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The North America Diabetes Care Devices Market is expected to register a CAGR greater than 6% over the forecast period, 2022-2027.
In North America, till April 2022, the United States is having the highest COVID cases with 82 million, the country also registered the highest death rate. According to the Diabetes Voice article published in May 2020, close to 40,000 deaths of people who are having diabetes. In the North American region diabetes patients are more concerned about stocking up the monitoring and managing devices due to this the market increased during these years.
The North American region had witnessed an astounding increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people. Patients with Type 2 diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates. Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia. Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.
Scope of the Report
The North American Diabetes Care Devices Market is segmented by Monitoring Devices (Self-monitoring Blood Glucose and Continuous Glucose Monitoring) and by Management Devices (Insulin Pumps, Insulin Syringes, Cartridges in Reusable pens, Insulin Disposable Pens, and Jet Injectors), and Geography. The report offers the value (in USD million) for the above segments.
Key Market Trends
Monitoring Devices is Having the Highest Market Share in 2021
The Monitoring Devices Segment is expected to increase with a CAGR of over 7 % during the forecast period, mainly due to the demand from the Type-1 diabetes population, which was more than 60 million by the end of 2027.
Monitoring devices are garnering widespread adoption, due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months and are very expensive. As a result, most people prefer selecting health insurance plans that cover almost 80% of the total expenditure on healthcare devices. Such schemes are covering the cost of diabetes testing supplies, blood glucose test strips, and blood glucose meters. For example, Medicare, the federal health insurance program in the United States, covers approximately 80% of the cost of BGM devices for diabetic people. The usage of CGM devices is on an increasing trend in North America because of its advancement in technology and its ability to empower people with diabetes to make more informed decisions about their health. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.
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The United States is Expected to Dominate the North America Diabetes Care Devices Market.
The United States is expected to grow tremendously during the forecast period, owing to factors, such as the high prevalence of obesity and increasing awareness regarding diabetes care in the region.
The Innovations in Insulin pump devices in the United States are driving the market. In July 2021, Medtronic received FDA clearance for its new extended-wear infusion set, designed to last more than twice as long as existing infusion sets that connect traditional tubed pumps to the body for insulin delivery. That means it can be worn on the body for up to 7 days compared to existing sets that must be changed out every 2 or 3 days. In the United States, there are innovations from start-up companies having approximately 2.9 billion in funding diabetes industries, like Glooko, OneDrop, verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc. Thus, owing to the above factors it is expected to drive the market growth over the forecast period.
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The market is dominated by a few major players. Abbott’s new FreeStyle Libre Flash Glucose Monitoring System was approved, which is the first continuous blood sugar monitor, for people with diabetes, which does not need backup finger prick tests. The innovations in test strips are increasing and are under development. For example, the new test strip includes features, such as underfill detection, and provides the user with the ability to reapply blood when the test strip is underfilled (“second chance” sampling). Dexcom acquired TypeZero Technologies, paving way for automated insulin delivery. The acquisition has sent Dexcom ahead on its way in the race to create an artificial pancreas system, rather than simply offering a continuous glucose monitoring device.
F. Hoffmann-La Roche AG
Becton, Dickinson and Company
- In March 2022, Dexcom released G7 first in the U.K. and will expand the launch across Europe throughout 2022. Meanwhile, the CGM system currently is under review by the Food and Drug Administration for an eventual U.S. release.
- In Jan 2022, Boston-based Insulet Corp. announced that the FDA had cleared the new Omnipod 5 system, marking the company’s entry into the automated insulin delivery (AID) universe.
- In November 2021, FDA approved Abbott FreeStyle Libre 2 apps for iPhone and Android users to connect their compatible1 smartphones to their FreeStyle Libre 2 sensors.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. Market Segmentation
5.1 By product
5.1.1 By Monitoring Devices (Value and Volume, 2016 - 2027)
188.8.131.52 Self-monitoring Blood Glucose Devices
184.108.40.206.1 Glucometer Devices
220.127.116.11.2 Blood Glucose Test Strips
18.104.22.168 Continuous Glucose Monitoring
5.1.2 By Management Devices (Value and Volume, 2016 - 2027)
22.214.171.124 Insulin Pump
126.96.36.199.1 Insulin Pump Device
188.8.131.52.2 Insulin Pump Reservoir
184.108.40.206.3 Infusion Set
220.127.116.11 Insulin Syringes
18.104.22.168 Cartridges in Reusable pens
22.214.171.124 Insulin Disposable Pens
126.96.36.199 Jet Injectors
5.2.1 United States (Value and Volume, 2016 - 2027)
188.8.131.52 By Monitoring Devices
184.108.40.206 By Management Devices
5.2.2 Canada (Value and Volume, 2016 - 2027)
220.127.116.11 By Monitoring Devices
18.104.22.168 By Management Devices
5.2.3 Rest of North America (Value and Volume, 2016 - 2027)
22.214.171.124 By Monitoring Devices
126.96.36.199 By Management Devices
6. Market Indicators
6.1 Type-1 Diabetes Population (2016 - 2027)
6.2 Type-2 Diabetes Population (2016 - 2027)
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Becton Dickinson and Company
7.1.3 F. Hoffmann-La Roche AG
7.1.9 Novo Nordisk
7.1.11 Eli Lilly
7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The North America Diabetes Care Devices Market market is studied from 2016 - 2027.
What is the growth rate of North America Diabetes Care Devices Market?
The North America Diabetes Care Devices Market is growing at a CAGR of >6% over the next 5 years.
What is North America Diabetes Care Devices Market size in 2016?
The North America Diabetes Care Devices Market is valued at 36 Billion USD in 2016.
What is North America Diabetes Care Devices Market size in 2027?
The North America Diabetes Care Devices Market is valued at 50 Billion USD in 2027.
Who are the key players in North America Diabetes Care Devices Market?
Dexcom, Medtronic, F. Hoffmann-La Roche AG, Novo Nordisk, Becton, Dickinson and Company are the major companies operating in North America Diabetes Care Devices Market.