Diabetes Care Devices Market

Market Overview:

The global diabetes care devices market size reached US$ 32.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.3 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032. The rising incidences of diabetes, rapid technological advancements, imposition of favorable government initiatives, increasing disposable incomes, integration of big data and analytics, and escalating geriatric population are some of the major factors propelling the market.

Diabetes care devices refer to specialized medical equipment designed to assist in the monitoring and management of diabetes. It includes blood glucose meters, insulin pumps, ketone meters, insulin pens, automated insulin delivery (AID) systems, and insulin jet injectors. Diabetes care devices are widely used for self-monitoring of blood glucose, insulin dosing, data tracking, pediatric care, gestational diabetes management, geriatric care, exercise planning, diet modification, and emergency situations. They are reliable and user-friendly devices that aid in improving glucose control, adhering to treatment, and minimizing complications.

The increasing disposable incomes, which are enabling more individuals to afford sophisticated diabetes care devices, are propelling the market growth. Besides this, the rising risk of diabetes across urban areas due to lifestyle changes is favoring the market growth. Additionally, the integration of big data and analytics in diabetes care devices, which allows for smarter, data-driven treatment plans, is contributing to the market growth. Furthermore, the growing demand for user-friendly, quick, and easy-to-use devices, owing to the increasing adoption of self-monitoring practices, is positively influencing the market growth. Apart from this, the proliferation of retail platforms, which allows consumers to easily access diabetes care devices from various brands at competitive prices, is supporting the market growth. Moreover, the escalating geriatric population, which is highly susceptible to diabetes and other chronic illnesses, is acting as another growth-inducing factor.

Diabetes Care Devices Market Trends/Drivers:

The rising incidence of diabetes

The growing prevalence of diabetes is a dominant factor fueling the diabetes care devices market. This escalation is primarily caused by various lifestyle changes, including sedentary habits and increasing consumption of high-sugar and high-fat diets. Furthermore, as the number of diabetes cases multiplies, the need for efficient management and monitoring tools becomes more critical than ever. In line with this, diabetes care devices are widely used to improve glucose management, minimize the risks of complications, reduce emergency healthcare visits, increase patient outcomes, and provide real-time data for quick decision-making. Moreover, the high incidence rates lead to greater awareness and urgency, thereby encouraging more investments in research and innovation efforts to accelerate the pace of technological advancements, making the market even more attractive to potential buyers.

The rapid technological advancements

The diabetes care devices market is being shaped by rapid technological advancements that offer improved precision, ease of use, and convenience. In line with this, the introduction of continuous glucose monitoring (CGM) systems, which provide real-time glucose monitoring, allowing for better treatment customization and lifestyle adjustments, is positively influencing the market growth. Furthermore, the introduction of smart insulin pens equipped with dose calculators, which offer a high level of sophistication, thus eliminating the guesswork in insulin dosing, is contributing to the market growth. Additionally, the development of innovative devices that are equipped with connectivity features, enabling seamless data sharing between healthcare professionals and patients, is favoring the market growth.

The imposition of favorable government initiatives

Public health policies and government initiatives play a significant role in the growth of the diabetes care devices market. Several governments are recognizing the burden that diabetes imposes on healthcare systems and are taking proactive measures to address it. In line with this, the organization of awareness campaigns aimed at educating the public about diabetes risks and management is contributing to the market growth. Moreover, the increasing allocation of funds by several governments to subsidize the cost of diabetes care devices, making them more accessible to a broader population, is contributing to the market growth. Besides this, the introduction of various reimbursement schemes to cover the cost of advanced devices, such as continuous glucose monitoring (CGMs) is contributing to the market growth.

Diabetes Care Devices Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global diabetes care devices market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, distribution channel and end user.

Breakup by Type:

• Blood Glucose Monitoring (BGM) Devices
  • Self-Monitoring Devices
  • Continuous Glucose Monitoring Devices
• Insulin Delivery Devices
  • Pumps
  • Pens
  • Syringes
  • Jet Injectors
     

Blood glucose monitoring (BGM) devices dominate the market

The report has provided a detailed breakup and analysis of the market based on type. This includes blood glucose monitoring (BGM) devices (self-monitoring devices and continuous glucose monitoring devices) and insulin delivery devices (pumps, pens, syringes, and jet injectors). According to the report, blood glucose monitoring (BGM) devices represented the largest segment.

Blood glucose monitoring (BGM) devices are dominating the market as they are highly affordable, making them accessible to a broader range of consumers. Furthermore, they are designed for user-friendliness, often requiring just a small drop of blood for accurate glucose readings. Additionally, BGM devices offer near-instantaneous results, enabling immediate action if needed, such as adjusting insulin dosage or food intake. Besides this, they are compact and easy to carry, making them convenient for people who are always on the go. This portability ensures that monitoring can happen anytime, anywhere. Moreover, BGM devices are being used for a longer period and enjoy broad acceptance among healthcare providers. In addition, they require minimal upkeep, usually replacement of test strips and occasional calibration, which makes them convenient for long-term use.

Breakup by Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Diabetes Clinics/Centers
• Online Pharmacies
• Others
   

Hospital pharmacies hold the largest share in the market

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes hospital pharmacies, retail pharmacies, diabetes clinics/Centers, online pharmacies, and others. According to the report, hospital pharmacies accounted for the largest market share.

Hospital pharmacies are dominating the market as they are considered reliable and trustworthy sources for medical devices, including those for diabetes care. Furthermore, patients admitted for diabetes complications or those visiting for a routine check-up can quickly and conveniently purchase the required devices and supplies from the hospital pharmacy. In addition, they employ well-trained pharmacists who can provide expert advice on device usage, thereby adding an extra layer of reassurance for patients. Besides this, products sold in hospital pharmacies are generally subject to rigorous quality checks, ensuring that patients receive authentic and effective devices. Moreover, they offer a streamlined process for insurance claims and reimbursements, making it easier for patients to offset the costs of their diabetes care devices. Along with this, hospital pharmacies offer a comprehensive range of diabetes care devices, giving patients various options to choose from.

Breakup by End User:

• Hospitals
• Homecare
• Diagnostic Centers
• Ambulatory Surgery Centers
   

Hospitals hold the largest share in the market

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes hospitals, homecare, diagnostic centers, and ambulatory surgery centers. According to the report, hospitals accounted for the largest market share.

Hospitals are dominating the market as they offer a one-stop solution for all medical needs, making it easier for patients to get all their diabetes-related services, including consultations, treatments, and devices. Furthermore, they employ specialists in endocrinology and diabetes care, ensuring that patients receive expert advice and treatment. In addition, hospitals have the resources to handle diabetes-related emergencies, such as diabetic ketoacidosis, which standalone clinics may not be equipped for. Apart from this, hospital-based care is often covered by insurance plans, making it a more accessible option for many patients. Moreover, the sheer number of patients that hospitals serve ensures that they purchase diabetes care devices in bulk, thus contributing to their large share of the market. Along with this, they are subjected to strict quality control standards, which provide assurance of the efficacy and safety of the diabetes care devices used.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest diabetes care devices market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America has one of the highest rates of diabetes in the world, which leads to increased demand for diabetes care devices. Furthermore, the region boasts a well-developed healthcare system with widespread availability of advanced medical technologies, including diabetes care devices. Additionally, the presence of comprehensive insurance plans, which cover diabetes treatment and devices, making it convenient for patients to access the care they need, is positively influencing the market growth. Besides this, North America hosts some of the leading companies in medical device manufacturing that are continuously updating and advancing diabetes care technology. In addition, the escalating awareness about diabetes and its management among regional consumers is acting as another growth-inducing factor. Moreover, the imposition of supportive policies and initiatives by regional governments to combat diabetes and provide access to high-quality treatment is favoring the market growth.

Competitive Landscape:

Leading companies are striving to introduce advanced devices, such as smart insulin pens, integrated continuous glucose monitoring (CGM) systems, and more accurate blood glucose meters. Furthermore, they are entering into partnerships with healthcare organizations, tech firms, and even competitors to co-develop new technologies. Besides this, major players are developing customized products to target emerging markets where diabetes is becoming more prevalent. Additionally, they are integrating digital technologies, such as data analytics and telehealth, into their devices to allow real-time monitoring and data collection, which can be crucial for effective diabetes management. Moreover, several companies are investing in education programs and materials to help users understand how to manage diabetes effectively. Along with this, they are leveraging online platforms for direct sales and customer engagement.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abbott Laboratories
• ACON Laboratories Inc.
• Ascensia Diabetes Care Holdings AG (PHC Holdings Corporation)
• Becton Dickinson and Company
• Bionime Corporation
• Dexcom Inc.
• F. Hoffmann-La Roche AG
• Johnson & Johnson
• Medtronic plc
• Novo Nordisk A/S
• Sinocare Inc.
• Terumo Corporation

Recent Developments:

• In February 2020, Abbott Laboratories was granted approval by the U.S. Food and Drug Administration (FDA) to utilize the FreeStyle Libre 14-day Flash glucose monitoring systems within hospital settings.
• In April 2021, Medtronic Plc introduced the Medtronic Extended Infusion set in selected European countries, which can be worn for up to 7 days.
• In November 2022, Ascensia Diabetes Care Holdings AG announced the integration of the Eversense CGM system with Apple Health.

Diabetes Care Devices Market Report Scope:

Key Questions Answered in This Report:

• How has the global diabetes care devices market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global diabetes care devices market?
• What is the impact of each driver, restraint, and opportunity on the global diabetes care devices market?
• What are the key regional markets?
• Which countries represent the most attractive diabetes care devices market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the diabetes care devices market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the diabetes care devices market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the diabetes care devices market?
• What is the competitive structure of the global diabetes care devices market?
• Who are the key players/companies in the global diabetes care devices market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the diabetes care devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global diabetes care devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the diabetes care devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.