Diabetes Care Devices Market

Market Overview

The global diabetes care devices market size was valued at USD 52,692 million, which is expected to reach USD 87,150 million at a CAGR of 6% during the forecast period (2022–2030). Factors such as Prevalence of Diagnosed Cases Fostering Research and Treatment, significantly drives the diabetes care devices market demand by 2030.

 Diabetes is a chronic, life-threatening condition for which there is no cure. Diabetes has become a global pandemic that affects millions of people globally. Type-1 diabetes is caused by a failure of the immune system, whereas Type-2 diabetes is associated with a sedentary lifestyle, leading to insulin resistance. Type 1 diabetes can be described as insulin-dependent, whilst Type 2 diabetes can be described as insulin-dependent.

Diabetes is linked to numerous health issues. Persons who have diabetes have a 300% higher risk of being hospitalized, and as a result, they spend more on healthcare expenses than people who do not have diabetes. This compares the population with diabetes and the population without diabetes. Diabetes technologies and devices are a reality that cannot be stopped. They provide opportunities for empowering patients to improve their self-care.

Monitoring blood sugar helps identify if you are hitting your glucose targets, which helps to lessen the uncomfortable symptoms of high and low blood sugar and helps avoid the problems of diabetes over the long run. To improve the quality of medical services and the efficacy of administered treatments, diabetes monitoring and prevention agencies, such as the ADA, invest substantial resources in the research and development of new medical devices to control the epidemic and increase the life expectancy of diabetic patients.

In addition, patients trying to maintain tight control of their blood glucose levels to avoid long-term problems connected with blood glucose level variations are at a greater risk for overcorrection, leading to hypoglycemia. Patients who are trying to maintain tight control of their blood glucose levels to avoid the associated long-term complications. Without several daily insulin injections or insulin pump therapy, it can be exceedingly difficult to achieve modest results. Because of this, the demand for diabetes care devices market across the globe is on the rise, which will keep the market in the spotlight throughout the forecast.

Market Dynamics

Diabetes Care Devices Market Drivers

Prevalence of Diagnosed Cases Fostering Research and Treatment

According to the Centers for Conditions Control and Prevention (CDC) of the United States, diabetes has reached pandemic proportions in the U.S., with over 30 million Americans diagnosed with the disease. According to with American Diabetes Association (ADA), in 2018, nearly 29 million people in the United States suffered from diabetes, with approximately 1.3 million registered cases of Type 1 diabetes and an additional 84.1 million people exhibiting prediabetic symptoms that increased their risk of developing Type 2 diabetes.

To improve the quality of medical services and the efficacy of prescribed treatment options, diabetes monitoring and prevention agencies, such as the ADA, invest substantial resources in the research and development of new medical devices to control the epidemic and increase the life expectancy of diabetic patients. The constantly rising prevalence and incidence of diabetic patients and the rising cost of healthcare in numerous countries are indicators of the growing demand for diabetic care products. The development of such diabetes awareness and care initiatives is expected to enhance demand for diabetic care devices, consequently propelling the diabetes care devices market's growth over the forecast period.

The amount of actual work has decreased due to rising urbanization and motorization. According to the WHO, more than 60% of the world's population is insufficiently dynamic. According to the World Health Organization, active employment is one of the factors that sustains life. As a result, at any stage of life, it protects against any persistent medical issues, such as various forms of cardiovascular disease or diabetes. Type 2 diabetes risk increases with increasing body weight at any age. Type 2 diabetes is three to ten times more prevalent than average weight in people who are obese, and it is more likely to occur in those whose body mass index (BMI) is more than 35 kg/m2. The risk of type-2 diabetes increases with an unhealthy lifestyle that includes smoking and poor eating habits. Working shifts, especially at night, has been linked to an increased risk of type 2 diabetes. Smoking is a serious risk factor that increases the likelihood of developing diabetes compared to non-smokers. With each additional cigarette smoked daily, the risk of diabetes rises. Thereby triggering the growth of the market.

Diabetes Care Devices Market Restraints

High Treatment Cost Creating Financial Burden on the Population

The cost of diabetic treatment is high. According to the ADA, a diabetic patient incurs annual medical expenses of USD 16,752, 57.31 % of which are directly attributable to diabetes. Since most individuals in developed nations, such as those in North America, have access to medical insurance, the increase in the number of people diagnosed with diabetes places a financial burden on government reserves in paid claims and associated productivity loss. Despite the government's implementation of several reimbursement rules, patients are nonetheless responsible for the expenses of medical devices and supplies. Making it challenging for patients to obtain treatment equipment and medications.

In addition, specific government policies may not account for the overall cost of treatment. Due to the advanced sensors built into equipment such as insulin pumps, jet injectors, and CGM, their prices are very high. In developing economies like India and Brazil, reimbursement policies for the device are inadequately regulated, limiting market expansion. Inadequate compensation forces patients to pay for their own medical expenses. Those who cannot afford to pay out of pocket cannot use blood glucose monitoring devices due to the lack of reimbursement and insurance coverage. Despite the inexpensive cost of glucometer consumables, the high frequency of use directly impacts the out-of-pocket expenses of patients. This inhibits the development of diabetes care devices market.

Diabetes Care Devices Market Opportunities

Government Initiatives to Create Future Prospects

Government policies are essential to enhancing the quality and security of healthcare. For instance, in North America, nearly all levels of authority — federal, state, and local — coexist. Changes in policy, systems, and the environment (PSE) are critical components of a long-term plan to prevent chronic diseases such as diabetes. While government policies and environmental changes aim to make healthy behaviors more accessible or desirable and unhealthy exposures more difficult or even prohibited, system-level interventions seek to enhance the operation of an agency or organization and the delivery of its services to the community.

Through the Special Diabetes Program, the U.S. government has committed USD 2.5 billion to Type 1 diabetes research since 1998. Currently, the United States government allocates USD 150 million per year to diabetes research at the National Institutes of Health (NIH). Similar to the United States, Canada's medical treatment standards are governed by the Canada Health Act of 1985, which grants the Canadian government the authority to regulate the safety and effectiveness of medical equipment, drugs, and natural health products; to support health research; and to provide a variety of services to specified groups.

In addition to federal initiatives, the provincial governments of the Canadian provinces have also undertaken several programs to combat the development of diabetes among their citizens. It is anticipated that implementing such government-funded care programs and initiatives will increase the demand for diabetic care equipment shortly.

Regional Analysis

The regional segmentation of the diabetes care devices market share in North America, Europe, Asia-Pacific, and Middle East & Africa.

North America and Europe to Hold the Most Significant Market Share

North America will hold a share of USD 40,671 million with a CAGR of 7% during the forecast period. The major contributor to the region is the United States. Due to reimbursement options for glucose meters, monitoring devices are gaining widespread acceptance. New innovations in the region's country, the United States, are expected to hike the market of diabetes in the region.

For example, in January 2020, the Tandem Control-IQ became the first AID system with automatic correction boluses and no fingerstick CGM (Dexcom G6) approved for people 14 and older. In June 2020, Tandem Diabetes Care Inc. announced that the U.S. Food and Drug Administration (FDA) approved an expanded pediatric indication for the t:slim X2TM insulin pump with Control-IQTM technology to include children aged six and older. 

In addition, the market will expand during the forecast period due to companies collaborating to introduce new technologies. For instance, in July 2020, Medtronic PLC and Tandem Diabetes Care Inc. entered into a non-exclusive patent cross-license agreement on specific technologies in diabetes. Tandem Diabetes Care announced in June 2020 that they had reached a definitive agreement with Abbott to develop and commercialize integrated diabetes solutions that combine Abbott's continuous glucose monitoring (CGM) technology with Tandem's innovative insulin delivery systems to provide more options for managing diabetes. And hence, these factors are likely to boost the market for diabetes care devices in both the U.S. and the North American region.

Europe is expected to share USD 12,292 million at a CAGR of 7%. France and Germany are expected to be significant contributors to the region's growth.

Multiple French companies are developing CGM solutions to increase the life expectancy of diabetic patients. The French insulin infusion pump market will be boosted during the forecast period, especially after the announcement by the French startup Diabeloop SA that it has raised GBP 31 million in a Series B financing round to expedite the commercial production of its artificial pancreas device configured to automatically control blood glucose in Europe. In addition, several local companies are developing SMBG at a lower cost than multinational corporations. 

The German Center for Diabetes Research (DZD) conducts intensive scientific research to develop efficacious diabetes prevention and treatment methods. Diabetes patients in Germany pay roughly 10 euros, or 11 dollars, for three months of insulin pump accessories. In the following years, it is estimated that these elements will contribute to expanding the regional market in Europe.

Over the projection period, the Asia-Pacific market is anticipated to have the quickest revenue CAGR. Major factors projected to fuel market revenue growth in this region include the healthcare sector's rapid development and modernization, rising investments in R&D, and rising disposable income. India will likely trail China in market share in the area. The leading causes of market revenue growth in Asia-Pacific are the region's aging population and the ongoing rise in diabetic patients.

Segmental Analysis

The global diabetes care devices market share is segmented based on monitoring devices and management devices.

Based on monitoring devices, the division is self-monitoring blood glucose devices (glucometers, test strips, lancets) and continuous glucose monitoring devices (sensors and durables (receivers and transmitters).

The self-monitoring blood glucose devices, or SMBG, are expected to project at a CAGR of 8% and reach USD 22,939 million during the forecast period. The glucometer device segment is expected to hold the largest share in the SMBG market, at a CAGR of 11%. Due to favorable healthcare insurance policies, it is anticipated that the glucometer segment of SMBG will experience rapid growth over the forecast period. The diabetes population is growing at an extremely rapid rate. Patients with Type 2 diabetes use glucometers to regularly monitor their blood glucose levels.

Consequently, continued expansion of the glucometer section is anticipated. The segment's rise is also attributable to novel gadgets, such as glucometers linked to smartphones via the headphone connection and automatically recording the readings. In addition, keeping the device's lightweight and providing them with long-lasting, energy-efficient batteries may increase the uptake of glucometers.

The continuous blood glucose monitoring segment is expected to have the highest CAGR of 13% during the forecast period. The most crucial aspect driving the market for the continuous glucose monitoring sector is the rising incidence of diabetes all over the world. Additionally, innovations in the sensors market will drive segment growth over the forecast period.

The segmentation is based on management devices: insulin pumps, insulin syringes, cartridges in reusable pens, insulin disposable pens, and jet injectors.

The disposable insulin pens are expected to command the largest share in the market with USD 21,535 million at a CAGR of 4% during the forecast period. Consumers choose disposable insulin pens over traditional insulin syringes due to the pen's product-based advantages. The disposable pens offer precise dosing, and the device has a function to verify accuracy. These devices are beneficial for youngsters and insulin-sensitive people who need highly modest doses. These devices are renowned for their user-friendliness, as they provide multiple signs that assist individuals who forget to take their insulin. The numerous indicators include the amount of insulin being administered, the number of units being administered, the dose administered, and the time since the previous dose was administered. The only disadvantage of disposable insulin pens is their high price. However, most users in industrialized nations do not mind the high price because of the outstanding ease of use.

The insulin pumps segment is expected to grow at a higher CAGR of 7% during the forecast period. An insulin pump is an equipment that distributes insulin continuously or as needed automatically. The pump imitates the pancreas. The insulin infusion pump provides an alternative to daily injections or an insulin pen. The technological developments of the infusion set of the insulin pump include the capability to covert the needle of the infusion set and a pre-loaded, disposable, and single-use inserter that allows patients to switch infusion sets without carrying a separate inserter. These developments are anticipated to generate more growth opportunities for the segment.

A diabetic patient's insulin dosage can be administered with an insulin syringe. The number of people with diabetes worldwide and the growing elderly population are two significant reasons anticipated to boost demand for insulin syringes and boost market revenue growth during the forecast period.

Recent Developments

• In May 2022, Abbott released limited quantities of its ElecareÒ specialty amino acid-based formulas.
• In May 2022, Hoffmann-La Roche AG developed three different LightMix® Modular Virus kits to detect the monkeypox virus.
• In June 2022, Ascensia Diabetes Care announced the next-generation Eversense®E3 Continuous Glucose Monitoring (CGM) System.
• In December 2022, The latest generation transcatheter aortic valve implantation (TAVI) technology from Abbott, NavitorTM, was made available in India for patients with severe aortic stenosis who are at high or extremely high risk for surgery.
• In October 2022, The Dexcom G7 Continuous Glucose Monitoring (CGM) System is now available for people with diabetes aged two years and older in the UK, Ireland, Germany, Austria, and Hong Kong. This announcement marks the first significant step in the availability of the ground-breaking new technology, according to DexCom, Inc. (Nasdaq: DXCM), the world leader in real-time continuous glucose monitoring for people with diabetes.