Technological Breakthroughs Will Boost the Diabetes Care Devices Market to Reach US$ 17.87 Bn by 2032 - Future Market Insights, Inc.

North America is the leading region in the diabetes care devices market. Hospitals and specialty clinics segment is expected to dominate the market. Insulin delivery devices are the fastest growing sector in the global diabetes devices market, accounting for more than 57% of the market in 2021. Diabetes is becoming more prevalent globally, accounting for 6.7 million deaths by 2021. (Source: International Diabetes Federation)

Diabetes Care Devices Market

The global diabetes care devices market is projected to reach a valuation of US$9.7 Bn in 2022. It is anticipated to reach a value of US$17.87 Bn by 2032, exhibiting a positive CAGR of 6.3% during the forecast period of 2022-2032. The diabetes care devices market is driven by rising cases of diabetes and growing usage of insulin delivery devices.

Shifts in urbanization, a growing preference for a fast-paced urban and sedentary lifestyle together with an unhealthy diet, and rising cases of diabetes have increased the sales of diabetes care devices in the global market. Additionally, technological enhancements in diabetes care devices propel market growth.

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Obesity, sedentary lifestyle, and poor diet among other factors are responsible for the upsurge in the diabetic population. Owing to the rising prevalence of diabetes and the high number of deaths - 6.7 million deaths in 2021 - caused by the disease, the demand for diabetes care devices is likely to scale up throughout the assessment period.

"Growing awareness regarding diabetes monitoring devices coupled with the emergence of new, unexplored markets in developing countries will likely augment the sales of diabetic care devices in the global market," says Sabyasachi Ghosh, Principal consultant at FM.   

Key Takeaways:

  • Rising geriatric population, less stringent regulations, and cost-effective labor drive market growth.
  • Release of high-end insulin pumps and pens drives demand for diabetes care devices.
  • Asia Pacific and the Middle East are driving the demand for diabetes care devices. 
  • Rapid expansion of the construction industry in China and India will boost the market possibilities for the region.
  • Diabetes management mobile applications are predicted to increase at a rapid rate.
  • Hospitals and specialty clinic set-ups will dominate the market.

Competitive Landscape 

Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG, Becton, Dickinson and Company, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Terumo Corporation

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Diabetes Care Devices Market Regional Analysis

According to recent FMI reports, North America will continue to dominate the market during the forecast period. Due to its vast diabetic population and advantageous reimbursement regulations, the U.S. is leading the regional market growth.

The Middle East and Asia Pacific region will dominate the diabetes care devices market in terms of growth potential for the forecast period. Rising incidences of diabetes as well as growing awareness regarding diabetes care devices will propel the regional market. 

Source: Future Market Insights, Inc.

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