Reports and Data has published its latest report titled Diabetes Devices Market By Type (Blood Glucose Monitoring Systems, Lancets, Test Strips or Test Papers, Insulin Delivery Devices, Diabetes Management Mobile Applications), By Distribution Channels, By End-use, and By Region Forecast to 2028.”
Reports and Data has published its latest report titled Diabetes Devices Market By Type (Blood Glucose Monitoring Systems, Lancets, Test Strips or Test Papers, Insulin Delivery Devices, Diabetes Management Mobile Applications), By Distribution Channels, By End-use, and By Region Forecast to 2028.”
According to the latest report by Reports and Data, the global diabetes devices market size was USD 25.31 billion in 2020 and is expected to reach USD 41.88 billion in 2028 and register a revenue CAGR of 6.4% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Growing awareness regarding regular health check-ups, growing usage of mHealth (mobile health) that supports diabetes management, rapidly increasing global geriatric population, and favorable national health strategies are key factors expected to boost market revenue growth over the forecast period.
The technology to manage type 1 diabetes has evolved exponentially over the last few decades. There has been a dramatic progress in diabetes management with the development of new devices and integration of diabetic devices with cloud-based data systems, starting with the development of continuous glucose monitoring (CGM) systems and glucometers. People with diabetes can use a smart insulin pen to better manage insulin delivery by using an intuitive smartphone app that calculates and tracks doses, notifies them when they need a dose reminder, and gives them reports. These technological advancements in diabetes devices in healthcare sector offer many benefits to the people suffering from diabetes. In addition, introduction of diabetes management mobile applications, wearables and smartphone technologies, implantable long-term CGM sensors, automated bolus calculators are advanced solutions offered by diabetes technologies in the global market.
However, high cost of diabetes devices, lack of awareness regarding as what is the right pump for type 1 and type 2 diabetes, and growing concerns regarding security issues shared on diabetes applications and devices are some key factors expected to restrain market revenue growth to a certain extent going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Insulin Delivery Devices Segment to Lead in Terms of Revenue Share:
Insulin delivery devices segment is expected to account for largest revenue share in the global market over the forecast period attributable to growing diabetic population, technological advancements in insulin delivery devices such as insulin smart pens that record timing and amount of insulin doses and provide dosing recommendations, and rising diabetic healthcare expenditure globally.
Hospital Pharmacies Segment to Register Significant Revenue Growth:
Hospital pharmacies segment is expected to register significant revenue growth over the forecast period attributable to increasing hospital admissions worldwide due to high incidence of diabetes in elderly population. Hospital pharmacies enable hospitals to supply high-quality medicines to patients by purchasing directly from drug producers, avoiding the issue of counterfeit drugs.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to increasing healthcare spending, favorable reimbursement policies, ongoing research on technologically advanced diabetes devices, rising government investments on diabetes management and presence of key market players in the region.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period attributable to rapid development of healthcare sector, increasing demand for insulin delivery devices and increasing private funding to for availability of advanced healthcare devices. In addition, increasing government healthcare budgetary allocation and growing awareness about diabetes care in emerging economies such as China, Malaysia and India, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- B. Braun
- DexCom, Inc.
- Abbott
- F. Hoffman-La Roche Ltd.
- Ascensia Diabetes Care Holdings AS
- LifeScan
- AgaMatrix Holdings LLC
- Acon Laboratories, Inc.
- ARKRAY USA, Inc.
- Becton, Dickinson and Company
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented diabetes devices market based on type, distribution channels, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Blood Glucose Monitoring Systems
- Self-Monitoring Devices
- Continuous Glucose Monitoring Devices
- Lancets
- Test Strips or Test Papers
- Insulin Delivery Devices
- Insulin Pumps
- Insulin Pens
- Insulin Syringes and Needles
- Diabetes Management Mobile Applications
Distribution Channels Outlook (Revenue, USD Billion; 2018-2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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