The global diabetes care devices market is expected to reach USD 64.5 billion in 2024. The sales are expected to grow even higher and will be estimated at USD 117.7 billion in 2034 due to the rising diabetes population. The diabetes care devices market is anticipated to record a CAGR of 6.2% between 2024 and 2034.
The growing rate of diabetes coupled with urbanization and the population's shift to a sedentary lifestyle greatly contributes to the uptick in the diabetes care devices market. Additionally, the progress made in terms of technology concerning diabetes management devices, is a major factors propelling the demand.
Global Diabetes Care Devices Market Assessment
| Attributes | Description |
|---|---|
| Estimated Global Diabetes Care Devices Market Size (2024E) | USD 64.5 billion |
| Projected Global Diabetes Care Devices Market Value (2034F) | USD 117.7 billion |
| Value-based CAGR (2024 to 2034) | 6.2% |
The diabetes care devices market has witnessed notable growth due to the growing incidence of diabetes worldwide. As per the recent study, around 486.9 million people were diagnosed with diabetes in 2019 and the number is expected to reach 607.6 million by 2030. In China, the number of people suffering from diabetes is anticipated to increase from 118.8 million in 2019 to 143.2 million by 2030. Hence, there is an alarming need for diabetes management solutions implanted successfully.
The increasing diagnosis rate currently estimated at only 40%-60% for those aged 20-79 indicating that a good portion of the population is not diagnosed. With the growing health consciousness, especially in developing countries like India, China, Japan, the diagnosis rate is expected to improve.
Hence, the advancement of integrated closed-loop artificial pancreas systems, for example, has paved the way for effective diabetes management since this innovation allows for monitoring of the patient and adjustment of the insulin in real time. This innovation has made it possible for the patients to self-manage their condition better.
Another remarkable trend is the rise of health insurance plans with a focus on health management. When included in commercial health insurance, big data management provides professional benefits one can utilize to better the health management sector.
This advancement is bound to encourage the use of diabetes care devices as patients’ care strategies move from treatment focused by the doctors to more of preventive and maintenance strategies. Capitalizing on this trend, the insurers are providing patients with better management plans to improve the life expectancy.
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The diabetes care devices market shows promising growth potential. From 2024 to 2034, the market is slated to grow variably. The first half of 2023 to 2033 expects a CAGR of 5.7%. The second half of this period projects a CAGR of 5.2%. This slight decrease indicates a steady fall in demand.
| Particular | Value CAGR |
|---|---|
| H1 | 5.7% (2023 to 2033) |
| H2 | 5.2% (2023 to 2033) |
| H1 | 4.5% (2024 to 2034) |
| H2 | 4.2% (2024 to 2034) |
In the next decade though, the first half maintains a steady CAGR of 4.5%. The second half of 2024 to 2034, however, sees a CAGR of 4.2%.
Demand for Accurate and Continuous Diabetes Monitoring Devices is on Rise
As economies develop, the demand for more updated devices surge. For instance, advanced blood glucose monitoring systems, digital management systems connected to the cloud, etc. Such technologies not only allow more precise control of diabetes but also increase patient adherence, and improve the results of treatment. The acceptance of diabetes management devices by the health care providers and patients is enhanced by demonstrating the effectiveness of the management devices.
The diabetes care devices market is shifting toward economy-friendly options, majorly concentrating on Continuous Glucose Monitoring (CGM). This technology is crucial in the management of hyperglycemia and hypoglycemia. Moreover, with the advancement in production techniques and an increasing number of people covered by health insurance, the devices’ cost is expected to decrease, improving the availability and use among patients.
Diabetes Care Devices: How Focus on Minimally Invasive Techniques Enhance Patient Experience
Another key trend is the enhancement of minimal or noninvasive monitoring technologies. This is being addressed with the developing calibration-free CGMs that clock interstitial glucose levels.
In addition to that, the need for the integrated diabetes management systems is growing as more resources are being directed toward the use of AI for inpatient and outpatient care. This widens the scope of the solution. This makes it appealing to commercial health insurance companies as it is likely to reduce the prevalence of complications due to diabetes that would in turn incur additional on-costs to the healthcare system.
Challenges in the Diabetes Care Devices Market
Principal Consultant
In 2019, the global market for diabetes care devices was valued at USD 44.1 billion. Sales rose steadily due to the growing incidence of diabetes across the globe. CGM systems also gained traction, thus pushing their sales. There was also a strong demand for insulin delivery devices, such as pens and pumps. As per the research, the market was valued at over USD 60.7 billion in 2023.
Prominent players such as Medtronic and Abbott bottomed the competition with novel product innovations. Technological integrations boosted the accuracy and user-friendliness of these devices. Rise in sales was also attributed to increased awareness of diabetes management. There was an enhancement in demand for these devices due to the COVID-19 pandemic, which emphasized the need for telehealth.
In addition to this, the increasing diabetes prevalence across the globe is expected to drive this demand. Aging populations and lifestyle changes will further contribute to market expansion. Innovations in artificial pancreas systems and smart insulin pens are likely to attract more users.
Moreover, the deployment of patient centric mobile health applications will boost engagement of patients. Research and development is likely to be expanded by companies in order to satisfy other needs. Additionally, growth will also be driven by the development of healthcare infrastructure in developing regions.
As a result, the diabetes devices market is predicted to witness positive changes with technological advancements and easy availability. This will create a healthy competitive environment among the manufacturers and will enhance the treatment of patients worldwide.
Tier 1 companies including Medtronic, Abbott, Dexcom, etc., are competing in the global diabetes care devices market through strategic product launches and partnerships at an aggressive pace. For instance, Medtronic has recently introduced a new insulin pump- the MiniMed 780G, which comes with advanced algorithms for the automated delivery of insulin thus enhancing convenience for users and improving glycemic control.
Abbott has also been doing well with the introduction of FreeStyle Libre 3, which is a continuous glucose monitoring (CGM) system that provides better real-time glucose readings with a smaller sensor than before. Such advancements not only maintain their stronghold in the market but also suit the upsurge need for easy to use yet sophisticated diabetes management systems. Tier 1 vendor’s account for 53.7% of the share value in this segment.
Tier 2 companies like Tandem Diabetes Care and Senseonics, are undergoing mergers, acquisitions and partnerships in order to edge out competition within the diabetes care devices market. Tandem Diabetes Care has announced a partnership deal with Dexcom aimed at using Continuous Glucose Monitoring CGM technology together with the company’s insulin delivery systems thereby strengthening the functionality of the two products.
In addition to this, Senseonics is licensing the Eversense CGM system which features an innovative 90-day long implantable sensor by signing distribution agreements in Europe and Asia to reach more people. Various strategies enable Tier 2 companies to improve their product portfolio and reach more customers where they account for 19.3% of the market share.
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The section summarizes the leading countries expanding in the global diabetes care devices market. The table describes the CAGRs of specific countries and the data highlights key trends, projects, and company contributions to position the country in the global landscape. This data helps investors keenly observe and go through the recent trends and examine them in order.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 8.8% |
| China | 8.4% |
| South Korea | 8.1% |
| Australia | 6.7% |
| France | 4.3% |
| United States | 3.4% |
With the rising diabetes prevalence, favorable government policies supporting the use of healthcare technology, and increased investments in research and development, the market for diabetes care devices in China is on a rapid growth trajectory. With the world’s second largest population of diabetes patients-estimated at 140 million-the country has a pressing need for advanced solutions to manage the disease.
Companies in China are leveraging technology to develop and distribute a wide range of diabetes management devices, such as CGM and insulin infusion systems at a lower price. Sinocare, Yicheng and Roche Diagnostic are among key companies leading the development of devices for diabetes management.
For instance, Sinocare has developed a new CGM system to improve real-time glucose monitoring for patients. Likewise, Roche has launched the integrated Accu-Chek Instant that has Bluetooth capabilities allowing smartphones to connect for better management of blood glucose records by the users.
Additionally, government support by the Healthy China 2030 program aims to improve chronic disease control, thereby increasing market expansion.
The diabetes care devices market in South Korea is witnessing significant growth, driven by flourishing healthcare sector that focuses on innovation and technological advancement. With the increasing prevalence of diabetes in the country, a well-established healthcare infrastructure, and an aging population, there has been a major need for solutions geared toward effective management of diabetes.
Hence, the investment by South Korea on health technology has created a systematic framework for research and development, enabling manufacturers to develop modern diabetes care devices for both domestic and exports markets.
Some of the notable insulin supply technologies developed in South Korea in recent years includes advanced CGM devices and smart insulin pumps. Samsung Medison and LG Chem are launching innovative products that integrate digital health features, for example, mobile applications, to ensure that data is up to date and management is individualized.
Moreover, the emphasis on artificial intelligence (AI) in the South Korean healthcare system allows for diabetes managements predictive analytics, thereby improving treatment results.
Well-known companies like Cochlear Limited, ResMed, Medtronic Australia, etc. manufacture and offer diabetes management products in Australia. These companies are not only attempting to meet local requirements but are also establishing their operations through engaging in strategic collaborations, mergers, and acquisitions. For instance, to effectively offer integrated diabetes management solutions worldwide, Medtronic acquired Diabeter, a diabetes care provider based in the Netherlands.
New launches such as the smart insulin delivery systems manufactured by Cochlear and also, the connected health technologies for diabetes management from ResMed in Australia are at forefront of this development. Such devices are integrated with advanced functions such as remote monitoring and data analytics for enhanced patient engagement and outcomes.
In 2023, it can be observed that Australia plays a major role in the international markets for diabetes care devices and, with more than AUD 3 billion worth of medical technologies in and beyond the country.
The section describes the leading segment in the diabetes care devices market and their share value.
| Segment | Glucose Monitoring Devices (Product Type) |
|---|---|
| Value Share (2024) | 58.3% |
Patients have access to a variety of glucose monitoring devices ranging from the conventional blood glucose meters to the sophisticated continuous glucose monitoring (CGM) systems that allow assessment of blood glucose levels at any time. This information is vital in determining the timing of insulin injections, what to eat, or how to manage oneself generally.
Additionally, the functionality of glucose monitoring devices is enhanced by their use in conjunction with other diabetes management devices and applications. For instance, insulin pumps and mobile health applications making the treatment of diabetes more comprehensive.
In glucose monitoring systems, it provides many advantages to the manufacturers and vendors since they are in high demand due to the rise in the diabetes prevalence as well as the realization of the significance of glucose level monitoring on regular basis. These devices also tend to attract higher purchase prices hence the profit margin is also increased.
Furthermore, the smart technology and data analytic implementation in glucose monitoring devices gives an opportunity for the manufacturers to bring uniqueness in their products and encourage customers’ loyalty to the brands.
| Segment | Diabetes Type II (Indication) |
|---|---|
| Value Share (2024) | 19.7% |
According to the World Health Organization, type 2 diabetes is the most prevalent form of diabetes whose global cases range at 90% to 95%. The increased prevalence of type 2 diabetes has been attributed to lifestyle changes such as increase in weight, lack of physical exercise, and poor diets hence becoming a great danger to the health of the population.
Hence, there is an increase in search for the ways that can help manage the diabetes in the patients these days more so in relation to glucose monitoring device especially for those suffering from type 2 diabetes.
Type 2 diabetes is also the main indication for other diabetes care devices because it often requires a multifaceted approach to management, including lifestyle modifications, medication adherence, and regular monitoring. This need creates opportunities for various devices, such as insulin pens, continuous glucose monitors, and digital health applications, to enable patients to better control their disease.
The recent developments in diabetes management technologies targeting type 2 diabetes are intensively fueled by manufacturers and healthcare providers working towards better patient results in order to alleviate the high burden of diabetes on health care systems.
The market for diabetes management tools is slightly fragmented and characterized by few key manufacturers and several players entering the market. These leaders concentrate on visibility enhancement through new product launches, acquisitions and technology improvements. There is stern competition as most of the start-ups develop innovative products and offer them at low prices.
Start-ups are also putting in place other measures such as product development, market entry, mergers and acquisitions and partnerships to enhance their chances of success. This contributes to the growth of the diabetes care devices market by enhancing innovation.
Industry Updates
The diabetes care devices market includes glucose monitoring devices, insulin delivery devices, artificial pancreas, and diabetes management mobile applications. Glucose monitoring devices include continuous monitoring devices, lancets, test strips, and self-monitoring devices. Insulin delivery devices include insulin pumps, pens, and syringes and needles.
The segment is classified into diabetes type I, diabetes type II, and gestational diabetes.
The market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics or stores.
Information about the leading countries of North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa is given.
It is anticipated to reach USD 64.5 billion in 2024.
The market is set to rise at a 6.2% CAGR through 2034.
The landscape is forecasted to reach USD 117.7 billion by 2034.
Glucose monitoring devices are the most popular product type with a share value of 58.3%.
Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG, and Becton are a few key brands.
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