Newark, July 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the diabetes care devices market will grow to USD 11.72 billion in 2022 and reach USD 25.45 billion by 2032. In just ten years, changing lifestyle and dietary habits, rising obesity rates, and a growing ageing population are helping to boost the market growth over the forecast period. Moreover, the growing prevalence of diabetes among the global population, technological advancements in diabetes monitoring devices, and rising R&D activities are expected to propel market growth over the forecast period.
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Key Insight of the Diabetes Care Devices Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in diabetes care devices. Key factors favouring the growth of the diabetes care devices market in North America include easy availability of diabetes devices, an increasing number of initiatives by the government & favourable reimbursement policies, unhealthy eating habits, and increased awareness about diabetes management. Moreover, the increasing population suffering from diabetes and growing expenditure on diabetes care per person are expected to drive market growth.
The insulin delivery devices segment is expected to augment the diabetes care devices market during the forecast period.
The product type segment is divided into insulin delivery devices and blood glucose monitoring devices. The insulin delivery devices segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing number of people who have diabetes across the globe.
The syringes segment market size was USD 2.72 billion in 2022
The delivery type segment is divided into syringes, pumps, injectors, pen, cartridges in reusable pens, jet injectors, and disposable pens. The syringe segment market size was USD 2.72 billion in 2022 due to the growing trend of pre-fillable syringe systems and advancement in medical technology.
The diagnostic segment is anticipated to dominate the market by 63.08% in 2032.
The device type segment is divided into diagnostic and self-monitoring. The diagnostic segment is anticipated to dominate the market in the forthcoming years due to the ever-increasing healthcare cost in various countries.
The hospital pharmacies segment is anticipated to dominate the market by 39.06% in 2032.
The distribution channel segment is divided into retail sales, diabetes clinics/centers, hospital pharmacies, and online pharmacies. The hospital pharmacies segment is anticipated to dominate the market in the forthcoming years due to the rising prevalence of diabetes globally.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 8.06% |
| 2032 Value Projection | USD 25.45 Billion |
| Base Year | 2021 |
| Diabetes Care Devices Market Size in 2022 | USD 11.72 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 238 |
| Segments covered | Product Type, Delivery Type, Device Type, and Distribution Channel |
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Market Dynamics
Driver: The rising healthcare consumer expenditure:
The growing geriatric population and the rising healthcare consumer expenditure are the driving factors of the market growth. Moreover, the increasing patient base of diabetes, the rising diabetic population, and the accessibility of technologically advanced devices are expected to drive market growth during the forecast period. Additionally, the growing alcohol consumption and an increasing number of smokers are expected to propel the market growth over the forecast period.
Restraint: A lack of awareness:
The stringent regulatory policies & regulations and the lack of awareness hamper the market growth. Further, the issues associated with reusing pen needles & infusion sets and poor reimbursement structure in developing nations are expected to hinder market growth over the forecast period.
Opportunity: The increasing adoption of technologically advanced insulin & glucose monitoring devices:
The increasing adoption of technologically advanced insulin & glucose monitoring devices is an opportunity for market growth. Additionally, the rise in customer adoption of instruments for monitoring glucose levels, the requirement of individuals for round-the-clock self-monitoring, innovation, and new technologies like sensors & software are constantly upgrading to provide ease for users, driving factors of the market growth. Furthermore, the increasing number of smokers and the increased focus on preventing hypoglycemia among patients are expected to drive the market growth over the market growth.
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Some of the major players operating in the diabetes care devices market are:
• PHC Holdings Corporation
• Abbott
• Sanofi
• WellDoc, Inc.
• Tidepool
• B. Braun SE
• Medtronic
• Dexcom, Inc.
• F. Hoffmann-La Roche Ltd
• DarioHealth Corp.
• Tandem Diabetes Care
• Ascensia Diabetes Care Holdings AG
• Insulet Corporation
• LifeScan
• Medtronic
• DarioHealth
• AgaMatrix
• Home Diagnostics
• Glooko Inc.
Key Segments cover in the market:
By Product Type:
• Insulin Delivery Devices
• Blood Glucose Monitoring Devices
By Delivery Type:
• Syringes
• Pumps
• Injectors
• Pen
• Cartridges in Reusable Pens
• Jet Injectors
• Disposable Pens
By Device Type:
• Diagnostic
• Self-Monitoring
By Distribution Channel:
• Retail Sales
• Diabetes Clinics/Centers
• Hospital Pharmacies
• Online Pharmacies
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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