Diabetes Care Devices Market $42.11 Billion by 2028 Lead by Glucose Monitoring Devices (4.8% CAGR): The Insight Partners

NEW YORK, May 26, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Diabetes Care Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)", the global diabetes care devices market size is expected to grow from $28.94 billion in 2022 to $42.11 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028.

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Global Diabetes Care Devices Market: Competitive Landscape and Key Developments

In May 2022, Medtronic plc, a global leader in healthcare technology, announced reimbursement for continuous glucose monitoring (CGM), a key diabetes technology that has been expanded or initiated in several countries throughout North and South America. CGM systems provide critical information on glucose levels to help simplify the management of diabetes.

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In May 2022, Roche Diabetes Care India announced the launch of Accu-Fine, quality pen needles to make the process of insulin delivery smoother and virtually painless for people with diabetes. This latest innovation from the maker aims to ease the process of insulin delivery, thereby leading to better diabetes management for people with diabetes.

In October 2021, Roche, a world leader in integrated, personalized diabetes management, and the Zur Rose Group, provider of a European digital healthcare ecosystem, announce their collaboration to improve everyday therapy management and better address the needs of 60 million people living with diabetes in Europe. The collaboration will empower people with diabetes to self-manage their condition for a better quality of life and enable healthcare professionals to provide optimal and integrated care efficiently.

The diabetes care devices market growth is driven by the rise in the incidence of diabetes, an increase in the geriatric population across the globe, and rapid technological advancements in diabetes care devices. However, the high cost of diabetes care devices and risks associated with the insulin delivery devices are likely to hamper the market growth during the forecast period.

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Impact of COVID-19 Pandemic on Global Diabetes Care Devices Market:

In 2020, the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several countries, resulting in disruptions in import and export activities of diabetes care devices. Due to the spread of SARS-CoV-2, many countries and cities were shut down, causing the cancellation of treatments and doctor/dentist appointments. Patients suffering from critical issues need physical attention in the clinics to perform procedures. Diabetes Care Device diseases are one of the most preventable public health challenges in all the regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the diabetes care clinics. Moreover, there was limited availability of staff. Hence, the COVID-19 pandemic negatively impacted the global diabetes care devices market.

As a result, health care systems were overburdened, and the delivery of medical care to all patients became a challenge in the globe. In addition, the medical device industry was facing the negative impact of this pandemic. As the COVID-19 pandemic continued to unfold, medical device companies were finding difficulties in managing their operations. Many companies offering diabetes care devices have their business operations in the US, and businesses were adversely affected by the COVID-19 outbreak. This disrupted and restricted the companies' ability to distribute products and resulted in temporary closures of their facilities. However, hospitals have gradually started resuming elective procedures as the COVID-19 recovery rate increases. Hence, the demand for medical equipment, including diabetes care devices, is expected to increase.

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Rising Incidence of Diabetic Problems Boost Global Diabetes Care Devices Market Growth:

Diabetes is a deadly chronic disease with no specialized cure. It is primarily caused by the body's inability to produce or effectively use the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two forms of diabetes ­­– diabetes type-I or diabetes insipidus and diabetes type-2 or diabetes mellitus. The incidence of diabetes is steadily increasing globally. Type 2 diabetes is the most prevalent type of diabetes and has increased with cultural and societal changes. In high-income countries, ~91% of adults have type 2 diabetes.

Global Diabetes Care Devices Market: Segmental Overview

Based on type, the global diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. In 2022, the glucose monitoring devices segment would hold a larger market share. Moreover, the glucose monitoring devices segment is expected to grow at a faster CAGR of 5.0% from 2022 to 2028.

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In terms of end user, the global diabetes care devices market is segmented into homecare and hospitals & clinics. In 2022, the homecare segment would hold a larger market share. In addition, the segment is also expected to grow at a faster rate in the coming years, owing to the rise in the prevalence of diabetes and the use of the device in making patients independent in terms of managing and monitoring their diabetes.

Browse Adjoining Reports:

Glucose Monitoring Devices Market to 2027 - Global Analysis and Forecasts by Product (Glucometers, Lancets, Testing Strips, and Other Glucose Monitoring Devices) and End User (Homecare and Hospitals & Clinics)

Diabetes Monitoring Devices Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Blood Glucose Monitoring Devices, Insulin Delivery Devices); End-Users (Hospitals, Diagnostics, Home Settings) and Geography

Blood Glucose Monitoring System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Self-Monitoring, Continuous Glucose Monitoring Devices); Patient Care Setting (Hospital, Homecare); Application (Type 1, Type 2, Gestational Diabetes)

Blood Glucose Device Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ( Self-Monitoring Blood Glucose Devices, Continuous Blood Glucose Monitoring Devices ); Technique ( Invasive, Non-Invasive ); Distribution Channel ( Hospital Pharmacy, Retail Pharmacy, Online Sales )

Insulin Delivery Devices Market to 2025 - Global Analysis and Forecasts By Product (Insulin Pens, Insulin Pumps, Insulin Syringes, Pen Needles, and Others), End User (Patients/Homecare and Hospitals & Clinics), and Geography

Insulin Delivery System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Insulin Pens, Insulin Jet Injectors, Syringes, Insulin Pumps); End User (Specialty Diabetic Clinics, Hospitals, Home care), Impact of covid-19 pandemic.

Diabetes Care Devices And Drugs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Diabetes care devices (Diabetes Monitoring Devices, Insulin Delivery Devices); Diabetes Care Drugs (Insulin, Oral-hypoglycaemic drugs, Non-insulin injectable drugs)

Needle Free Diabetes Care Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Device Type ( Treatment Devices, Diagnostics Devices ); End User ( Diagnostic Centers, Hospitals and Clinics, Consumer ) and Geography

Diabetes Care Drugs Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Injectable, Oral Antidiabetic Drugs); Distribution Channel (Online Pharmacies, Hospital Pharmacies, Retail Pharmacies) and Geography

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