Published Date : 01 Feb 2024
The global diabetes devices market size surpassed USD 32 billion in 2022 and is projected to attain around USD 59.78 billion by 2032, growing at a CAGR of 6.50% from 2023 to 2032.
Diabetes is a chronic and long-lasting disease that happens when the blood sugar (glucose) in the body is too high. Glucose (sugar) comes from carbohydrates contained in the drinks and food. In recent years, diabetes has become a very common health condition that affects people of all ages. Diabetes raises the risk of damage to the kidneys, nerves, eyes, and heart. To manage diabetes effectively may reduce the risk of developing diabetes health problems. Various medical device brands are available to measure glucose levels in diabetes patients, such as glucometers, blood glucose meters (BGM), and continuous glucose monitors (CGM), etc.
The major factors driving the global diabetes devices market during the forecast period include dynamic changes in lifestyle, the rising burden of diabetes, rising health consciousness, rising approval of the tech-advanced blood glucose meters, growing need for insulin delivery devices, wide adoption of medical devices, growing geriatric population, increasing awareness regarding diabetes, supportive government initiatives and rising demand for high-end insulin pumps and pens. Additionally, rapidly growing sales of insulin delivery devices across the globe are accelerating the market's growth.
In 2023, North America held the largest share in the diabetes devices market owing to the increasing awareness of diabetes devices, rising geriatric population, growing demand for advanced devices to measure glucose levels, and rising prevalence of diabetes. As per the Centers for Disease Control and Prevention report for 2022, 38.4 million people, or 11.6 percent of the United States population, have diabetes. In addition to the Centers for Disease Control and Prevention (CDC), the National Diabetes Statistics Report 2023 estimated that 97.6 million U.S. adults have prediabetes and 27.2 million adults 65 or older have prediabetes. Moreover, the estimated cost of diagnosed diabetes in 2022 was USD 413 billion, including USD 307 billion in direct medical costs and USD 106 billion in indirect costs attributable to diabetes. Excess medical costs associated with diabetes were nearly USD 12,000 per person in 2022.
The U.S. is the major contributor to the diabetes devices market in North America. The country’s growth is attributed to several factors, including the major population being highly influenced by the consumption of unhealthy fast foods, rising disposable income, high healthcare expenditure, rising investment in glucose measuring devices, favorable reimbursement policies, supportive government initiatives to combat diabetes and spread awareness for early treatment to prevent chronic disorder. Moreover, a massive shift toward digital health solutions and the rapid adoption of advanced medical technologies are spurring the demand for diabetes devices. Thus, this is expected to propel the market growth in the region during the forecast period.
|Market Revenue in 2023
|USD 33.82 Billion
|Projected Forecast Revenue by 2032
|USD 59.78 Billion
|Growth Rate from 2023 to 2032
|CAGR of 6.50%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Increasing prevalence of diabetes
According to the report of the Institute for Health Metrics and Evaluation in June 2023, more than half a billion people are living with diabetes globally, affecting men, women, and children of all ages in every country, and it is estimated diabetes cases to rise from 529 million to 1.3 billion in the next 30 years. This rising prevalence of diabetes is expected to fuel the market's growth in the coming years. Diabetes is becoming a prevalent and lifelong disease, with type 2 diabetes being more common globally. Over time, high blood glucose raises the risk of damage to the eyes, kidneys, nerves, feet, and heart.
The latest estimates indicate that the current global prevalence rate is 6.1 percent, which makes diabetes one of the leading causes of death and disability. At the regional level, the highest rate is 9.3 percent in North Africa and the Middle East, and that number is anticipated to increase to 16.8 percent by 2050. The rate in Latin America and the Caribbean is anticipated to increase to 11.3 percent. Therefore, the increasing prevalence of diabetes globally increases the demand for its devices as more people are being diagnosed gradually, and it is expected to drive the diabetes devices market during the forecast period.
Growing geriatric population
The growing geriatric population is expected to fuel the market's expansion during the forecast period as the aging population is more susceptible to diabetes. According to the report published by the Institute for Health Metrics and Evaluation (IHME) in June 2023, diabetes was especially evident in people 65 and above in every country and recorded a prevalence rate of more than 20 percent globally. The highest rate was 24.4 percent for those between ages 75-79. The rising incidence of diabetes in the geriatric population increases the demand for diabetes management and monitoring tools.
High cost of devices
The high cost associated with the diabetes devices is projected to hamper the expansion of the diabetes devices market during the forecast period. Devices used for the diagnosis and treatment of diabetes are expensive, which makes them less accessible and may discourage individuals from purchasing them in middle- and lower-income countries. In addition, a lack of knowledge regarding the use of self-monitoring blood glucose levels may limit the expansion of the diabetes devices market.
Rising approval of insulin delivery devices
The rising approval of insulin delivery devices by the U.S. Food and Drug Administration is expected to offer a lucrative opportunity for market growth during the forecast period. This rise is primarily driven by growing demand for therapeutic and diagnostic solutions and rapid product launches.
Technological advancements and new product launches
Rapid technological advancements in diabetes devices are projected to fuel the market's expansion in the coming years. Significant technological innovations in diabetes devices include continuous glucose monitoring (CGM) systems, insulin delivery systems, AI-powered diabetes management platforms, and the integration of digital health technologies into devices. Such innovation offers convenience to use, data-driven insights, and improved accuracy. Moreover, advanced technologies in hospitals and clinics aim to increase the usage of insulin pumps to improve diabetes patient care. Manufacturers are launching new products to gain a competitive edge.
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