasing Adoption of Technologically-advanced Diabetes Care Products

The need for diabetes care equipment is increasing as improved diabetes monitoring systems and treatment devices become more widely used. The healthcare facilities are rapidly installing and using diabetes care devices as they facilitate accurate measurements and monitoring. Simultaneously, the market players are also launching a wide range of diabetes care devices that cater to the needs of patients suffering from various types of diabetes. For instance, smart glucose level monitoring and insulin delivery solutions have been witnessing an increased demand as a result of their sophisticated technological features, which include integration with digital health solutions, data collection, as well as more precise and cost-effective management of diabetes. Thus, the wide acceptance of technologically advanced diabetes care devices is likely to drive the global diabetes care devices market in the forecast period.

Restraints

Nonavailability of Sufficient Reimbursement Insurance Policies

High diagnosis and treatment costs act as a significant deterrent to market growth. Developed nations like the USA, UK, Spain, Canada, and so on, have well-structured reimbursement insurance policies in place which boost the overall healthcare sector of such regions. However, in growing economies such as China, India, and South Korea, this concept of healthcare insurance is still relatively new. Potential markets, such as India, have some health insurance and reimbursement policies in place, but it will take some time for them to acquire traction. The adoption of advanced diabetes care devices is restricted as a result of this limitation. Moreover, lack of awareness regarding the benefits of such devices is also hindering the market growth.

Impact of Covid-19 on Global Diabetes Care Devices Market

With the sudden emergence of Covid-19-induced pandemic, the global diabetes care market experienced a mixed response. During the lockdown, the number of people visiting hospitals decreased dramatically, resulting in a decrease in demand for diabetes care devices. On the other hand, the trend of home-care monitoring and management of diabetes rose during the lockdown phase, which further propelled the demand for these devices. Furthermore, the Covid-19 pandemic may make a diabetic more vulnerable to severe illness. Thus, the rising number of Covid-19 cases may lead to a spike in the demand for diabetes care products in the foreseeable future.

Global Diabetes Care Devices Market - By Type

Based on types, the global diabetes care market is segmented into blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Blood glucose monitoring systems recorded the largest market share in the year 2020. The availability of technologically advanced devices and a range of diabetes care products such as smart insulin patches, insulin inhalers, closed-loop systems, etc. is significantly boosting the demand for blood glucose monitoring systems. However, diabetes management mobile applications are estimated to gain traction in the forecast period with a healthy CAGR.

Global Diabetes Care Devices Market - By End-User

Based on end-users, the global diabetes care market is categorized into hospitals, diabetes specialty clinics, and self-home healthcare. The hospital segment held the largest market share in 2020 owing to factors such as increasing hospitalization of patients, especially those belonging to the geriatric population. For monitoring and managing the blood sugar level, the accurate measurement of blood glucose is very crucial to avoid any complications. The demand for diabetes care devices in hospitals is estimated to boost in the forecast period due to the increasing adoption of advanced technology in these healthcare facilities.

Global Diabetes Care Devices Market - Regional Insights

Geographically, the global diabetes care devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounted for the largest share in the market. The rising number of people suffering from diabetes, along with the presence of major players in the region, are contributing to the growth of diabetes care devices in this region. However, the Asia-Pacific region is also estimated to witness a healthy CAGR in the forecast period owing to the increasing number of diabetes patients in the regions. According to a report released in 2016 by the WHO, China has 110 million people living with diabetes, which is nearly 10% of all adults. The report further states that the number is expected to rise to 150 million by the year 2040, with serious health, social, and economic consequences.

Competitive Landscape

The leading market players in the global diabetes care devices market are Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Ltd., Medtronic PLC, Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Lifescan, Dr. Morepen, Sanofi, B. Braun Melsungen AG, Acon Laboratories, Inc., Becton, Dickinson And Company, Ypsomed, Terumo Corporation, and other prominent players. The companies are consistently focusing on offering a wide range of sophisticated diabetes care devices to maintain and expand their presence in several regions of the world.

Recent Developments

l  In May 2021, Bigfoot Biomedical, a US-based medical technology startup, announced to have received FDA clearance for the Bigfoot Unity Diabetes Management System. This smartpen cap for insulin pens has been devised to treat Type1 and Type2 diabetes.

l  In April 2021, BIOCORP, a French medical device company announced the launch of ‘Mallya’, a medical device in collaboration with Roche Diabetes Care France. ‘Mallya’ is a smart insulin pen device that can accurately collect and transfer insulin data.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Type, By End-User, By Region

Key Players

Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Ltd., Medtronic PLC, Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Lifescan, Dr. Morepen, Sanofi, B. Braun Melsungen AG, Acon Laboratories, Inc., Becton, Dickinson And Company, Ypsomed, Terumo Corporation, and other prominent players

 

By Type

Ø  Blood Glucose Monitoring Systems

Self-Monitoring Blood Glucose Monitoring Systems

Test Strips/Test Papers

Lancets/Lancing Devices

Ø  Insulin Delivery Devices

Insulin Pumps

Insulin Pens

Insulin Syringes and Needles

Ø  Diabetes Management Mobile Applications

By End-User

Ø  Hospitals

Ø  Diabetes Specialty Clinics

Ø  Self-Home Healthcare

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

 

FAQs:

1. What is the current size of the global diabetes care devices market?

Answer: The global diabetes care devices market reached USD 8.9 billion in 2020.

2. What are the major factors driving the growth of the global diabetes care devices market?

Answer: The major factors driving the growth of the global diabetes care devices market are the rising prevalence of diabetes all around the world and increasing acceptance of technologically advanced diabetes care devices.

3. Who are the key players in the global diabetes care devices market?

Answer: The key players in the global diabetes care devices market are: Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Ltd., Medtronic PLC, Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Lifescan, Dr. Morepen, Sanofi, B. Braun Melsungen AG, Acon Laboratories, Inc., Becton, Dickinson And Company, Ypsomed, Terumo Corporation, and other prominent players

4. Which end-user segment accounted for the largest share in the global diabetes care devices market?

Answer: The hospital segment accounted for the largest share in the global diabetes care devices market.

5. Which region is at the highest growth rate in the global diabetes care devices market?

Answer: North America has the largest share in the global diabetes care devices market.