Diabetes Devices Market By Product (Blood Glucose Monitoring, Insulin Delivery, Pens and Pen Needles), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics and Centers), End-User (Hospitals, Homecare, Diagnostic Centers), & Region for 2024-2031
Report ID: 137375|No. of Pages: 202
Diabetes Devices Market By Product (Blood Glucose Monitoring, Insulin Delivery, Pens and Pen Needles), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics and Centers), End-User (Hospitals, Homecare, Diagnostic Centers), & Region for 2024-2031
Diabetes Devices Market Valuation – 2024-2031
The increasing global prevalence of diabetes, spurred by lifestyle changes, obesity, and aging populations, has created a significant demand for effective diabetes management solutions. Increased knowledge and education about diabetes management help to drive market expansion as patients seek more effective strategies to manage their condition. Furthermore, government regulations and healthcare activities targeted at improving diabetes care access drive the adoption of novel devices in both established and emerging nations is fuelling the USD 32.63 Billion in 2024 and reaching USD 48.03 Billion by 2031.
Furthermore, technological breakthroughs such as the creation of continuous glucose monitoring (CGM) systems and smart insulin delivery devices improve patient care by delivering real-time data and more individualized treatment options is grow at a CAGR of about 5.46% from 2024 to 2031.
Diabetes Devices Market: Definition/ Overview
Diabetes devices are medical equipment used to monitor and manage diabetes, such as blood glucose meters, insulin pumps, and continuous glucose monitoring (CGM) systems. These gadgets let patients measure their glucose levels, administer insulin, and make informed food and exercise decisions, ultimately increasing their quality of life. The future of diabetes devices seems hopeful, with continued technological developments resulting in smarter, more user-friendly gadgets that interface with mobile apps and telemedicine services. Diabetes management is predicted to be revolutionized by innovations such as automated insulin delivery devices and increased data analytics, making it more efficient and individualized while also addressing the rising global prevalence of diabetes.
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Will Growing Prevalence of Diabetes Propel the Diabetes Devices Market?
The rising global prevalence of diabetes is considerably driving the diabetic device market, with worrying statistics underscoring the critical need for monitoring and management solutions. In January 2024, According to the International Diabetes Federation’s (IDF) most recent study, around 537 million individuals (aged 20-79) have diabetes, with a projected increase to 783 million by 2045. The World Health Organization (WHO) announced in March 2024 that diabetes-related healthcare spending reached USD 966 Billion in 2023, with a 316% increase in diabetes prevalence in middle and low-income nations during the last two decades. In February 2024, the Centers for Disease Control and Prevention (CDC) reported that 37.3 million people in the United States have diabetes, with 96 million adults having prediabetes.
In March 2024, Medtronic announced a USD 500 Million investment to enhance their continuous glucose monitoring (CGM) device production capacity, following a 28% year-over-year rise in diabetes division revenue. In January 2024, Dexcom revealed that global G7 CGM system installs increased by 35% in Q4 2023. Abbott Laboratories announced in February 2024 that their FreeStyle Libre system user base had surpassed 5.2 million worldwide, a 42% increase over the previous year. In March 2024, furthermore, the Indian government started the USD 2.1 Billion National Digital Health Mission, with a strong emphasis on diabetes management technology accessibility, with the goal of providing subsidized glucose monitoring devices to 25 million patients by 2026. The Chinese National Healthcare Security Administration has also declared in December 2023
Will High Cost of Advanced Diabetes Hinder the Growth of the Diabetes Devices Market?
The high cost of modern diabetes devices is a key impediment to market growth. Many novel technologies, like as continuous glucose monitors (CGMs) and insulin pumps, are prohibitively expensive, keeping them out of reach for a large number of patients, particularly in low- and middle-income nations. This discrepancy can result in inequitable healthcare access, with only those with significant financial means benefiting from cutting-edge technologies, limiting total market potential. Furthermore, insurance coverage for these devices varies widely, adding another layer of complication that may discourage patients from investing in critical diabetes care tools.
Furthermore, high costs might have an influence on healthcare systems and providers, who may be hesitant to invest in these devices due to financial restrictions. This hesitancy may hinder the adoption of improved diabetes management devices in clinical settings, impacting patient outcomes and perhaps increasing long-term healthcare costs due to mismanaged diabetic complications the inclusion of modern insulin pumps in their basic medical insurance coverage has the potential to benefit over 140 million diabetes individuals in the country.
Category-Wise Acumens
Will Rising Demand of Blood Glucose Monitoring Propel the Diabetes Devices Market?
Rising demand for blood glucose monitoring is predicted to considerably propel the diabetes devices market, owing to an increasing prevalence of diabetes worldwide and growing awareness of the need of frequent glucose tracking. Dexcom will debut its next continuous glucose monitoring system in October 2023, promising patients increased accuracy and ease of use. This introduction discusses how businesses are responding to consumer demand for more efficient and user-friendly monitoring solutions, allowing them to acquire a larger market share.
Furthermore, government measures targeted at raising diabetes knowledge and management are fueling this growth. In September 2023, the Centers for Disease Control and Prevention (CDC) initiated a nationwide effort to encourage frequent blood glucose monitoring among at-risk individuals, with the goal of lowering the number of diabetes-related problems. Such programs not only raise public awareness, but also encourage healthcare providers to incorporate blood glucose monitoring into their treatment strategies.
However, the insulin delivery category, notably insulin pens and pumps, is the fastest-growing, driven by technological developments and rising patient demand for more convenient and effective insulin administration choices. Smart insulin pens that measure dosages and connect to mobile apps improve user experience and adherence.
Will Rising Sales through Hospitals Fuel the Diabetes Devices Market?
Rising hospital sales are predicted to considerably boost the diabetic device market, owing to an increased emphasis on complete diabetes care within healthcare institutions. In August 2023, Medtronic announced a collaboration with various hospitals to improve the integration of modern diabetes care technology, such as insulin delivery systems and continuous glucose monitors, into treatment protocols. This collaboration aims to improve patient outcomes and expedite diabetes management by demonstrating how hospitals are increasingly using innovative technology to serve the rising diabetic population.
Furthermore, government attempts to raise diabetes awareness and enhance healthcare access are fueling this trend. In September 2023, the World Health Organization (WHO) announced a global program to improve diabetes care in hospitals by encouraging the use of advanced technologies and treatment methods. This effort intends not only to improve patient care, but also to standardize diabetes treatment techniques throughout healthcare settings.
The fastest-growing market is homecare, which is being driven by patients’ increased choice for self-management and a trend toward at-home healthcare options. The emergence of telehealth and remote patient monitoring has accelerated this trend, as patients desire greater convenience and control over their diabetes management.
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Country/Region-wise
Will Advanced Healthcare Infrastructure in North America Drive the Diabetes Devices Market?
North America’s excellent healthcare infrastructure is driving the diabetic devices market forward, aided by strong technological adoption and high healthcare spending. According to the Centers for Medicare and Medicaid Services (CMS), U.S. healthcare spending will exceed USD 4.5 Trillion by 2023, with diabetes care accounting for USD 327 Billion per year. The American Diabetes Association (ADA) estimated in February 2024 that nearly 32.5 million Americans already use diabetes treatment devices, a 28% increase over 2022. Furthermore, Health Canada revealed in March 2024 that sophisticated glucose monitoring devices are now available to 86% of Canadian diabetes patients through provincial health coverage, up from 65% in 2022, with total diabetes-related healthcare spending expected to exceed CAD 29.7 billion in 2023.
Insulet Corporation announced in January 2024 a USD 750 Million investment to expand its U.S. manufacturing facilities for the OmniPod insulin delivery system, following a 45% year-over-year revenue growth. DexCom announced in March 2024 that its North American CGM user base has surpassed 1.8 million patients, with a 38% increase in prescription rates since 2023. In February 2024, the US Department of Health and Human Services began a $350 million diabetes technology access program with the goal of giving sophisticated diabetic devices to underprivileged populations. Furthermore, Tandem Diabetes Care announced in December 2023 that their t:slim X2 insulin pump installations in North America climbed by 32% year-on-year, while the US FDA authorized 15 new diabetes management devices in 2023 alone, marking a record year for
Will Surge in Demand for Advanced Devices in Asia Pacific Propel the Diabetes Devices Market?
Rising hospital sales are predicted to considerably boost the diabetic device market, owing to an increased emphasis on complete diabetes care within healthcare institutions. In August 2023, Medtronic announced a collaboration with various hospitals to improve the integration of modern diabetes care technology, such as insulin delivery systems and continuous glucose monitors, into treatment protocols. This collaboration aims to improve patient outcomes and expedite diabetes management by demonstrating how hospitals are increasingly using innovative technology to serve the rising diabetic population.
Furthermore, government attempts to raise diabetes awareness and enhance healthcare access are fueling this trend. In September 2023, the World Health Organization (WHO) announced a global program to improve diabetes care in hospitals by encouraging the use of advanced technologies and treatment methods. This effort intends not only to improve patient care, but also to standardize diabetes treatment techniques throughout healthcare settings.
Competitive Landscape
The competitive landscape of the diabetes devices market is characterized by a diverse range of manufacturers, including established medical technology companies and innovative startups. This dynamic environment fosters rapid advancements in technology, such as continuous glucose monitoring (CGM) systems and insulin delivery devices. Collaboration between companies and research institutions is common, driving innovation and improving product offerings. Additionally, the market is influenced by regulatory changes and reimbursement policies, which can impact the accessibility and affordability of diabetes devices. With a growing emphasis on patient-centered care and digital health solutions, companies are increasingly focusing on integrating smart technology and mobile applications to enhance user experience and management of diabetes.
Some of the prominent players operating in the diabetes devices market include:
- Roche Diagnostics Ltd
- Johnson and Johnson
- Bayer AG
- Abbott Laboratories
- Acon Laboratories
- Medtronic plc
- Terumo Corporation
- Dexcom
Latest Developments
- In September 2023, Tandem upgraded its tX2 insulin pump, adding new software capabilities for greater integration with CGMs and improved insulin administration options. This upgrade demonstrates the company’s dedication to innovation in diabetes care.
- In August 2023, AstraZeneca announced a collaboration with digital health businesses to provide integrated diabetes care solutions that include medication and smart devices. This alliance seeks to provide a comprehensive approach to diabetes care, utilizing technology to improve patient results.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of ~5.46% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value (USD Billion) |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Roche Diagnostics Ltd, Johnson and Johnson, Bayer AG, Abbott Laboratories, Acon Laboratories, Medtronic plc, Terumo Corporation, Dexcom. |
| Customization | Report customization along with purchase available upon request |
Diabetes Devices Market, By Category
Product:
- Blood Glucose Monitoring
- Insulin Delivery
- Pens and Pen Needles
Distribution Channel:
- Hospital Pharmacies
- Retail
- Pharmacies
- Diabetes Clinics and Centers
End-User:
- Hospitals
- Homecare
- Diagnostic Centers
Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF DIABETES DEVICES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL DIABETES DEVICES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL DIABETES DEVICES MARKET, BY PRODUCT
5.1 Overview
5.2 Blood glucose monitoring devices
5.3 Insulin delivery devices
5.4 Pens
5.5 Pen needles
5.6 Syringes
5.7 Others
6 GLOBAL DIABETES DEVICES MARKET, BY END-USE OUTLOOK
6.1 Overview
6.2 Hospitals
6.3 Homecare
6.4 Diagnostic Centers
7 GLOBAL DIABETES DEVICES MARKET, BY DISTRIBUTION CHANNELS
7.1 Overview
7.2 Hospitals Pharmacies
7.3 Retail Pharmacies
7.4 Diabetes Clinics/ Centers
7.5 Online Pharmacies
7.6 Others
8 GLOBAL DIABETES DEVICES MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL DIABETES DEVICES MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Abbott Laboratories
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Roche Diagnostics Ltd
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Johnson and Johnson
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Bayer AG
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Acon Laboratories
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Medtronic plc
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Terumo Corporation
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Dexcom
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Novo Nordisk A/S
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Ypsomed AG
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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