Diabetes Devices Market To Exhibit Growth Of $41.6 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.

The global diabetes devices market size is expected to reach USD 41.6 billion by 2027, registering a CAGR of 7.8% over the forecast period. The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. The increasing adoption of advanced diabetes management solutions in developing regions, government policies, and rising medical tourism are some of the major factors contributing to market growth. Furthermore, rising government initiatives to spread awareness about diabetes and increasing R&D expenditure of major players are the factors expected to boost market growth.

According to a study published in the National Center for Biotechnology Information (NCBI), 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 expected to have a significant impact on market growth. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is expected to increase up to 50% by 2030.

In addition, an increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, is also transforming the market. 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 device that can combine an insulin injector pen with a smart app. Also, in June 2019, Informed Data Systems Inc. and One Drop launched a glucose monitoring system along with its one-year unlimited access to certified diabetes coaches. This platform will help patients learn how to use a glucose monitoring system effectively.

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Diabetes Devices Market Report Highlights:

• Based on the region, North America dominated the market due to the presence of a significant number of patients and a beneficial reimbursement scenario. According to the International Diabetes Federation, there were 48 million people living with diabetes in North America in 2019, and this figure is projected to hit 63 million by 2045

• Government initiatives and educational programs are also propelling the Asia Pacific market owing to which, the region is expected to exhibit significant growth during the forecast period

• By product, the insulin delivery devices segment accounted for the largest market share and is also expected to grow at the fastest rate

• In the Blood Glucose Monitoring (BGM) segment, self-monitoring devices dominated the market owing to their low cost and high usage

• In Self-monitoring of Blood Glucose (SMBG) devices, the testing strips segment dominated the market while blood glucose meters are expected to grow at a significant pace owing to high adoption and technological advancements

• In the Continuous Glucose Monitoring (CGM) devices segment, transmitters accounted for the largest share owing to the high cost of devices and high usage

• In insulin delivery devices segment, pens segment dominated the market since it is easy to carry, easy to use, and has low cost as compared to other delivery devices

• By distribution channel, the hospital pharmacy segment dominated the market owing to the rise in sales of diabetes devices in these pharmacies

• The online pharmacies segment is projected to exhibit the highest growth rate during the forecast period owing to the rising awareness about online shopping and an increasing number of product approvals to sell on online platforms.

• By end-use, the hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment

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