Diabetes Devices Market Size, Share & Trends Analysis Report By Type (Blood Glucose Monitoring Devices, Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacies, Others), By Application (Hospitals, Homecare, Diagnostics Centers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Diabetes Devices Market Size

The global diabetes devices market size was valued at USD 27.66 billion in 2021 and is expected to reach a valuation of USD 49.25 billion by 2030. The market is expected to grow at a CAGR of 6.62% during the forecast period (2022–2030).

Factors like growing focus on diabetes care, technological innovations and product advancements drive market growth.

Diabetes mellitus, sometimes known as diabetes, is a series of metabolic conditions defined by a persistently high blood sugar level. Frequent urination, increased thirst, and increased appetite are common symptoms. Diabetes, if left untreated, can lead to a slew of health issues. Diabetic ketoacidosis, hyperosmolar hyperglycemia, and mortality are all examples of acute complications. Cardiovascular disease, stroke, chronic renal disease, foot ulcers, nerve damage, eye damage, and cognitive impairment are serious long-term consequences.

There are three primary forms of diabetes: Type 1 diabetes, Type 2 diabetes, and Gestational diabetes. Thus, the devices used to monitor diabetic conditions of patients are called diabetes devices or diabetes care devices.

Elements like a rise in the prevalence of obesity and technological advancements primarily drive the market. Additionally, rising diabetes prevalence and expanding use of insulin-delivery devices are propelling market expansion. Top manufacturers are concentrating on technological advancements and developing cutting-edge products to capture a sizeable portion of the market.

Diabetes Devices Market Trends

Heaving diabetics population globally

Diabetes and its consequences are expected to register around 4 million deaths in a person aged 20 to 79 in 2020. This equates to one death every eight minutes. Diabetes is responsible for 11.30% of all fatalities among adults in this age range worldwide. According to the AACE (American Association of Clinical Endocrinologists), recent research has found that 22.20% to 26.90% of people hospitalized for the severe condition have diabetes. In hospitalized Coronavirus patients, diabetes and high glucose levels are linked to increased complications, respiratory failure, and fatality.

Diabetes is linked to a slew of health problems. When persons with diabetes are compared to people who do not have diabetes, those with diabetes have a 300 percent higher risk of being hospitalized and, as a result, have higher healthcare costs. Because of their young age and longer diabetes duration, children and teenagers are more likely to develop diabetes earlier, lowering their quality of life, shortening their life expectancy, and increasing healthcare expenditures.

As a result, diabetes is likely to become more common over time. There is also fear that, as a result of contemporary lifestyle and technology improvements, diabetes may be happening at a higher rate in youth and young adults, increasing the usage of diabetes care devices.

Diabetes Devices Market Growth Factors

Growing focus on diabetes care

The use of diabetic devices is anticipated to grow due to the growing number of initiatives being conducted by governments and charity groups to raise diabetes awareness. The Ministry of Health and Family Welfare, the WHO Country Office for India, and other partners, for example, have established mDiabetes, a mobile health program. This public health effort aims to raise awareness about diabetes early detection and treatment. Similarly, WHO and IDF collaborate to prevent and control diabetes while also ensuring a high quality of life for individuals worldwide.

• For example, the WHO Diabetes Program aims to prevent type 2 diabetes, reduce complications, and improve diabetes patients' quality of life. To increase diabetes prevention and control, NGOs and governments are developing norms and standards, raising knowledge about diabetes prevention, and supporting surveillance. As a result, the growing number of diabetes awareness initiatives is likely to contribute to diabetes diagnosis, hence increasing the usage of diabetic devices.

Technological innovations and product advancements

The launch of high-end insulin pumps and pens and technological advancements in diabetic devices are driving demand for these devices. To capture a significant portion of the market, leading manufacturers are focused on technological advances and the creation of innovative products. In January 2014, Novo Nordisk, for example, introduced the NovoPen Echo, a new instrument in the market.

This is the first-of-its-kind device in the United States, featuring capabilities like memory and half-unit dosing. Also, Medtronic launched its MiniMed 630G system in the United States in August 2016, an integrated insulin pump with CGM technology that provides better glucose management than many injections without causing hypoglycemia. As a result, technical developments and product advancements are predicted to drive market growth.

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 work is one of the elements that sustains life. As a result, at any stage of life, it protects against any persistent medical conditions, such as many 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 people whose body mass index (BMI) is higher 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. The risk of developing diabetes increases with daily cigarette consumption.

Market Restraining Factors

Stringent regulatory policies and regulations

Insulin pens and insulin pumps are diabetes devices that come with some drawbacks. As a result, before certifying a product for commercialization, regulatory organizations in various nations must identify potential dangers. Insulin pumps are primarily used to treat type 1 diabetes, although they can cause complications such as pump failure, insulin stability concerns, and infusion site issues.

As a result, the European Association for the Study of Diabetes (EASD) and the American Diabetes Association (ADA) will collaborate to assess device safety before they are approved for sale. Insulin pumps are Class IIb devices in the European Union (EU). As a result, manufacturers must submit a premarket notification before marketing these insulin pumps. To obtain market approval, this premarket notification must meet regulatory standards and demonstrate the safety associated with using these products.

As a result, strict political and regulatory processes for diabetic devices are likely to impede the overall market growth.

Market Opportunities

Untapped opportunities in developing economies

The number of individuals living with diabetes is rising in regions like MEA and APAC, driving up the demand for diabetes treatment. According to the International Diabetes Federation, by 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. As a result, untapped growth prospects in the quickly emerging Middle East and Africa and Asian economies and rising diabetes awareness in these regions are expected to enhance demand for diabetic devices.

A large senior population, economical healthcare facilities, low labor costs, and less stringent regulatory laws drive diabetic device makers to expand their operations. As a result, manufacturers focus on maximizing market share by tapping prospects in developing economies.

Regional Insights

North america: dominant region with 6.28% market share

With an expected market value of USD 18,943.58 million by 2030, at a CAGR of 6.28%, North America is expected to be the largest market for diabetes devices. Obesity's rising prevalence, expensive treatment costs, technology breakthroughs, and new product launches will drive the region forward.

• The United States will likely dominate the North America market because of the high number of diabetics and the attractive reimbursement policies. The market is being driven by high per capita income and rising healthcare spending, among other things. Furthermore, the market is likely to be propelled by smart devices and technological breakthroughs such as the usage of AI and data analytics.

Europe: fastest growing region with the highest cagr

With a market value of USD 15,281.94 million by 2030, at a CAGR of 6.35%, Europe is expected to be the second-largest market for diabetes devices. Over the forecast period, factors such as an increase in the number of diabetic patients and increased awareness about diabetes management and control are likely to contribute to the market growth.

In Asian nations like China and India, insulin delivery devices are widely used. The higher adoption of these devices in the APAC countries is due to rising diabetes awareness and a changing healthcare environment. Additionally, the increase in healthcare spending has prompted a rise in the use of technologically advanced products in nations like China and India, which is anticipated to accelerate market growth.

Diabetes Devices Market Segmentation Analysis

By type

The market has been segmented into blood glucose monitoring devices and insulin delivery devices based on type. The insulin delivery devices segment is expected to dominate the market, and it is projected to reach USD 30,412.19 million by 2030, registering a CAGR of 7.62% during the forecast period.

Some of the primary driving reasons for the demand for insulin delivery devices are the rising number of regulations and approvals for technological advances in insulin delivery devices such as insulin pens, insulin pumps, jet injectors, and other devices. One of the factors driving the demand of insulin delivery devices is the increasing acceptance of insulin patches and smart insulin pumps for the self-management of diabetes.

By distribution channel

The market has been segmented into hospitals, retail pharmacies, diabetes clinics/centers, online pharmacies, and others based on the distribution channel. The retail pharmacies segment is expected to dominate the market, and it is projected to reach USD 11,491.59 million by 2030, at a CAGR of 6.92% during the forecast. Rising penetration of private-label brands in retail outlets at discounted costs is one of the factors likely to drive the growth of the retail sales segment over the forecast period.

Due to high traffic and product availability, hospital pharmacies accounted for over 54.0% of market penetration in 2021. Inpatient and outpatient pharmacies are the two types of pharmacies that work on a hospital campus. The hospital has an inpatient pharmacy, but it is only accessible to authorized staff who work in the operating rooms, intensive care units, inpatient wards, and unique service areas. In contrast, outpatient pharmacies are typically found near hospital entrances and lobbies for patients. The outpatient pharmacy sells insulin delivery equipment and portable glucose meters.

Online pharmacies can offer customers lucrative discounts because they buy diabetes devices directly from manufacturers. The segment is driven primarily by rising public-private funding and increasing patient awareness of online pharmacies.

By end-use

The market has been segmented into hospitals, home care, and diagnostic centers based on end-use. The hospital segment is expected to dominate the market, and it is projected to reach USD 19,845.68 million by 2030, at a CAGR of 6.42% during the forecast period. An increase in diabetic patients is driving hospital admission.

• According to the American Diabetes Association, type 1 diabetes affects roughly 3 million children and adults in the United States. Compared to type 2 diabetes patients, type 1 diabetes patients experience more extended hospital stays and a greater mortality rate and complications. Patients with type 1 diabetes are given insulin to prevent ketoacidosis and have a greater rate of hyperglycemia.

Thus, an increase in the number of type 1 diabetes patients in hospitals and a rise in the demand for continuous blood glucose monitoring are two variables driving up hospital demand.

The homecare segment is expected to grow at a promising CAGR during the forecast period. The rise in public awareness of diabetes preventive care is credited with this expansion. The demand for insulin pumps in homecare settings is rising due to more government initiatives to raise diabetes awareness and the user-friendly interface of insulin pumps. Furthermore, the demand for home care is rising as the senior population grows.

Recent Developments

• In November 2022, Sanofi will present updated clinical information at ASH 2022 that supports novel treatments for rare blood disorders.
• In November 2022, Enjaymo® (sutimlimab) was given the green light by the European Commission to treat adult patients with cold agglutinin disease who have hemolytic anemia.
• In November 2022, Danish kroner (DKK) of 5.4 billion was invested by Novo Nordisk in the expansion of clinical manufacturing facilities in Bagsvaerd, Denmark.
• In November 2022, Eversense® E3 Continuous Glucose Monitoring System In-Office and At-Home Insertion Options Will Be Offered Through Senseonics and Ascensia's Collaboration With Nurse Practitioner Group, Which Is Intended to Increase Patient Access (CGM)
• In November 2022, the online diabetes management and analytics platform GlucoContro was launched by Ascensia Diabetes Care, a global diabetes care company that produces the CONTOUR® blood glucose monitoring (BGM) system portfolio and is the sole distributor of Eversense® Continuous Glucose Monitoring (CGM) Systems.