Diabetes Devices Market to Witness Growth 11.8% by 2030

According to Vision Research Reports, the diabetes devices market size is expected hit around US$ 51.6 billion by 2030 from valued at US$ 33.0 billion in 2020 and is anticipated to grow at a CAGR of 11.8% during forecast period 2021 to 2030.

Increasing incidence of diabetes due to rising geriatric population and an increasing number of obesity cases, along with technological advancement in the field of diabetes preventive care are driving the market growth. According to the Centers for Disease Control and Prevention (CDC), 93.3 million people were obese in 2016 and the number is expected to grow further during the forecast period.

Growth Factors

The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the 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 the market growth.

Full Report is Ready | Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/35292

 Obesity, sedentary lifestyle, and fast food culture are some of the factors expected to have significant impact on the 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.

Scope of The Report

Type Insights

Insulin delivery devices are identified as the fastest growing segment in the global diabetes devices market and accounted for over 57% share in 2021. Based on, insulin delivery device, the market has been segmented into pens, pumps, syringes and jet injectors. Pens held a larger share of the diabetes devices market in 2021. However, the pump segment is expected to gain substantial market share as it is estimated to grow at fastest CAGR during the forecast period.

The adoption of blood glucose meters is gradually increasing due to advantages such as portability and accuracy. Market players are also focusing on developing these devices and are introducing small blood glucose meters. Some of the smallest blood glucose meters with advanced technology available in the U.K. are Abbott Diabetes Care Freestyle Lite, Bayer’s CONTOUR NEXT USB, Lifescan’s One Touch UltraEasy, Accu-Chek Aviva Nano, Accu-Chek Mobile, &TRUEone blood glucose meter. The introduction of these small, discreet, and easy-to-use blood glucose meters is expected to boost segment growth during the forecast years.

CGM is said to further collaborate with insulin delivery systems to ensure a single integrated system for efficient diabetes care management. For instance, Tandem Diabetes Care launched its Slim X2 insulin pump, which is integrated with Dexcom G6 CGM. Similarly, Ypsomed Holdings developed a CGM system called MylifeUnio Neva, which integrates with the company’s insulin pump.

Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/35292

Distribution Channel Insights

In 2021, hospital pharmacies accounted for over 55% of the market penetration owing to high footfall and availability of products. The two types of pharmacies operating within a hospital campus are inpatient pharmacy and outpatient pharmacy. Inpatient pharmacy is present within the hospital, accessible only by authorized personnel serving operation rooms, ICU, inpatient wards, and special service areas. Whereas outpatient pharmacies are generally located in hospital lobbies and entrances for customers. Handheld glucose meters and insulin delivery devices are available at the outpatient pharmacy.

As online pharmacies directly procure diabetes devices from the manufacturers, it helps them avail lucrative deals for customers. The increasing patient awareness about online pharmacies and increased public-private funding are key factors driving the segment. The COVID-19 pandemic has positively impacted the e-pharmacies business; the sales volume of diabetes devices is observed to have increased through this platform.

End-use Insights

Hospital segment dominated the market with largest market share of 45% in 2021. Increasing number of hospital admissions of diabetes patients is boosting the demand for the segment. Patients suffering from diabetes have threefold chance of hospitalization compared with those without diabetes. Diabetes technology has evolved rapidly in the past few years. Most of these technologies aim to improve diabetes care in hospitals and clinics. These advancements in technology have increased the usage of insulin pumps in hospitals and clinics.

Homecare segment is anticipated to lucrative growth rate at 7.4% compound annual growth rate(CAGR) during the forecast period. This growth is attributed to growing awareness about diabetes preventive care. Increasing government initiatives to promote awareness about diabetes and user-friendly interface of insulin pumps are increasing the demand for insulin pumps in homecare settings. Moreover, increasing geriatric population is boosting the demand for homecare.

According to the World Health Organization (WHO), 80% of the total elder population are living in low- and middle-income countries. By 2050, the total population aged 60 and older is expected to reach 2 billion. Thus, the abovementioned factors are boosting the demand for insulin pumps in-home care settings, which is expected to grow at an exponential growth rate.

Regional Insights

North America dominated the market in 2021 and is expected to lead the market with a growth rate of over 6.2% compound annual growth rate (CAGR) during the forecast period owing to its well-established healthcare sector. The increasing prevalence of obesity and the high cost of treatment is also expected to drive the region, along with technological advancements and new product launches.

In North America, the U.S. dominated the market owing to a large diabetic population and favorable reimbursement policies. High per capita income and increasing healthcare spending are among the key factors driving its market. According to American Diabetes Association, in 2019, the average estimated cost of diabetes-specific treatments per person was USD 9,505.60. In the U.S., a diabetic patient can incur an overall medical expenditure of nearly USD 16,750 per year. Furthermore, the adoption of smart devices and technological advancements such as the use of AI & data analytics are propelling the market growth.

The adoption rate of insulin delivery devices in Asian countries, such as China and India, is high. Factors such as growing awareness about diabetes care and an evolving healthcare landscape are responsible for the higher adoption of these devices in the APAC countries. In addition, the rise in healthcare spending has led to an increase in the adoption of technologically advanced products in countries such as China & India and is expected to boost the overall market growth.

Key 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.; among others.

Market Segmentation

Diabetes Devices Product Outlook 

• BGM Devices
  • Blood Glucose Meter
  • Testing Strips
  • Lancets
  • Sensors
  • Transmitters
  • Receiver

• • Self-Monitoring Devices
  • Continuous Glucose Monitoring Devices

1. Delivery Devices
   • Pumps
   • Pens
   • Syringes
   • Jet Injectors

Diabetes Devices Distribution Channel Outlook 

• Hospitals Pharmacies
• Retail Pharmacies
• Diabetes Clinics/ Centers
• Online Pharmacies
• Others

Diabetes Devices End-use Outlook 

• Hospitals
• Homecare
• Diagnostic Centers

Diabetes Devices Regional Outlook 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Click Here to View Full Report Table of Contents

Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/35292

You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333