Rapid technological advancements in diabetes devices, increasing patient engagement in their personal care, and interactive initiatives to encourage healthy living are some key factors driving market revenue growth
NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Diabetes Devices Market By Type (Blood Glucose Monitoring Systems, Lancets, Test Strips or Test Papers, Insulin Delivery Devices, Diabetes Management Mobile Applications), By Distribution Channels, By End-use, and By Region Forecast to 2028."
According to the latest report by Reports and Data, the global diabetes devices market size was USD 25.31 billion in 2020 and is expected to reach USD 41.88 billion in 2028 and register a revenue CAGR of 6.4% during the forecast period, 2021-2028.
Diabetes devices such as insulin pens have increasingly replaced conventional vials and syringes owing to simpler and more convenient route of insulin administration. Pen devices improve dose accuracy, minimize risks of hypo- or hyperglycemia, and are upgraded with safety features to enhance and optimize overall device performance. Recent technological advancements in diabetic devices include integration of signal sensing capabilities and wireless data transmission to generate accurate alerts and reduce delay in administration. Patients using diabetic devices have reported increased flexibility and freedom and lower levels of stress in diabetes management. Rising awareness about self-management of diabetes, increased accuracy of insulin pumps and continuous blood glucose monitoring devices, favorable reimbursement policies, and improvement in clinician-patient communication to overcome device barriers are some key factors expected to drive market revenue growth over the forecast period.
Diabetes mellitus is a metabolic disorder characterized by inadequate control of glucose levels in blood. Diabetes is classified into type 1, type 2, Maturity Onset Diabetes of the Young (MODY), gestational diabetes, and neonatal diabetes, among others. Since the pathogenesis for each type of diabetes is drastically different, their etiologies and treatments also have significant variations. Prevalence of diabetes is extremely high across the globe and increasing economic and health burden of this disease has led to a rapid adoption of diabetic devices as a part of treatment regimen. Over the past few decades, there have been major advancements in technologies that support treatment and management of type 1 diabetes. Development of newer devices, advancements in insulin pumps and glucometers, and integration of devices with consumer electronics and cloud-based systems are contributing significantly to rapid adoption of diabetes devices to ease the burden of self-management and improve glycemic control. Extensive research and development activities have been carried out to combine insulin pumps and continuous glucose monitors with a computer algorithm such as artificial pancreas to improve overnight control of glucose levels and mitigate the risk of nocturnal hypoglycemia. Advancements in continuous glucose monitors are aimed at improving their signal transmission and accuracy and reduce the need for finger-stick glucose measurement. Increasing device approvals from FDA and other regulatory authorities, large number of clinical trials to assess safety and efficacy of these devices, and awareness regarding availability of devices and technologies are some other factors expected to contribute to market growth.
However, increasing concerns regarding security and safety of smart diabetic devices such as smart insulin pens and pumps and continuous glucose monitoring devices is a key factor restraining market growth. Recall of diabetic devices due to cybersecurity vulnerabilities, high costs of devices, and stringent regulations concerned with novel diabetes technologies are other factors that can restrain market growth to a certain extent going ahead. Rising focus on improving cybersecurity management in diabetes devices and implementation of rules and need for compliance to integrate improved cybersecurity solutions can improve standards for device approvals in the future and open up lucrative opportunities for major companies in the industry, and in turn contribute to market growth.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Insulin Delivery Devices Segment to Lead in Terms of Revenue Share:
Insulin delivery devices segment is expected to account for largest revenue share in the global market over the forecast period, attributable to growing prevalence of type-1 diabetes, increasing focus on improving glycemic control using insulin pumps, introduction of smart insulin pens and injectors, and rapid technological advancements in insulin delivery devices.
Homecare Segment to Register Significant Revenue Growth:
Homecare segment is expected to register a significantly robust revenue growth rate over the forecast period, attributable to increasing engagement of patients in their own care, introduction of more cost-effective diabetes devices, availability of home health aide to properly manage diabetes in home care settings, and rising number of geriatric patients suffering from diabetes.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period, attributable to increasing prevalence of diabetes in the United States, availability of state-of-the-art healthcare facilities, introduction of a wide range of advanced diabetes devices, favorable reimbursement policies, increasing device approvals from the U.S. FDA, and presence of key market players in countries in the region.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 and is expected to register significantly fast revenue growth rate over the forecast period, which can be attributed to rising demand for insulin delivery and glucose monitoring devices due to high prevalence of diabetes, increasing investment to develop advanced healthcare facilities, growing number of private hospitals, rising awareness regarding benefits of diabetes devices and self-management, and availability of cost-effective devices.
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
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