The global diabetes management devices market was valued at USD 23 billion in 2019 and is expected to reach USD 41 million by 2026, expanding at a CAGR of around 7.8% during the forecast period, 2020 – 2026. The growth of the market is attributed to increasing prevalence of diabetes globally and innovative product launches to maintain the blood sugar levels. Diabetes is a condition where the body is unable to produce sufficient insulin which leads to high blood sugar levels. Blood sugar is also called blood glucose which is primary source of energy generated from food which is delivered to cells of the body with help of insulin, a hormone generated by pancreas. Diabetes has no permanent cure and needs regular monitoring and control over blood sugar levels. Development of artificial pancreas is under process where the device is expected to maintain the level of blood sugar by delivering bi-hormones to mimic precisely working of health pancreas with minimal or without manual input from user’s side.
Market Trends, Drivers, Restraints, and Opportunities:
- Unhealthy lifestyle and practices with growing urban population is fueling the growth of the market.
- Increasing geriatric population and obesity around the globe is driving the growth of the market.
- Constant demand for devices due to prevailing condition with no eradicating cure is steering the growth of the market.
- Health & fitness awareness among the individuals is hampering the market growth.
- Increasing investment in technologies for developing artificial pancreas is expected to boost the market growth in the forecasted period.
Scope of the Report
The report on the global diabetes management devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2015–2018Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, the Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Global Diabetes Management Devices Market Segment Insights:
On the basis of blood glucose monitoring devices, the market is divided into glucometer devices, test strips, lancets, sensors, and durables. The glucometer segment has captured the highest market share since past few years due to its user-friendly operations without need of expert guidance or surveillance. It is also a cost-effective option which provide instant results. Based on insulin delivery systems, the market is fragmented into insulin pump device, infusion set, insulin syringes, disposable pens, and jet injectors. Insulin syringes are the most preferred mode of insulin infusion for maintaining blood glucose levels due to low cost and availability on demand. They are extremely comfortable due to thin needles and punctures the skin harmlessly. On the basis of end-users, the market is branched into Hospitals, Homecare, and Diagnostic Centers. The homecare segment has accounted for highest revenue since many years as there is very low need for medical practitioners to operate the devices and can be operated by patients themselves. Easy availability of the devices from retail outlets and online platform boosts the market growth. In terms of regions, the market is segmented into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. North America has accounted for the major market share in past few years due to increasing geriatric population and obesity rates, the region is expected to grow at a substantial rate in the forecasted period.
Major companies in global diabetes management devices includes Abbott Laboratories, Dexcom Inc, F. Hoffmann-La Roche AG, LifeScan Inc, Tandem Diabetes Care, Medtronic plc, ACON Laboratories, Ascensia Diabetes Care Holdings AG, Becton Dickinson and Company, Novo Nordisk A/S. The market players are engaged in developing artificial devices that can provide alternative solution as functional body part to gain traction in the marketplace. The companies are engaging in strategic acquisitions such as product launches, R&D, agreements, and collaborations to gain market share. Tandem Diabetes Care is developing artificial pancreas which helps to maintain blood sugar levels in a automated way. The device consists of 3 systems i.e. insulin infuser, glucose monitoring system, blood glucose monitoring system (Glucometer). The devices are made of biocompatible materials such as polymers, biologics, metals and ceramics implanted with sensors, biomaterials and innovative delivery systems. There various R&D activities and innovative options tested for the launch of the product at a cost effective rate providing long term solutions.
The global diabetes management devices market has been segmented on the basis of
Blood Glucose Monitoring Devices
- Glucometer Devices,
- Test Strips,
- Sensors, and
Insulin Delivery Systems
- Insulin Pump Device
- Infusion Set
- Insulin Syringes
- Disposable Pens
- Jet Injectors
- Diagnostic Centers
- Asia Pacific
- North America
- Middle East & Africa
- Latin America