Global Diabetes Devices Market Size to grow USD 55.6 Billion by 2030 | CAGR of 8.5%
Category: HealthcareGlobal Diabetes Devices Market Size To worth USD 55.6 Billion By 2030
According to a research report published by Spherical Insights & Consulting, the Global Diabetes Devices Market Size to grow from USD 26.7 billion in 2021 to USD 55.6 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period. It is expected that the number of programs that governments and organizations are running to raise awareness of diabetes will lead to more people using diabetic devices.
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Browse key industry insights spread across 197 pages with 133 market data tables and figures & charts from the report "Global Diabetes Devices Market Size, Share, and COVID-19 Impact Analysis By Type (Blood Glucose Monitoring Devices and Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Diabetes Clinics, Retail Pharmacies, Online Pharmacies, and Others), By Applications (Hospitals, Diagnostic Centers and Homecare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." in detail along with the table of contents https://www.sphericalinsights.com/reports/diabetes-devices-market
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The insulin delivery devices segment accounts for the largest market size during the forecast period
Based on type, the diabetes devices market is categorized into Blood Glucose Monitoring Devices and Insulin Delivery Devices. The insulin delivery devices segment accounts for the largest market size during the forecast period. In the market for people with diabetes, insulin delivery devices are expected to grow at the fastest rate. Some of the main things that drive the demand for insulin delivery devices are the increasing number of rules and approvals for technological advances in insulin delivery devices like insulin pens, insulin pumps, jet injectors, and other devices. More and more people are using insulin patches, and smart insulin pumps to self-manage their diabetes. When it came to devices for people with diabetes in 2021, pens made up a larger part of the market. On the other hand, the pump sector is expected to get a big share of the market because it is expected to grow at the fastest CAGR over the forecast period.
The hospital pharmacies segment accounts for the largest market size during the forecast period
Based on distribution channel, the diabetes devices market is categorized into Hospital Pharmacies, Diabetes Clinics, Retail Pharmacies, Online Pharmacies, and Others. The hospital pharmacies segment is to hold a higher CAGR during the forecast period. Because hospital pharmacies see a lot of people and have a lot of products, they have a lot of market share. This helps them keep their dominant position in the market. On the campus of a hospital, there are two different kinds of pharmacies: the inpatient pharmacy and the outpatient pharmacy. The hospital has an inpatient pharmacy that only certain staff members can use. It serves operating rooms, intensive care units, inpatient wards, and other special service areas. On the other hand, outpatient pharmacies are usually near hospital entrances or lobbies so that patients can get to them easily. Outpatient pharmacies usually have glucose monitoring devices that patients can carry in their pockets and systems for giving insulin.
The hospital's Media segment to hold a higher CAGR during the forecast period
Based on application, the diabetes devices market is categorized into Hospitals, Diagnostic Centers, and Homecare. The hospital's segment to hold a higher CAGR during the forecast period. Demand in this market is going up because more and more diabetic people are being admitted to hospitals, driving up the number of people needing these products. Compared to people who don't have diabetes, people with diabetes are three times more likely to be admitted to the hospital. Because of these technological changes, more insulin pumps are being used in places like hospitals.
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North America is estimated to account for the highest market share in 2021.
The Global Diabetes Devices Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. The United States has been the leader in the North American market for a long time because of its many diabetic people and generous reimbursement rules. The market for this product is largely driven by rising healthcare costs and high per capita income. The average cost of diabetes-specific treatments for a single person in 2019 was expected to be USD 9,505.60, according to the American Diabetes Association. A diabetic in the United States may spend about USD 16,750 on medical care yearly, which is a lot of money. Asia-Pacific to hold a higher CAGR during the forecast period.
Major vendors in the Global Diabetes Devices Market include Medtronic plc, Abbott Laboratories, F.Hoffmann-La-Ltd., Bayer AG, Lifescan, Inc., B Braun Melsungen AG, Lifescan, Inc., Dexcom Inc., Insulet Corporation, Ypsomed Holdings, Companion Medical, Sanofi, Valeritas Holding Inc., Novo Nordisk, Arkray, Inc.
List of Key Market Players:
- Medtronic plc
- Abbott Laboratories
- F.Hoffmann-La-Ltd.
- Bayer AG
- Lifescan, Inc.
- B Braun Melsungen AG
- Lifescan, Inc.
- Dexcom Inc.
- Insulet Corporation
- Ypsomed Holdings
- Companion Medical
- Sanofi
- Valeritas Holding Inc.
- Novo Nordisk
- Arkray, Inc.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Recent Development
- In March 2022, Medtronic India released the MiniMed 780G. The MiniMed 780G system is a closed-loop insulin pump system made for people with type-1 diabetes who are between the ages of 70 and 80.
- In February 2022, BlueSemi, a company based in Hyderabad, India, made Eyva, a glucose monitor that doesn't need any kind of invasive procedure. India is where Eyva was designed and made.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global diabetes devices market based on the below-mentioned segments:
Global Diabetes Devices Market, By Type
- Blood Glucose Monitoring Devices
- Insulin Delivery Devices
Diabetes Devices Market, By Distribution Channel
- Hospital Pharmacies
- Diabetes Clinics
- Retail Pharmacies
- Online Pharmacies
- Others
Global Diabetes Devices Market, By Applications
- Hospitals
- Diagnostic Centers
- Homecare
Global Diabetes Devices Market, Regional Analysis
- North America
- The US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- The Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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