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The global diabetes devices market size was valued at USD 20.92 billion in 2018 and is projected to reach USD 33.55 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period.
Increase in the incidence rate of diabetes caused by a sedentary lifestyle and rapid urbanization is the major factor driving the growth of the global diabetes care devices market. Technologically advanced blood glucose monitoring systems and minimally invasive insulin delivery devices, has increased the number of diabetes patients diagnosed annually worldwide. For instance, in September 2017, Abbott received Food and Drug Administration approval for the FreeStyle Libre Flash Glucose Monitoring System, this device uses a small sensor attached to the upper arm for the monitoring of the blood glucose levels.
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Nevertheless, increasing funding from private and government organizations, along with rising number of research and development activities for diabetes control and treatment solutions is slated to offer opportunities for market players, thereby contributing toward market expansion. These factors are anticipated to drive the growth of the diabetes management devices market during the forecast period.
“Introduction of Novel and Technologically Advanced Products is driving the Market Growth”
Introduction of novel products in diabetes monitoring systems and treatment devices globally is one the major factor driving the growth of the global diabetes devices market. For instance, In February 2019, Tandem Diabetes Care, Inc., received FDA approval for the marketing of the first insulin pump with interoperable technology for children and adults with diabetes. t:Slim X2 insulin pump is the first device to be classified under a new de novo premarket review pathway. Additionally, in January 2019, Bigfoot Biomedical entered a partnership with Eli Lilly and company to develop solutions for optimization of delivery and dosing of insulin using artificial intelligence.
Investment by key market players with an aim to cater unmet needs in emerging countries. For instance, in October 2018, Amazon launched medical device brand focusing majorly on diabetes and cardiovascular disease. Choice, the new brand will initially include blood glucose monitors and blood pressure monitors accompanied by supporting mobile apps that offer measurement tracking, data mobility and reminders. These type of initiatives are anticipated to increase awareness among people and propel the demand of diabetes devices globally, hence driving the growth of the market.
“Rising Prevalence of Diabetes Globally is Fueling the Demand for Monitoring and Treatment Devices”
There is an increasing prevalence of diabetes globally, especially in developing economies including China, and India. Various factors including rapid urbanization and growth in sedentary lifestyle, especially in developing economies have been responsible for rapidly rising prevalence of diabetes. The International Diabetes Federation estimated that around 425 million adults were suffering from diabetes in 2017 and it is projected to rise to around 630 million by 2045. According to these studies, China, India, U.S., Brazil, and Mexico account for an estimated 55.0% to 60.0% of the global diabetes population. China and India currently account for around 44.0% of the global diabetes population.
Other factors including obesity, and lack of awareness regarding the disease especially in emerging countries, are also contributing to the increasing incidence and prevalence of diabetes. For example, according to the World Health Organization (WHO), an estimated 1.9 billion adults globally were overweight in 2016, and out of these an estimated 650 million adults were obese.
Rising obesity coupled with increasing number of diabetic patients is anticipate to fuel the demand for the diabetes treatment, hence driving the growth of the diabetes management devices market during the forecast period.
“Monitoring Devices Segment is anticipated to grow at a Faster Pace during the forecast period.”
On the basis of type, the global market can be segmented into monitoring devices and treatment devices.
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Monitoring devices accounted for the largest share of the global diabetes care devices market in 2018. An increasing number of regulatory approvals for continuous blood glucose monitoring systems and technological advancements in insulin delivery devices such as smart insulin patches, insulin inhalers, closed loop pump systems, and other pipeline devices are some of the major driving factors for the growth of the global diabetes care devices market. Growing adoption of insulin patches, wearable continuous blood glucose monitoring system and smart insulin pumps for self-diabetes management is also one of the factors propelling the growth of the global diabetes care devices market.
“Retail Sales Segment is expected to hold the Highest Share among Distribution Channel.”
On the basis of distribution channel, the market for a diabetes device can be segmented into institutional sales and retail sales. The retail sales segment is projected to grow at a higher CAGR during the forecast period due increased penetration of private-label brands in retail outlets at discounted prices are some of the factors likely to propel the growth of the retail sales segment. Explanation of retail sales segments various key market players with an aim to achieve more sales in the different regions globally.
Rising prevalence of chronic disorders and rising number of surgeries is likely to increase demand for the blood glucose meters as blood glucose monitoring is mandatory while performing invasive surgeries which will further fuel the growth of the institutional sales during the forecast period.
North America generated a revenue of USD 8.48 billion in 2018 and is anticipated to grow at a moderate CAGR during the forecast period. According to the World Health Organization, in 2015, 60 million people were suffering from diabetes in Europe. The increasing diabetes population in Europe and comparatively lower prices of insulin and insulin delivery devices, subsequently increasing the demand and sales of the insulin delivery devices are some of the major factors anticipated to drive the growth of the global diabetes care devices market.
North America Diabetes Devices Market Size, 2018
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Asia Pacific is anticipated to grow at significantly higher CAGR during the forecast period due to the increasing diabetic population, rising adoption of the technologically advanced blood glucose meters and higher demand for the insulin delivery devices.
On the other hand, The Middle East and Africa and Latin America are expected to grow at a significant CAGR in the during the forecast period of 2019-2026 owing to the increasing diabetic population, rising investment in the healthcare infrastructure and rising awareness about disease diagnosis and monitoring.
“F. Hoffmann-La Roche Ltd., and Medtronic Account for Highest Market Share in Terms of Revenue”
F. Hoffmann-La Roche Ltd., is a leading player in the global continuous diabetes care devices, owing to its strong portfolio in diabetes care devices and strong distribution network globally. In order to strengthen the market position, key market players are focusing on the introduction of non-invasive and reusable insulin delivery devices in the global market. F. Hoffmann-La Roche Ltd., Medtronic, and Tandem Diabetes Care, Inc., dominated the global diabetes care devices market in 2018. Other players operating in the global Diabetes care devices market are BD, Eli Lilly, and Company, Sanofi, and others.
Rising awareness about diabetes management, and a growing number of health-conscious people leading to high adoption of diabetes monitoring devices, these factors are expected to drive the growth of the global diabetes diagnosis and monitoring devices market during the forecast period of 2019-2026.
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Along with this, the report provides an extensive analysis of the global market dynamics and competitive landscape and scenario. Various key insights presented in the report are the prevalence of diabetes, pricing analysis, technological advancements, recent industry developments such as mergers & acquisitions. Along with this other key insights includes key strategies adopted by market leaders, competitive landscape, and company profiles.
Value (USD billion)
By Distribution Channel
Fortune Business Insights says that the global market was USD 20.92 billion in 2018 and is projected to reach USD 33.55 billion by 2026.
In 2018, the market was valued at USD 20.92 billion.
Growing at a CAGR of 6.1%, the market will exhibit steady growth in the forecast period (2019-2026)
Blood Glucose monitoring systems segment is expected to be the leading segment in this market during the forecast period.
Rising prevalence of diabetes globally is one of the key factor driving the growth of the market
F. Hoffmann-La Roche Ltd., and Medtronic are among the top players in the market.
North America is expected to hold the highest market share in the market.
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