Diabetes Care Devices Market Expected to Reach $38.3 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Diabetes Care Devices Market," The Diabetes Care Devices Market Size was valued at $20.0 billion in 2020, and is estimated to reach $38.3 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.

A diabetes care device is used for testing blood glucose levels in a diabetic patient. In addition, these devices are used to deliver insulin to a diabetic patients. The major factors that contribute to the growth of the market include e increase in the geriatric population and a rise in sedentary lifestyles among individuals.

The major factors that contribute to the growth of the market are the rise in the prevalence of diabetes, an increase in the number of programs initiated by various health organizations related to health awareness, and favorable national health strategies. Moreover, the surge in the need for faster and safer diagnosis and treatment of diabetes and an increase in government initiatives to provide better health services are the factors that drive Diabetes Care Devices Market Growth. However, the high cost of diabetes care and adverse effects associated with some of the diabetes care devices restrain the market growth in the future..

The Diabetes Care Devices Industry is segmented on the basis of product and region. On the basis of the product, it is bifurcated into blood glucose monitoring devices and insulin delivery devices. The blood glucose monitoring devices segment is categorized into testing strips, self-monitoring blood glucose meters, lancets, and continuous glucose monitoring devices. The insulin delivery devices segment is classified into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).

The insulin delivery devices segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period, owing to the rise in prevalence of diabetes, increase in the geriatric population, the surge in demand for self-care, and technological advancements in blood glucose monitoring devices. In addition, checking blood glucose levels is the first step in the treatment of a diabetic patient. Hence, blood glucose monitoring devices are used by almost every diabetic patient. This is not the case with insulin delivery devices, as every patient diagnosed with diabetes need not take insulin injections.

There have been revolutionary advancements in the field of diabetes care devices market, including the development of continuous glucose monitoring systems, which would boost the Diabetes Care Devices Industry.

By region, Diabetes Care Devices Market Analysis is done across North America, Asia-Pacific, Europe, and LAMEA. North America accounted for more than two-fifths of Diabetes Care Devices Market Share in 2020 and is expected to remain dominant throughout the forecast period. This is attributed to an increase in the incidence of diabetes, growth in the geriatric population, and a rise in the adoption of the sedentary lifestyle of people that leads to diabetes. In addition, surge in the adoption rate of technologically advanced devices and rise in presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.

KEY FINDINGS OF THE STUDY

The insulin delivery device devices segment accounted for more than half of the global market share in 2020

Blood glucose monitoring devices segment is expected to grow at a CAGR of 7.2% from 2021 to 2030

Asia-Pacific is expected to grow at the highest CAGR of 7.6%, from 2021 to 2030.