Quick Summary:
In a world where diabetes is becoming increasingly prevalent, particularly among the aging population, robust and comprehensive management tools are more vital than ever. This includes the vast array of diabetes care devices, such as smart insulin pens, glucometers, continuous glucose monitors (CGMs), insulin pumps and advanced diabetes management applications, used to consistently monitor and control the disease. These devices have shown significant effectiveness in helping to manage blood sugar levels, reducing instances of hyperglycemia and hypoglycemia, and overall improving the quality of life for those living with diabetes.
One of the critical trends driving this market is the growing adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These innovative technologies are seamlessly integrated into smart diabetes devices to enable real-time patient monitoring and more personalized treatment. This increasing demand for self-monitoring in managing diabetes is accelerating market growth because they provide critical information about dynamic blood glucose profile, aiding in scheduling meals, medication, and activity. The report provides an in-depth analysis and forecast for the global diabetes care devices market, making it an indispensable investing resource for decision-makers aiming to capitalize on these burgeoning market trends.
Diabetes care devices refer to equipment used to monitor or determine blood sugar levels. Smart insulin pens, glucometers, ketone, continuous glucose monitors (CGMs), insulin pumps and diabetes management applications are some of the common diabetes care devices. They consist of lancets, glucose sensors, monitors, docking stations, test plugs and test strips that help constantly monitor diabetic conditions. Diabetes care devices are widely used to diagnose and monitor diabetes mellitus, a chronic disorder that affects the amount of glucose absorption in the blood. Consequently, these devices assist in accurately identifying blood sugar levels, determining the effectiveness of diabetes treatment, and lowering the instances of hyperglycemia and hypoglycemia.
Diabetes Care Devices Market Trends:
The growing prevalence of diabetes, especially amongst the steadily rising geriatric population across the globe, is creating a positive outlook for the market. Diabetes care devices are widely adopted to treat and manage symptoms and complications associated with the disorder, such as respiratory issues, kidney and liver failure, and cardiovascular conditions. In line with this, the extensive utilization of glucose monitoring and insulin delivery devices for better care and management of the disease is favoring the market growth. Apart from this, the introduction of smart diabetes devices integrated with artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT) to enable remote monitoring of the patient's symptoms and biomarkers are providing an impetus to the market growth. Additionally, the increasing demand for self-monitoring of blood glucose (SMBG) that includes information regarding the patient’s dynamic blood glucose profile is positively impacting the market growth. The reading further aids in the appropriate scheduling of food, activity, and medication, thus making them a valueable tool in the treatment of diabetes mellitus. Other factors, including extensive research and development (R&D) activities, evolving eating habits and sedentary lifestyles, and the implementation of various government initiatives focusing on providing better health services are anticipated to drive the market toward growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global diabetes care devices market report, along with forecasts at the global, regional and country level from 2023-2028. The 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
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics/Centers
- Online Pharmacies
- Others
Breakup by End User:
- Hospitals
- Homecare
- Diagnostic Centers
- Ambulatory Surgery Centers
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Terumo Corporation.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 has been the impact of COVID-19 on the global diabetes care devices market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global diabetes care devices market and who are the key players?
- What is the degree of competition in the industry?
What is the estimated value of the Global Diabetes Care Devices Market?
What is the growth rate of the Global Diabetes Care Devices Market?
What is the forecasted size of the Global Diabetes Care Devices Market?
Who are the key companies in the Global Diabetes Care Devices Market?
Report Attribute | Details |
---|---|
No. of Pages | 138 |
Published | September 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 29.6 Billion |
Forecasted Market Value ( USD | $ 47.3 Billion |
Compound Annual Growth Rate | 8.1% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |
Table of Contents
Companies Mentioned
- Abbott Laboratories
- ACON Laboratories Inc.
- Ascensia Diabetes Care Holdings AG (PHC Holdings Corporation)
- Becton Dickinson
- Company
- Bionime Corporation
- Dexcom Inc.
- F. Hoffmann-La Roche AG
- Johnson & Johnson
- Medtronic plc
- Novo Nordisk A/S
- Sinocare Inc. and Terumo Corporation.
Methodology
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