BRUSSELS, Belgium, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Diabetes devices are devices that measure the blood glucose level in the body at regular intervals. Many types of devices fall under the category of diabetes care such as blood glucose monitoring devices and insulin delivery devices.
Slowdown in the Demand for Diabetes Devices Points to A Looming Recession
The economic recession is projected to have a mixed effect on medical device companies. The ongoing economic downturn in United States and Europe can impact the consumer spending on healthcare devices. Sales have dipped slightly for blood glucose monitors and even test strips. In the space, Tandem Diabetes Care is the first one to directly attribute a slowdown in sales to recession fear.
Growing Adoption of Continuous Glucose Monitoring (CGM) Devices Drives the Diabetes Devices Market
A continuous glucose monitoring (CGM) device is a wearable technology designed to monitor glucose levels without finger pricks. CGM may be beneficial for people who need to monitor their sugar levels more frequently to see trends and patterns. Technological advancement in CGMs is increasing their adoption in the diabetes devices market.
Increasing Emphasis on Developing New Insulin Products
The rising demand for advanced insulin delivery devices supported by the high adoption of recently launched innovative smart devices and portable products is driving the demand for the diabetes devices market. For instance,
- In March 2022, Novo Nordisk announced the launch of its smart insulin pens in the UK, providing diabetes patients within the NHS access to devices that can monitor and record dosing information.
Potential of Digitization in Diabetes Care Using Sensors, Wearables, and Mobile Devices Boosts the Growth of the Diabetes Devices Market
The rapid developments in the wearable device and remote sensor market are driven predominantly by the miniaturization of sensors & circuitry and the improvements in functionality and processing power of mobile devices. Several mobile apps and tools have been developed that close the loop between blood glucose tracking and insulin delivery, and several digital platforms have emerged including DayTwo, Viome, and Glooko, among others that are anticipated to boost the growth of digitization in diabetes care.
Covid-19 Impact on the Global Diabetes Devices Market
During the COVID-19 pandemic, the demand for diabetes devices continued to grow as a preventive measure to control glucose levels and complications in patients with diabetes mellitus. Diabetic patients are more likely to have serious complications from COVID-19, thus CGM becomes very important for these patients.
Key Market Challenges: Diabetes Devices Market
The high costs of CGM devices and reimbursement issues in developing countries are some of the key factors which are likely to hamper the growth of the diabetes devices market in the upcoming years.
North America is Expected to Continue to Hold a Major Share in the Diabetes Devices Market
From a geographical perspective, North America holds a major share of the diabetes devices market. This can be mainly attributed to the growing prevalence of diabetes, growing adoption of technologically advanced products, rising awareness regarding diabetes self-management solutions, and unhealthy food habits in the region.
Competitive Landscape Analysis: Diabetes Devices Market
Some of the established market players operating in the global diabetes devices market are Medtronic Plc, Abbott Laboratories, Dexcom, Insulet Corporation, and Ypsomed, among others.
Organic and Inorganic Growth Strategies Adopted by Key Market Players to Establish Their Foothold in the Diabetes Devices Market
All leading players operating in the diabetes devices market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share. For instance,
- In August 2022, Insulet Corporation announced that they have received clearance from the U.S. FDA for its Omnipod® 5 Automated Insulin Delivery System (Omnipod 5) for individuals aged two years and older with type 1 diabetes (T1D).
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