Global Diabetes Devices Market Expected To Grow At ~6% CAGR By 2026
The Diabetes Devices Market is expected to grow at a rate of ~6% by 2026. Some of the main factors propelling the global diabetes devices market include the rising prevalence of diabetes, rising health consciousness and awareness regarding diabetes, rising obesity and unhealthy eating habits among the population, technological advancements in diabetes monitoring devices, and rising adoption of insulin delivery devices.
Global Diabetes Devices Market Analysis
A Slowdown In The Demand For Diabetes Devices Points To Looming Recession
The economic recession is anticipated to have a mixed effect on medical device companies. Consumer spending on healthcare devices may be impacted by the ongoing economic downturn in the US and Europe. Sales have dipped slightly for blood glucose monitors and even test strips. Tandem Diabetes Care is the first organization in the space to directly attribute a slowdown in sales to recession fear.
The Growing Adoption Of Continuous Glucose Monitoring (CGM) Devices Drives The Global Diabetes Devices Market
A CGM device is a wearable technology designed to monitor glucose levels without finger pricks. CGM may be useful for people who need to monitor their sugar levels more frequently to see trends and patterns. Technological development in CGMs is increasing their adoption in the diabetes devices market.
Increasing Emphasis On Developing New Insulin Products
The need for diabetic devices is being driven by an increase in the demand for advanced insulin delivery systems, which is being supported by the high adoption of recently launched innovative smart devices and portable products.
- in March 2022, Novo Nordisk announced the launch of its smart insulin pens in the UK, providing diabetes patients within the NHS access to devices that can monitor and record dosing information.
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Potential of Digitization In Diabetes Care Using Sensors, Wearables, And Mobile Devices Boosts The Diabetes Devices Market
The rapid advances in the wearable device and remote sensor market are driven predominantly by the miniaturization of sensors & circuitry and the improvements in functionality and processing power of mobile devices. Numerous digital platforms have emerged, including DayTwo, Viome, and Glooko, among others, that are expected to boost the expansion of digitization in the field of diabetes care. These tools and mobile apps have been developed to close the loop between blood glucose tracking and insulin delivery.
Covid-19 Impact On Diabetes Devices Market
The need for diabetes devices increased during the COVID-19 pandemic as a preventative approach to control glucose levels and complications in patients with diabetes mellitus. Diabetic patients are more likely to have serious complications from COVID-19, thus CGM becomes very important for these patients.
Key Constraints/ Challenges:
Some of the major factors that are projected to hamper the growth of the diabetes devices market in the coming years include the high cost of CGM devices and reimbursement issues in developing countries.
North America Expected To Continue To Hold A Major Share
From a geographical perspective, North America holds a major market share of the diabetes devices market. This can be mostly attributed to the rising prevalence of diabetes, increasing acceptance of technologically advanced products, rising awareness regarding diabetes self-management solutions, and unhealthy food habits in the region.
Organic And Inorganic Growth Strategies Adopted By Players
Players operating in the diabetes devices market are accepting organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner market share.
- In August 2022, Insulet Corporation announced that they have received clearance from the U.S. FDA for its Omnipod® 5 Automated Insulin Delivery System (Omnipod 5) for individuals aged two years and older with type 1 diabetes (T1D)
Competitive Landscape Analysis
Some of the key players operating in the diabetes devices market include Medtronic Plc, Abbott Laboratories, Dexcom, Insulet Corporation, and Ypsomed, among others.
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