Market Size of Diabetes Care Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.10 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Diabetes Care Devices Market Analysis
The Global Diabetes Care Devices Market size is estimated at USD 59,522.29 million in 2023 and is expected to reach USD 76,329.64 million by 2028, registering a CAGR of 5.10% during the forecast period (2023-2028).
The COVID-19 pandemic had a substantial impact on the diabetes care devices market. The pandemic highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care through virtual consultations between healthcare providers and people with diabetes and the use of diabetes technology. Crisis management created unprecedented interest in remote care from patients and providers and removed many long-standing regulatory barriers. For instance, the US Food and Drug Administration allowed personal blood glucose meters and continuous glucose monitoring devices in hospitals during the pandemic. The prevalence of diabetes in people hospitalized with COVID-19 infection and the recognition that improved glycemic control might improve outcomes and reduce the length of stay in patients with SARS-CoV-2 underlined the importance of diabetes care devices.
According to the IDF 2021 report, the global adult diabetes population was approximately 537 million, which will increase by 643 million in 2030. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. Appropriate and timely blood glucose monitoring allows the successful management of out-of-range blood glucose levels and minimizes diabetic-related health complications. Obesity is considered one of the major factors contributing to the disease, primarily Type 2 diabetes. In obese individuals, the fat cells in the body release pro-inflammatory chemicals, which may make the body less sensitive to the insulin it produces by disrupting the function of insulin-responsive cells. Thus, these individuals need external insulin shots and must use a glucose monitoring device like a glucometer.
Innovative technologies, such as digital health apps that display and summarize individual blood glucose measurements and incorporate additional relevant data such as insulin doses, meals, and physical activity, can further support self-management while decreasing disease burden and benefitting overall diabetes care. Integration of blood glucose monitoring with insulin calculators, automated insulin titration software, and remote coaching are further developments that provide patients with poorly controlled diabetes additional support needed to improve critical outcomes, thereby enhancing the market prospects in the years to come.
