The diabetes care device market is expected to grow rapidly, with a compound annual growth rate (CAGR) of 6.3% from 2022 to 2032. It is estimated to be valued at US$ 9.7 billion in 2022 and US$ 17.87 billion by 2032.
Changes in urbanisation, a growing preference for a fast-paced urban and sedentary lifestyle combined with an unhealthy diet, and an increase in diabetes cases have increased global sales of diabetes care devices. Furthermore, technological advancements in diabetes care devices drive market growth.
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Obesity, sedentary lifestyle, and poor diet, among other factors, are to blame for the rise in diabetics. Diabetes care device demand is expected to increase throughout the assessment period due to the rising prevalence of the disease and the high number of deaths — 6.7 million deaths in 2021 — caused by the disease.
Key Takeaways:
- Market growth is being driven by an ageing population, laxer regulations, and more affordable labour.
- Demand for diabetes care devices is being driven by the release of high-end insulin pumps and pens.
- Diabetes care device demand is being driven by Asia Pacific and the Middle East.
- The rapid expansion of the construction industry in China and India will expand market opportunities in the region.
- Diabetes management mobile applications are expected to grow rapidly.
- The market will be dominated by hospitals and specialty clinic setups.
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Competitive Landscape :
Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG, Becton, Dickinson and Company, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Terumo Corporation.
Key Segments :
By Type:
- Blood glucose monitoring systems
- Self-monitoring blood glucose monitoring systems
- Continuous glucose monitoring systems
- Test strips/Test papers
- Lancets/Lancing devices
- Insulin delivery devices
- Insulin pumps
- Insulin pens
- Insulin syringes and needles
- Diabetes management mobile applications
By Patient Care Settings:
- Hospitals & specialty clinics
- Self & home care
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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