Diabetes Care Devices Market by Size, Share, Forecasts 2028
The Diabetes Care Devices Market was estimated around USD 19,572 million in 2020 and is expected to reach USD 29,985 million by 2028, expanding at a CAGR of 5.6% over the forecast period (2021–2028).
The factors driving growth of the Diabetes Care Devices Market includes increasing prevalence of diabetes around the world, growing consumption of junk food and alcoholic beverages, rising awareness about the benefits offered by diabetes monitoring devices and improvements in the living standards. According to the report published by National Library of Medicine (NLM), the prevalence of type 2 and 1 diabetes across United States has increased by 54% to more than 54.9 million Americans between 2015 and 2030, which is expected to push the Diabetes Care Devices Market size in the approaching years. Moreover, technological advancements in diabetes care devices, emerging need for fast and safe diagnosis of diabetes, increase in Government’s expenditure on the healthcare sector, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Diabetes Care Devices Market share. In addition, the increasing investments by leading players on research and development, strategic partnerships between enterprises and growing disposable incomes, are further contributing towards the market growth.
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However, growth of the Diabetes Care Devices Market is hindered attributed to regulatory framework and its high cost.
The prominent players operating in the market are Roche Holding AG, Medtronic plc, Dexcom Inc, Abbott Laboratories, Becton Dickinson and Company, Bayer Healthcare, Biotronik SE, and GlaxoSmithKline, among others.
Based on Product Type, the Blood Glucose Monitoring Device segment is predicted to capture the largest market share during the forecast period
Blood glucose monitoring devices are easy to use and helps in monitoring the glucose level throughout the day, which is pushing growth of the segment.
Based on End-User, the Homecare Setting segment is projected to expand at a remarkable CAGR over the forecast period
Consumers are preferring to purchase homecare diabetes devices to monitor their glucose levels over visiting hospitals for regular check along with rising focus of manufacturers for developing user friendly devices, are propelling the segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
As per the Diabetes Care Devices Market Trends, increasing prevalence of diabetes across India, China and Singapore, technological advancements in blood glucose monitoring devices, rapid urbanization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Developments
- In 2018, Medtronic PLC got approval from the U.S. Food and Drug Administration (FDA) for its Guardian Connect continuous glucose monitoring (CGM) system for diabetic patients within an age range of 14 to 75 years.
- In 2018, Abbott publicized that its FreeStyle Libre System, one of the company’s revolutionary glucose monitoring systems, will now be available to the Medicare patients.
Market Segmentation
Segmentation by Product Type
- Blood Glucose Monitoring Device
- Insulin Delivery Device
Segmentation by End-User
- Hospitals
- Homecare Setting
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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