Diabetes Devices Market Size, Share, Growth, Business Opportunities and Industry Trends 2023-2033
Research Nester assesses the growth of the global diabetes devices market over the forecast period, i.e., 2023-2033, and evaluates its future prospects. Rising prevalence of diabetes among the population of the world, and elevating awareness about diabetes disease to drive market growth. The total population suffering from diabetes in 2019 as per the estimations was over 9% of people which is nearly 460 million people and is projected to reach 570 million with an increase of 10% by 2030 and will reach 690 million with 11% by 2045.
New York – October 10, 2022 – Research Nester’s recent market research analysis on “Diabetes Devices Market: Global Demand Analysis & Opportunity Outlook 2033” delivers a detailed competitor’s analysis and a detailed overview of the global diabetes devices market in terms of market segmentation by type, distribution channel, end-user, and by region.
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Growing Technological Advancements in Diabetes Monitoring Devices to Drive Growth of the Global Diabetes Devices Market
The global diabetes devices market is estimated to grow majorly on account of advancements and developments in technology, science, and manufacturing to enhance the treatment methods of type 1 diabetes. The amount of insulin produced in the diabetes patient is not enough or the body cannot use the insulin generated. To treat such cases, external insulin is injected or given to the patient to regulate the blood glucose levels in diabetic patients. The U.S Food and Drug Administration (FDA), in 2020 approved Minimed770G, a hybrid closed-loop management device that helps users to monitor the sugar levels and estimate the correct dose of insulin.
The market research report on global diabetes devices encompasses an in-depth analysis of the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends. These analyses help organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future. Additionally, the growth opportunities exposed by the market is poised to gain significant momentum in the next few years.
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By type, the global diabetes devices market is segmented into blood glucose monitoring and insulin delivery devices. The insulin delivery devices segment is to garner the highest revenue by the end of 2033 by growing at a significant CAGR over the forecast period. Growing cases of diabetes with complications that are not cured with only medications and rising demand for homecare products during a pandemic. In 2019, as per the estimations, the total blood glucose monitors sold by private labels were 14 million units.
By region, the North America diabetes devices market is to generate the highest revenue by the end of 2033. This growth is anticipated by the rising prevalence of diabetes cases, increasing healthcare expenditure, and the growing presence of dominant players. The U.S health expenditure rose by 9.7% in 2020 and reached USD 4.1 trillion.
The research is global in nature and covers detailed analysis on the diabetes devices market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising of global diabetes devices market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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This report also provides the existing competitive scenario of some of the key players of the global diabetes devices market which includes company profiling of Medtronic plc., Abbott Laboratories, Arkray, Inc., Bayer AG, Lifescan, Inc., B. Braun Melsungen AG, Dexcom, Inc., Insulet Corporation, Ypsomed AG, Sanofi, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global diabetes devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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