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Global Diabetes Care Devices Market

Global diabetes care devices market was worth USD 8.9 billion in 2020 and is further projected to reach USD 14.0 billion by the year 2027, growing at the CAGR of 6.7% in the forecast period (2021-2027)

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Global Diabetes Care Devices Market

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  1. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 Global Diabetes Care Devices Market- Industry Trends & Forecast Report 2027 View report Sample report Press release Summary Global Diabetes Care Devices Market, By Type (Blood Glucose Monitoring Systems, Insulin Delivery Devices, Diabetes Management Mobile Applications), By End-User (Hospitals, Diabetes Specialty Clinics, Self/Home Healthcare), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global diabetes care devices market was worth USD 8.9 billion in the year 2020. The data generated by the study further reveals that the market is estimated to grow at the CAGR of 6.7%, earning revenue of around USD 14.0 billion by the end of 2027. In light of the rapidly increasing incidence of diabetes due to urbanization and changing lifestyles, as well as technological advancements in the medical sector, the diabetes care devices market is poised to flourish during the forecast period. Global Diabetes Care Devices Market- Industry Trends & Forecast Report 2027 The global diabetes care devices market was worth USD 8.9 billion in 2020 and is further projected to reach USD 14.0 billion by the year 2027, growing at the CAGR of 6.7% in the forecast period (2021-2027). Globally, the diabetes care devices market is progressing due to the increasing prevalence of diabetes around the world and the increasing acceptance of diabetes monitoring and management

  2. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 devices. As a result of raising awareness of this chronic disease, this market is expected to blossom during the forecast period. Global Diabetes Care Devices Market- Overview Diabetes is a chronic disease that occurs either when the pancreas fails to produce adequate insulin or when the body fails to use the insulin that it generates. Insulin is a hormone that helps to keep blood sugar levels in check. Over time, glucose (blood sugar) accumulates in the bloodstream without insulin, making it easier for it to become concentrated. The rise in blood sugar levels in your blood is caused by the accumulation of glucose in your bloodstream. According to the World Health Organization, diabetes claimed the lives of 1.5 million people in 2019. There is currently no cure for diabetes; however, it can be controlled by managing one’s blood sugar levels. Diabetes increases a person's risk of developing heart disease, stroke, kidney disease, and eye problems, therefore diabetes care devices are used to reduce such risks. Diabetes care devices are used for monitoring and regulating the glucose level in a diabetic patient’s body. Blood glucose test strips, ketone monitors, insulin pens, syringes, pumps, and injectors are some of the most commonly used diabetes care devices. Global Diabetes Care Devices Market Forecast and Trends Growth Drivers Rising Prevalence of Diabetes all around the world The prevalence of diabetes in developing countries like China and India is increasing rapidly at an alarming rate. Diabetes was formerly a condition only associated with the geriatric population; however, it is becoming increasingly prevalent among young people as well. A report released by the American Diabetes Association revealed that the prevalence of diabetes among Americans under 20 is estimated to be about 210,000. The report further states that the incidence of type 1 and type 2 diabetes among youth was estimated to be 18,200 and 5,800, respectively, in 2014-15. Increased urbanization, obesity, sedentary lifestyles, and lack of adequate knowledge about diabetes are some of the causes of the rising prevalence of diabetes. Thus, the market for diabetes care devices market is progressing swiftly and is estimated to gain traction in the forecast period. Increasing Adoption of Technologically-advanced Diabetes Care Products The need for diabetes care equipment is increasing as improved diabetes monitoring systems and treatment devices become more widely used. The healthcare facilities are rapidly installing and using diabetes care devices as they

  3. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 facilitate accurate measurements and monitoring. Simultaneously, the market players are also launching a wide range of diabetes care devices that cater to the needs of patients suffering from various types of diabetes. For instance, smart glucose level monitoring and insulin delivery solutions have been witnessing an increased demand as a result of their sophisticated technological features, which include integration with digital health solutions, data collection, as well as more precise and cost-effective management of diabetes. Thus, the wide acceptance of technologically advanced diabetes care devices is likely to drive the global diabetes care devices market in the forecast period. Restraints Nonavailability of Sufficient Reimbursement Insurance Policies High diagnosis and treatment costs act as a significant deterrent to market growth. Developed nations like the USA, UK, Spain, Canada, and so on, have well- structured reimbursement insurance policies in place which boost the overall healthcare sector of such regions. However, in growing economies such as China, India, and South Korea, this concept of healthcare insurance is still relatively new. Potential markets, such as India, have some health insurance and reimbursement policies in place, but it will take some time for them to acquire traction. The adoption of advanced diabetes care devices is restricted as a result of this limitation. Moreover, lack of awareness regarding the benefits of such devices is also hindering the market growth. Impact of Covid-19 on Global Diabetes Care Devices Market With the sudden emergence of Covid-19-induced pandemic, the global diabetes care market experienced a mixed response. During the lockdown, the number of people visiting hospitals decreased dramatically, resulting in a decrease in demand for diabetes care devices. On the other hand, the trend of home-care monitoring and management of diabetes rose during the lockdown phase, which further propelled the demand for these devices. Furthermore, the Covid-19 pandemic may make a diabetic more vulnerable to severe illness. Thus, the rising number of Covid-19 cases may lead to a spike in the demand for diabetes care products in the foreseeable future. Global Diabetes Care Devices Market - By Type Based on types, the global diabetes care market is segmented into blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Blood glucose monitoring systems recorded the largest market share in the year 2020. The availability of technologically advanced devices and a range of diabetes care products such as smart insulin patches, insulin inhalers, closed- loop systems, etc. is significantly boosting the demand for blood glucose

  4. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 monitoring systems. However, diabetes management mobile applications are estimated to gain traction in the forecast period with a healthy CAGR. Global Diabetes Care Devices Market - By End-User Based on end-users, the global diabetes care market is categorized into hospitals, diabetes specialty clinics, and self-home healthcare. The hospital segment held the largest market share in 2020 owing to factors such as increasing hospitalization of patients, especially those belonging to the geriatric population. For monitoring and managing the blood sugar level, the accurate measurement of blood glucose is very crucial to avoid any complications. The demand for diabetes care devices in hospitals is estimated to boost in the forecast period due to the increasing adoption of advanced technology in these healthcare facilities. Global Diabetes Care Devices Market - Regional Insights Geographically, the global diabetes care devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounted for the largest share in the market. The rising number of people suffering from diabetes, along with the presence of major players in the region, are contributing to the growth of diabetes care devices in this region. However, the Asia-Pacific region is also estimated to witness a healthy CAGR in the forecast period owing to the increasing number of diabetes patients in the regions. According to a report released in 2016 by the WHO, China has 110 million people living with diabetes, which is nearly 10% of all adults. The report further states that the number is expected to rise to 150 million by the year 2040, with serious health, social, and economic consequences. Competitive Landscape The leading market players in the global diabetes care devices market are Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Ltd., Medtronic PLC, Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Lifescan, Dr. Morepen, Sanofi, B. Braun Melsungen AG, Acon Laboratories, Inc., Becton, Dickinson And Company, Ypsomed, Terumo Corporation, and other prominent players. The companies are consistently focusing on offering a wide range of sophisticated diabetes care devices to maintain and expand their presence in several regions of the world. Recent Developments In May 2021, Bigfoot Biomedical, a US-based medical technology startup, announced to have received FDA clearance for the Bigfoot Unity Diabetes Management System. This smartpen cap for insulin pens has been devised to treat Type1 and Type2 diabetes.

  5. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 In April 2021, BIOCORP, a French medical device company announced the launch of ‘Mallya’, a medical device in collaboration with Roche Diabetes Care France. ‘Mallya’ is a smart insulin pen device that can accurately collect and transfer insulin data. Scope of the Report Attributes Details Historical data – 2017-2020 Years Considered Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa Product Service/Segmentation By Type, By End-User, By Region Key Players Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Lifescan, Dr. Morepen, Sanofi, B. Braun Melsungen AG, Acon Laboratories, Inc., Becton, Company, Ypsomed, Terumo Corporation, and other prominent players Ltd., Medtronic PLC, Dickinson And By Type Blood Glucose Monitoring Systems Self-Monitoring Blood Glucose Monitoring Systems Test Strips/Test Papers Lancets/Lancing Devices

  6. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 Insulin Delivery Devices Insulin Pumps Insulin Pens Insulin Syringes and Needles Diabetes Management Mobile Applications By End-User Hospitals Diabetes Specialty Clinics Self-Home Healthcare By Region North America Europe Asia-Pacific (APAC) Latin America (LATAM) Middle-East & Africa (MEA)

  7. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027 About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade- off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com

  8. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027

  9. Global Diabetes Care Devices Market Set to Expand at a healthy CAGR of 6.7% by 2027

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