Diabetes Care Devices Market: Current Analysis and Forecast (2021-2027)
Diabetes Care Devices Market is expected to grow at a CAGR of around 6% over the forecast period (2021-2027). The rise of this market is fueled by a growing diabetic population, obesity, and a sedentary lifestyle. Furthermore, advancements in human insulin delivery systems, innovations in insulin delivery system techniques, and healthy reimbursement policies, as well as rising awareness among the population about diabetes control and accessibility to insulin delivery systems, are all factors ensuring the market's growth.
Several government organizations are focusing on boosting the existing infrastructure for overall healthcare system development. Among the countries worldwide, the United States had the highest percentage of gross domestic product spent on health care in 2019. The U.S. spent nearly 17% of its GDP on health care services. Germany, Switzerland, and France followed the U.S. with distinctly smaller percentages. The United States had both significantly higher private and public spending on health compared with other developed countries.
The number of people with diabetes is increasing due to population growth, aging, urbanization, and increasing prevalence of obesity and physical inactivity. The prevalence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% in 2030. The total number of people with diabetes is projected to rise from 171 million in 2000 to 366 million in 2030.
Some of the major players operating in the market include: Medtronic, DexCom, Inc., F. Hoffmann-La Roche AG, Novo Nordisk A/S, Johnson & Johnson, Abbott Laboratories, Becton, Dickinson and Company, Tandem Diabetes are, Inc., Ascensia Diabetes Care Holdings AG, B. Braun Melsungen AG, etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.
Insights Presented in the Report
"Amongst Type, Insulin Pens segment dominated the market in 2020"
Based on Type, the market is segmented into Devices (Self-monitoring Blood Glucose (Glucometer Devices, Test Strips, Lancets), Continuous Glucose Monitoring (Sensors, Durables), Management Devices [Insulin Pumps (Insulin Pump Device, Insulin Pump Reservoir), Infusion Set, Insulin Syringes, Insulin Cartridges, Disposable Pens, Jet Injectors. The Monitoring Devices segment leads the Diabetes Care Devices Market. Insulin pens are growing in popularity, and many people with diabetes nowadays use home-based glucose monitoring devices to keep check on their diabetes readings.
"Amongst End-User, Patients/Homecare segment dominated the market in 2020."
Based on End-User, the Diabetes Care Devices market is segmented into Patients/Homecare and Hospitals & Clinics. The patients/homecare segment commanded the largest share of the diabetes care devices market and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing diabetic population and rising healthcare expenditure.
"North America represents as the largest market."
For a better understanding of the market adoption of Diabetes Care Devices, the market is analyzed for the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. Asia-Pacific dominated the market in 2020. North America dominated the market. The rising prevalence of diabetes and favorable reimbursement scenario in the United States and Canada, growing venture capital investments and IPOs in the United States, and FDA approvals to increase the commercial availability of insulin delivery devices in the United States all contribute to this region's large share.
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