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The diabetes management devices market size is estimated to grow at a CAGR of 8.18% between 2022 and 2027. The market size is forecast to increase by USD 10.9 billion. The growth of the market depends on several factors, including the rising global burden of diabetes, growing demand for advanced insulin delivery devices, and new product launches.
This diabetes management devices market report extensively covers market segmentation by product type (blood glucose monitoring devices and insulin delivery systems), distribution channel (offline and online), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising global burden of diabetes is notably driving the market growth, although stringent regulatory framework may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising global burden of diabetes is notably driving the diabetes management devices market growth. Diabetes is a chronic disease in which the body cannot use insulin effectively or the pancreas produces insufficient insulin. Hyperglycemia, or elevated blood sugar levels, if left untreated, can cause serious harm and complications that can be life-threatening to the patient. The global burden of this disease is rapidly increasing. By 2021, approximately 537 million adults (ages 20-79) had diabetes. The total number of people with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
The increasing incidence of type 1 and type 2 diabetes significantly increases healthcare costs. Factors contributing to the increase in the diabetic population include obesity, smoking, sedentary lifestyles, and increasing urbanization. Additionally, the incidence of diabetes is higher in the elderly population. Therefore, the increasing number of diabetic patients is driving the demand for diabetes management devices such as blood glucose meters, continuous blood glucose monitoring systems, and insulin delivery devices, which will boost the growth of the market during the forecast period.
Growing focus on the artificial pancreas is a key trend influencing the diabetes management devices market growth. The market is paying increasing attention to the development and adoption of artificial pancreas systems. An artificial pancreas is a closed system that uses a continuous glucose monitor (CGM) and an insulin pump to automatically regulate blood glucose levels in diabetics. The introduction of artificial pancreas systems has attracted attention due to their ability to improve glycemic control and reduce the risk of hypoglycemia in diabetics. These systems effectively manage blood glucose levels. It is especially effective at night when it is difficult to monitor blood sugar levels.
The artificial pancreas system market is projected to be driven by technological advancements and growing demand for better diabetes management solutions, where the integration of artificial intelligence algorithms and machine learning techniques has enabled the system to learn and adapt to the patient's glucose. It is expected to grow significantly during the period. Additionally, the increasing prevalence of diabetes worldwide has increased the demand for diabetes management devices, including artificial pancreas systems. Overall, the market is expected to continue growing during the forecast period with a particular focus on the introduction of artificial pancreas systems as a more advanced and effective diabetes management solution.
A stringent regulatory framework is challenging the diabetes management devices market growth. Better regulation of medical devices is needed to ensure that high-quality, efficient, and safe technology reaches people. The growing number and modernization of medical devices pose new regulatory challenges. For example, European and US regulatory networks are strict. Providers face several challenges to ensure patient safety and bring efficient devices to market. Vendors offering advanced diabetes management devices must comply with stringent regulatory scenarios before commercialization. The U.S. Food and Drug Administration (FDA) classifies devices used to treat diabetes as Class II devices, such as insulin pumps, infusion sets, and insulin boluses.
Non-compliance with US FDA regulations or complications from devices can result in product recalls. Product recalls have a significant impact on a company's brand name. Fart Hoffmann-La Roche recalled the ACCU-CHEK Flex Link Plus infusion set due to issues with the cannula kinking or bending during insertion into the infusion set. This problem can lead to insufficient insulin delivery and elevated blood sugar levels. The company advised the customer to stop using the infusion set and was asked to contact the physician to clarify the change in regimen. European and US regulations are focused on strengthening robust surveillance systems, improving post-market regulation, strengthening regulatory processes, and improving device surveillance. Therefore, vendors focused on introducing innovative technologies and developing new products must undergo rigorous post-market approvals before launch. Therefore, a strict regulatory scenario may hamper the market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Diabetes Management Devices Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers different types of diabetes management devices, such as Freestyle Libre 2, Freestyle Libre 3, Freestyle Lite, and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the blood glucose monitoring devices segment will be significant during the forecast period. A blood glucose monitoring device measures glucose (sugar) levels in a person's blood. These devices are important for diabetics as they need to monitor blood sugar levels regularly to manage their health. A wide range of products such as test strips and lancets help diabetics monitor the level of glucose in their blood. Therefore, the market is expected to grow significantly during the forecast period, owing to the rising prevalence of diabetes and growing awareness of the importance of blood glucose monitoring.
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The blood glucose monitoring devices segment was valued at USD 10.28 billion in 2017 and continued to grow until 2021. Some of blood glucose monitoring devices are blood glucose meters, continuous glucose monitoring systems (CGMs), lancets and lancing devices, test strips, and many more.
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North America is estimated to contribute 40% to the growth of the global diabetes management devices market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in the North American region is an important and growing market. This includes devices such as blood glucose meters, continuous glucose monitoring (CGM) systems, insulin delivery systems, and other diabetes management accessories. Therefore, the market is expected to continue growing during the forecast period due to factors such as the increasing prevalence of diabetes, increasing awareness of the importance of blood sugar control, and the development of new and innovative diabetes management techniques. The market is dominated by several major players such as Abbott Laboratories, Medtronic, Inc., and Dexcom, Inc. The market in North America is growing steadily due to technological advances.
The COVID-19 outbreak affected different countries across the world in 2020. A spike in COVID-19 cases led to partial lockdowns due to which various non-urgent treatments and clinical visits were conducted in limited capacity or closed entirely. Some of the planned treatments were deferred. Therefore, the adoption of diabetes management devices decreased slightly, which had some impact on the market growth in 2020 and the first quarter of 2021. The market vendors started full-scale operations in the second half of 2021, which helped in maintaining a supply-demand balance in the market during the forecast period.
The diabetes management devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global diabetes management devices market as a part of the global healthcare equipment market. The parent global healthcare equipment market includes products and companies engaged in research and development (R&D) of various product categories such as capital goods, instruments, implants, accessories, and consumables for the diagnosis, monitoring, and treatment of various diseases.
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Diabetes Management Devices Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.18% |
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Market growth 2023-2027 |
USD 10.9 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.6 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 40% |
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Key countries |
US, France, Germany, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, B. Braun Melsungen AG, Bionime Corp., Dexcom Inc., F. Hoffmann La Roche Ltd., iHealth Labs Inc., Insulet Corp., Medtronic Plc, Nemaura Medical Inc., Nipro Corp., Nova Biomedical Corp., Novo Nordisk AS, PHC Holdings Corp., Prodigy Diabetes Care LL, Sanofi SA, Senseonics Holdings Inc., WellDoc Inc., Tandem Diabetes Care Inc., LifeScan IP Holdings LLC, and Eli Lilly and Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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