The global diabetes care devices market is on track for significant expansion, projected to reach USD 64.5 billion in 2024 and further grow to USD 117.7 billion by 2034. This growth is driven by the increasing global prevalence of diabetes and advancements in technology for diabetes management.
The market for diabetes care devices is anticipated to register a compound annual growth rate (CAGR) of 6.2% from 2024 to 2034. This surge is primarily attributed to several key factors: the rising number of diabetes cases worldwide, rapid urbanization, and a growing shift toward more sedentary lifestyles. As the global population faces heightened risks associated with these lifestyle changes, the demand for effective diabetes management solutions continues to grow.
Moreover, advancements in diabetes care technology are playing a crucial role in driving market growth. The development of innovative, user-friendly devices that allow for better monitoring, treatment, and management of diabetes is reshaping the landscape of the diabetes care industry.
Experts predict that the continuous improvement of diagnostic tools, insulin delivery systems, and blood glucose monitoring technologies will continue to fuel the expansion of the diabetes care devices market in the coming years. As more individuals seek effective solutions for managing diabetes, the market is expected to evolve with cutting-edge technologies aimed at improving patient outcomes and enhancing quality of life.
This growing market presents significant opportunities for manufacturers, healthcare providers, and technology innovators to capitalize on the increasing demand for advanced diabetes care solutions. With the global diabetes population on the rise, the future of diabetes care devices looks promising, with sustained growth on the horizon.
Key Takeaways:
- The global Diabetes Care Devices Market is estimated to reach USD 64.5 billion in 2024 and is projected to grow to USD 117.7 billion by 2034, reflecting a CAGR of 6.2% from 2024 to 2034.
- Regional growth highlights include:
- India is expected to see the highest growth with an 8.8% CAGR between 2024 and 2034.
- China follows closely with an 8.4% CAGR during the same period.
- South Korea anticipates a 8.1% CAGR.
- Australia is projected to grow at a 6.7% CAGR.
- France is expected to grow at a 4.3% CAGR.
- The United States is forecast to record a 3.4% CAGR.
This growth trajectory reflects strong market potential, with significant regional variations in market dynamics.
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Competition Outlook:
The diabetes management tools market is moderately fragmented, with a mix of prominent players and emerging startups. Leading manufacturers focus on strengthening their market presence through new product launches, acquisitions, and technological advancements. However, competition remains fierce as startups introduce innovative solutions at competitive prices.
To boost their success, many startups adopt strategies such as product development, market expansion, mergers and acquisitions, and strategic partnerships. These efforts contribute to the overall growth of the diabetes care devices market by fostering increased innovation.
Industry Updates
- In August 2024, Medtronic formed a strategic partnership with Abbott to enhance its diabetes care segment. This collaboration aims to integrate advanced glucose monitoring technology, strengthening Medtronic’s product offerings and potentially improving its position in the market.
- In October 2024, Glooko secured a USD 100 million investment to expand its diabetes management system. The funding is intended to support the company’s growth in North America, the Middle East, and Asia.
Leading Diabetes Care Devices Brands:
- 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 of Market Report
By Product Type:
The diabetes care devices market includes glucose monitoring devices, insulin delivery devices, artificial pancreas, and diabetes management mobile applications. Glucose monitoring devices include continuous monitoring devices, lancets, test strips, and self-monitoring devices. Insulin delivery devices include insulin pumps, pens, and syringes and needles.
By Indication:
The segment is classified into diabetes type I, diabetes type II, and gestational diabetes.
By End User:
The market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics or stores.
By Region:
Information about the leading countries of North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa is given.
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