Diabetes Care Devices Market to Reach USD 68,733.5 million by 2030: In-depth Research with Emerging Growth, Trends, Business Strategies, and Industry Size Forecast: Growth Plus Reports

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Jun 27, 2022, 09:00 ET

NEW YORK, June 27, 2022 /PRNewswire/ -- The Global Diabetes Care Devices Market is expected to clock US$ ~68,733.5 million by 2030 owing to the rising prevalence of diabetes and growing awareness among people regarding the management of diabetes, states Growth+ Reports.

The Global Diabetes Care Devices Market has been analyzed from three different perspectives – Type, End-User, and Region.

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Driving Factors

The International Diabetes Foundation estimates that 537 million adults between the ages of 20 and 79 will have diabetes in 2021 (IDF Diabetes Atlas Edition 2021). By 2030, 643 million people are expected, and by 2045, 783 million. Three out of four persons in low- and middle-income nations are said to have diabetes; it is also estimated that 240 million adults worldwide do not yet received a diagnosis for the condition, which claimed 6.7 million lives in 2021. Diabetes care cost the healthcare system $966 billion in the same year, or 9% of the entire amount spent on adult healthcare.

Diabetes makes up a sizable portion of the overall burden of chronic diseases in places like North America. Diabetes numbers are at epidemic levels in a few nations, including India, Germany, Russia, and Brazil.

Because of this, diabetes is seen as a major global health concern by both the WHO and the UN, who describe it as the most significant non-communicable disease originating from an unhealthy modern lifestyle. Given the cardiovascular risk, diabetes and cardiovascular diseases are considered to be unhealthful companions. Since the majority of diabetics die from cardiovascular complications and the converse is true, the majority of people who currently have cardiovascular diseases are almost certainly either diabetic or pre-diabetic.

A growing number of associations and healthcare systems worldwide are concentrating on strategies for diabetes prevention, early identification, and effective management due to the economic and social burden of chronic diseases, including diabetes. Innovation in the area of diabetes diagnosis and management has also been made necessary by this phenomena. Recognizing this trend, market participants globally have increased their focus on developing cutting-edge technology such as continuous glucose monitoring, integration of telemedicine and mhealth, and more in the field of diabetes care.

Excerpts from 'Competitive Landscape'

The prominent players operating in the global diabetes care devices market are

Abbott, F. Hoffmann-La Roche Ltd
Novo Nordisk A/S, Becton
Dickinson & Company (Embecta Corp.)
Terumo Corporation
B. Braun Melsungen AG
Medtronic
ARKRAY USA, Inc
ACON Laboratories, Inc
Dexcom Inc
Tandem Diabetes Care
Ypsomed Holding AG Inc
Eli Lilly and Company
Ascensia Diabetes Care Holdings AG
LifeScan, Inc

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Excerpts from 'By Type Segmentation'

The global diabetes care devices market has been segmented majorly into three distinct categories:

Insulin Delivery Devices
Self-Blood Glucose Monitors
Continuous Glucose Monitoring Devices

The self-glucose monitoring devices segment holds the largest share in the diabetes care devices market. The growth of the segment can be attributed to the rising incidence of diabetes, and the ease of use of these devices. The demand for these devices is high among diabetic patients, pre-diabetic people, and those who are aware of their health. The widespread adoption of SBGM systems in clinical settings is another factor contributing to the rise in demand for rapid POC testing techniques in hospitals and clinics.

Test strips have the biggest revenue share in the global market, followed by glucose monitors and lancets. This is due to the fact that test strip costs are very high because they are only intended for single use. Glucose monitors, on the other hand, are regarded as one-time purchases.

On the treatment part, insulin pen needles are dominating the market due to awareness of needlestick injury and technological innovations. As estimated by CDC, around 3,85,000 injuries occur in the hospital setup, clearly driving the demand for safer pen needles.

Excerpts from 'By Region Segmentation'

The global diabetes care devices market has been segmented into:

North America
Europe
Asia Pacific
The Rest of the World (RoW)

North America is expected to have the largest share of the global diabetes treatment device market, followed by Asia Pacific, Europe, and other regions (RoW).

Increasing diabetes, increasing people's awareness of diabetes, the presence of prominent players, and increasing FDA approval for technologically advanced devices are some of the key factors driving the global market. Continuous glucose monitoring devices are becoming more popular in North America because of the rising market for devices that provide continuous health data monitoring in daily life, which motivates individuals to lead healthier lifestyles. In addition to managing diabetes treatment, CGM suppliers are now selling the devices in high-income nations as tools for improving lifestyle choices. The leading vendors of diabetic care equipment are likewise based in the United States. In 2019 alone, 1.4 million new cases of diabetes were diagnosed in the U.S. Due to the early commercialization of revolutionary treatment and monitoring solutions in the area, the top market participantrevenue shares increase as a result. The CGM is also anticipated to grow at the rate of 8.8% in Canada, in the forecast period. The well-defined, and favorable insurance coverage, greater awareness in the general population, and higher disposable incomes are the major factors that drive this growth.

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