Diabetes Devices Market Value to Reach $54.16 Billion by 2030: Grand View Research, Inc.
14 Jun 2022
SAN FRANCISCO, June 14, 2022 /PRNewswire/ --
The global diabetes devices market size is expected to reach USD 54.16 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 8.2% from 2022 to 2030. The market is primarily driven by factors such as the increasing incidence of diabetes, coupled with technological advancements and innovative product launches.
Key Insights & Findings from the report:
North America accounted for the largest share in 2021 owing to favorable reimbursement policies, the presence of key players, and frequent product launches.
By product, the insulin delivery devices market accounted for the largest market size and is also expected to grow at the fastest rate.
By BGM devices, self-monitoring devices are dominating the market owing to their low cost and high usage.
By SMBG devices, testing strips is dominating the market while blood glucose meter is growing at a rapid pace owing to the high adoption of these devices and technological advancement.
By CGM device, the transmitter segment accounted for the largest market share owing to the high cost of devices.
By insulin delivery devices, the pens segment is dominating the market owing to its low cost as compared to other delivery devices and it is also easy to carry and use.
By distribution channels, the hospital pharmacy segment dominated the market owing to the rise in sales of diabetes devices in these pharmacies.
By end-use, the Hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment.
Market leaders are focusing on product launches and technological collaboration.
Read 140-page market research report, "Diabetes Devices Market Size, Share & Trends Analysis Report By Type (BGM Devices, Insulin Delivery Devices), By Distribution Channel, By End Use (Hospitals, Homecare), By Region, And Segment Forecasts, 2022 - 2030",
published by Grand View Research.
Rising adoption of advanced diabetes management solutions in developing regions, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, the rising government initiative to spread diabetes awareness and increasing R&D expenditure of major market players are the factors expected to ensure long-term market growth. According to the NCBI report, global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010.
Obesity, sedentary lifestyle, and fast food culture are some of the factors having a significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, the U.S has the highest rates of obesity with every third person being obese and this rate is expected to reach 50% by 2030.
In addition, an increasing number of new market players are transforming the market. New market entrants focus on patient convenience with the help of artificial intelligence technology. They are leveraging technological advancements to improve diabetes care solutions like CGM devices non-invasive insulin delivery systems and digital diabetes management platforms. For Instance, In December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA-approved solution that can combine insulin injector pens with a smart app.
Segmentation
Grand View Research has segmented the global diabetes devices market based on type, distribution channel, end use, and region:
Diabetes Devices Market - Type Outlook (Revenue, USD Million, 2018 - 2030)
Self-Monitoring Devices
Blood Glucose Meters
Testing Strips
Lancets
Continuous Glucose Monitoring Devices
Sensors
Transmitters
Receiver
Insulin delivery devices
Pens
Pumps
Syringes
Diabetes Devices Market - Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals Pharmacies
Online Pharmacies
Others
Diabetes Devices Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals
Homecare
Diabetes Devices Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K
Germany
France
Italy
Spain
Czech Republic
Russia
Poland
Turkey
Switzerland
Japan
China
India
Australia
South Korea
Vietnam
Philippines
Malaysia
Indonesia
Thailand
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Middle East & Africa (MEA)
South Africa
Saudi Arabia
UAE
Oman
Egypt
List of Key Players in the Diabetes Devices Market
F.Hoffmann-La-Ltd.
Companion Medical
Sanofi
Check out more related studies published by Grand View Research:
Diabetes Associated Ophthalmic Treatment Market
- The global diabetes associated ophthalmic treatment market size is expected to reach USD 44.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2021 to 2028. The increasing prevalence of type II diabetes, geriatric population, and availability of early detection techniques are some of the factors driving the growth. This is coupled with technological advancements and increasing awareness of early diagnostics to help increase the success rate of the available treatment options. An increasing number of clinical trials to assess new drugs and devices for the prevention and management of these ophthalmic conditions are expected to fuel market growth in upcoming years.
BRIC Diabetes Care Devices Market - The BRIC diabetes care devices market size is projected to reach USD 4.82 million by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a 5.28% CAGR over the forecast period. The market in BRIC nations is primarily driven by the increasing prevalence of diabetes, especially among geriatric and obese population. Increasing collaboration and funding support to research is further augmenting the growth. The factors responsible for the increasing incidence of glucose impairment are the increasing alcohol and tobacco consumption, lack of physical activity, and obesity. However, increasing prices of advanced devices and presence of cost-effective alternative treatment may restrict the market growth.
Europe Diabetes Devices Market - The Europe diabetes devices market size is expected to reach 8.7 billion by 2026, according to a new report by Grand View research, Inc. registering a CAGR of 4.0% over the forecast period. The size of the market is justified by the contribution from developed European economies such as Germany, U.K., France, and Italy. The prevalence of diabetes is rising amongst all ages in the European countries, mainly due to the unhealthy lifestyle, obesity, overweight, and physical inactivity. According to the International Diabetes Federation (IDF), around 66.0 million people in Europe are suffering from diabetes and this number is expected to increase to around 81.0 million by 2045. Thus, rising diabetes population base in this region is anticipated to be a major driver for the Europe diabetes devices market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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