Diabetes Devices Market Growth & Trends
The global diabetes devices market size is expected to reach USD 54.16 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 8.2% from 2022 to 2030. The market is primarily driven by factors such as the increasing incidence of diabetes, coupled with technological advancements and innovative product launches.
Rising adoption of advanced diabetes management solutions in developing regions, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, the rising government initiative to spread diabetes awareness and increasing R&D expenditure of major market players are the factors expected to ensure long-term market growth. According to the NCBI report, global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010.
Obesity, sedentary lifestyle, and fast food culture are some of the factors having a significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, the U.S has the highest rates of obesity with every third person being obese and this rate is expected to reach 50% by 2030.
In addition, an increasing number of new market players are transforming the market. New market entrants focus on patient convenience with the help of artificial intelligence technology. They are leveraging technological advancements to improve diabetes care solutions like CGM devices non-invasive insulin delivery systems and digital diabetes management platforms. For Instance, In December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA-approved solution that can combine insulin injector pens with a smart app.
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Diabetes Devices Market Report Highlights
North America accounted for the largest share in 2021 owing to favorable reimbursement policies, the presence of key players, and frequent product launches
By product, the insulin delivery devices market accounted for the largest market size and is also expected to grow at the fastest rate
By BGM devices, self-monitoring devices are dominating the market owing to their low cost and high usage
By SMBG devices, testing strips is dominating the market while blood glucose meter is growing at a rapid pace owing to the high adoption of these devices and technological advancement
By CGM device, the transmitter segment accounted for the largest market share owing to the high cost of devices
By insulin delivery devices, the pens segment is dominating the market owing to its low cost as compared to other delivery devices and it is also easy to carry and use
By distribution channels, the hospital pharmacy segment dominated the market owing to the rise in sales of diabetes devices in these pharmacies
By end-use, the Hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment
Market leaders are focusing on product launches and technological collaboration.
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