Diabetes Care Devices Market
The global market for diabetes care devices is forecast to reach US $16 billion by 2030 with a growing compound annual growth rate (CAGR) of 6.5% during the forecast period 2021-2030. In 2020, the global diabetes care devices market valued at US $8.5 billion.
The condition of diabetes is a chronic disease that occurs either when the pancreas fails to produce sufficient insulin or when the body fails to utilize the insulin it produces. Insulin is a hormone that regulates blood sugar levels. It is easier to concentrate glucose (blood sugar) in the bloodstream without insulin. Glucose in your bloodstream causes your blood sugar levels to rise.
According to the World Health Organization, diabetes killed 1.5 million people in 2019. A person can manage their blood sugar level to control diabetes, although there is no cure for the disease. Diabetes patients are at higher risk of developing heart disease, stroke, kidney disease, and eye problems, so diabetes care devices help reduce these risks. Diabetic patients use diabetes care devices to monitor and regulate their blood glucose levels. The most commonly used diabetes care devices include blood glucose test strips, ketone monitors, insulin pens, syringes, pumps, and injectors.
Factors Influencing the Growth
Impact Analysis of COVID-19
The global diabetes care market underwent a mixed response after the sudden emergence of the Covid-19-induced pandemic. The lockdown resulted in a dramatic decline in hospital visits, reducing demand for diabetes care devices. However, during the lockdown phase, demand for diabetes monitoring and management at home increased. It further bolstered the market for such devices. In addition, the Covid-19 pandemic may make diabetes patients more vulnerable to severe illness. Due to the increasing number of Covid-19 cases, diabetes care products may experience a spike in demand in the near future.
Regional Analysis
North America held the largest share of the market. Diabetes care devices in this region are growing due to the increasing number of people with diabetes in this region and numerous players. In spite of this, the Asia-Pacific region is likely to witness a healthy CAGR due to the growing number of diabetics in the country. A report published by the WHO in 2016 shows that China has 110 million people living with diabetes, which represents almost 10% of the adult population. In addition, the report states that the number is projected to reach 150 million by 2040, with serious health, social, and economic consequences.
Leading Competitors
The leading competitors in the global diabetes care devices market are:
Scope of the Report
The segmentation of the global diabetes care device market focuses on Type, End-User, and Region.
Segmentation based on Type
Segmentation based on Distribution Channel
Segmentation based on End-User
Segmentation based on Region