Diabetes Care Devices Market Overview
Diabetes Care Devices Market size was valued at $956.89M by 2019, and is anticipated to grow at a CAGR of 15.65% during the forecast period 2020-2025. The increasing diabetic population, rising awareness of diabetes treatment and management, and favorable national health strategies are poised to drive the growth of the diabetes care devices market in the forecast period of 2020-2025. Diabetes is a worldwide epidemic that globally impacts millions of individuals. This has contributed to substantial scientific developments in the treatment of diabetes. The worldwide demand for diabetes treatment drugs has great potential and is expected to rise exponentially by 2023. Diabetes treatment systems are used to detect and monitor the amount of Blood glucose in the body of a diabetic patient. The market for minimally invasive technologies has driven enterprises to introduce diabetes treatment technologies that are patient-convenient. According to the WHO, the worldwide prevalence rate of diabetes disease reached 8.5% in 2014. The prevalence rate for diabetes has been rising promptly in the middle to low-income economies. In 2015, around 1.6 million deaths were directly related to diabetes, and approximately half of the patients were below the age of 70 years. The increasing consumption of junk food and alcohol intake are the key factors fueling the rate of diabetes across the globe. The diabetes care device manufacturers are mainly focusing on technological development in the product to deliver more accurate results. Continuous product innovation will create new opportunities in the market, thereby attracting a large number of consumers to opt for advanced devices.
In addition, technical developments in the field of diabetes products, an increase in the obese population, junk food intake and an increase in the need for quicker and safer diagnosis and diabetes care are projected to further fuel consumer demand. Blood glucose control systems, however, do not calculate the exact amount of glucose in the blood and provide a range that a patient's blood glucose amount can lie within. Moreover, the adverse effects associated with some of the diabetes treatment products also obstruct the development of the market. Increased understanding of diabetes tracking products and untapped consumer prospects are projected to create multiple opportunities for market development in emerging regions.
- North America dominated the Diabetes Care Devices Market with a share of 39.5% in the year 2019.
- The factors such rapid international research collaboration and the growth of the diabetes-affected patient pool are amongst the major factor projected to impel growth of Diabetes Care Devices Market.
- Increase in the incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle and technological advancements in the field of diabetes devices are the key factors owing to the growth in the segment during forecast period 2020-2025.
Diabetes Care Devices Market Segment Analysis - By Product Type
On the basis of product type, the blood glucose monitoring devices segment has the largest share of the global market for Diabetes Care Devices growing at a CAGR of 15.05%, and is anticipated to rise steadily over the forecast period 2020-2025 owing to the growing improvements and technical advancement of diabetes treatment devices in blood glucose tracking devices. The glucose tracking system provides a quantitative glucose level calculation which provides an alert if the glucose level is too low or too high.
On the contrary, the insulin delivery devices is poised to grow at a higher CAGR during the forecast period owing to the growing adoption of these devices among the healthcare professionals and patients driven by its remarkable advantages such as high stability and technologically advanced properties.
Diabetes Care Devices Market Segment Analysis - By Geography
North America dominated the Diabetes Care Devices Market with a share of 39.5% in 2019. The application of Diabetes Care Devices has grown rapidly over the last few years owing to the rising prevalence of diabetes, caused mainly due to urbanization and sedentary lifestyles. According to IDF, in 2019, USD 324.5 billion was spent on diabetes in the region, which is 42.7% of the total global health expenditure on diabetes. In North America, USD 294.6 billion was spent in the United States alone. The mean annual expenditure per person with diabetes was highest in the United States (USD 9,506), followed by Canada (USD 4,397).
Furthermore, over the forecast period 2020-2025, Asia Pacific is estimated to grow at the fastest rate on account of a predominant sedentary lifestyle and an increase in the ageing population. In this region, the diabetes care devices market in India and China are anticipated to grow tremendously.
Diabetes Care Devices Market Drivers
Increase in Diabetes Prevalence
Diabetes Care Devices Market Challenges
Low Healthcare Access
Diabetes Care Devices Industry Outlook
- In February 2020, Abbott received US FDA approval for the use of FreeStyle Libre 14-day Flash glucose monitoring systems in hospitals.
- In December 2019, Eli Lilly and Company announced a global commercialization agreement to integrate DexCom, Inc.’s products into Lilly's personalized diabetes management system, currently in development, to advance the treatment of diabetes.