Diabetes Care Devices Market by Type [Monitoring Devices and Management/Treatment Devices], End User [Homecare Settings, Hospitals & Clinics and Diabetes Specialty Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global diabetes care devices market was pegged at ~US$ 29 billion in 2020. The market is expected to witness a CAGR of ~9.0% from 2021 to 2031.
Rising prevalence of diabetes globally coupled with rapid urbanization & sedentary lifestyle, launch of technologically advanced devices, and growing awareness among people regarding self-management of diabetes are some of the pivotal factors propelling the growth of the diabetes care devices market. However, stringent regulatory framework, high cost of few novel diabetes devices and increase in recall of the defective devices are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to spread awareness on diabetes monitoring and management. For instance, in July 2020, The Juvenile Diabetes Research Foundation (JDRF), the global organization funding type 1 diabetes (T1D) research, and Tandem Diabetes Care, a medical device company, announced a new national partnership to help drive awareness and education on topics related to technology innovation, diabetes management, and healthcare for people with diabetes. The partnership will utilize JDRF’s community-facing platforms – local chapter events, digital channels, and education programs to highlight the benefits of devices such as insulin pumps, continuous glucose monitors and novel treatment approaches like hybrid closed loop therapy.
Diabetes is one of the leading causes of death in the world. According to WHO, about 422 million people worldwide are suffering from diabetes, out of which the majority resides in low & middle income countries. Around 1.6 million deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing globally over the past few decades. According to IDF Diabetes Atlas Ninth edition 2019, the number of diabetes patients is expected to rise to 700 million by 2045.
COVID-19 has been one of the worst pandemics faced by humans which has claimed the lives of 1.95 million individuals globally. Individuals with diabetes if infected by COVID-19 have much higher rates of serious complications and death than people without diabetes. Therefore, as a preventive measure, demand for monitoring and management devices for diabetes has increased to promote early diagnosis. This factor is expected to boost the growth of the market considerably.
However, increase in recall of the defective devices is expected to create barriers to their widespread adoption, which may restraint the market to a certain extent. Recall of defective devices leads to negative effect on the product demand and consumers may lose interest in the products. This may decrease repeat purchase of devices which in turn can impede the market growth. For instance, in Feb 2020, Medtronic recalled some of its MiniMed 600 Series insulin pumps after injuries and one death was reported due to the device malfunctioning. The recall includes about 322,000 devices.
The Asia Pacific region is projected to be the fastest growing diabetes care devices market. The high growth of region can be attributed to its developing healthcare infrastructure, significantly rising overweight & obese population in the region owing to changing lifestyle & unhealthy food habits, government initiatives & educational programs, and high clinical unmet needs. About 60% of diabetics in the world live in Asia. Countries such as India and China in the APAC region, are projected to offer significant growth opportunities owing to the fact that more than 180 million diabetics resides in the region with more than 95% suffering from type 2 diabetes mellitus.
Some of the prominent players operating in the diabetes care devices market are Abbott, F. Hoffmann-La Roche Ltd, Novo Nordisk A/S, BD, Sanofi, Terumo Corporation, B. Braun Melsungen AG, Medtronic, ARKRAY USA, Inc., ACON Laboratories, Inc., among others.