Diabetes Devices Market is expected to grow at a CAGR of 5.5% during the forecasting period 2022-2029.
The Diabetes Devices market is growing due to the rising incidence rate of diabetes globally. According to the World Health Organization data (2018), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Diabetes prevalence has been rising more rapidly in middle- and low-income countries. In 2016, an estimated 1.6 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributable to high blood glucose in 2012. WHO estimates that diabetes was the seventh leading cause of death in 2016.
Diabetes Devices Market Scope
Metrics |
Details |
Market CAGR |
5.5% |
Segments Covered |
By Product Type, By Distribution Network, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
In addition, with rising improvements in technology, there are several advanced diabetes devices introduced in the market which are driving the growth of the diabetes devices market. Earlier, the blood glucose concentration was monitored using disposable biosensors, but later on, many alternative methods were developed for continuous glucose monitoring. These include devices that are skin wearable, having a small needle with a sensor to check glucose in interstitial fluid, etc.
Recently, the technology expanded to hybrid devices which can monitor glucose and deliver insulin accordingly. The idea of automated “closed-loop” systems for pairing CGM (Continuous Glucose Monitoring) devices and insulin pumps is considered for diabetes management at the next level. For instance, in February 2019, Tandem Diabetes Care received the Food and Drug Administration (FDA) approval for a slim X2 insulin pump with interoperable technology, the first of the Alternate Controller Enabled Infusion Pumps (ACE pumps), which are devices intended for infusion of drugs into a patient.
Based on product type, the global diabetes devices market is segmented into glucose monitoring devices, insulin delivery devices, and others. Among these, the glucose monitoring devices market accounted for the largest market share in 2018, owing to the rise in prevalence of diabetes globally, and the increasing demand for continuous monitoring for preventing diseases such as neuropathy, heart-related diseases, and diabetes retinopathy.
Glucose monitoring devices are used for measuring the blood glucose levels in the body and are majorly useful for people with diabetes to monitor blood glucose levels. Also, growing technological advancements in glucose monitoring devices to improve the accuracy of the devices are leading to the growth of this segment. The key players are entering into collaborations to launch new glucose monitoring devices. For instance, in May 2019, LifeScan, a leader in blood glucose monitoring and maker of the OneTouch® brand agreed with Sanvita Medical, LLC, to market continuous glucose monitoring (CGM) sensors.
Also, in January 2019, Medtronic collaborated with Eris Lifesciences to launch Guardian Connect, the world’s first Smart Continuous Glucose Monitoring System,
North America holds the dominant market share for Diabetes Devices in 2018 and is expected to maintain the growth over the forecast period, increasing the prevalence of diabetes which is caused mainly due to urbanization and sedentary lifestyles. The United States is one of the top five countries with the highest diabetic population. The country has close to 100 million adults, diabetic and pre-diabetic. According to the Centers for Disease Control and Prevention (CDC), more than 30 million people in the United States have diabetes, and more than 84 million US adults (over a third), have pre-diabetes.
Diabetes is the 7th leading cause of death in the United States. Type 2 diabetes accounts for about 90% to 95% of all diagnosed cases of diabetes; type 1 diabetes accounts for about 5%. The market growth of diabetic devices is directly proportional to the increasing diabetic population in the country. In the last 20 years, the number of adults diagnosed with diabetes has more than doubled as the American population has aged and become more overweight or obese. In the United States, 30% of the population is living with obesity, and 7.5% of those have diabetes, and this percentage is expected to increase further during the forecast period (2019-2026).
Some of the major manufacturers in the diabetes devices market are Medtronic Plc, Sanofi S.A., Eli Lilly, Abbott Laboratories, Novo Nordisk, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Johnson & Johnson, Insulet Corp., among others.
The key players are adopting various growth strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the diabetes devices market globally. For instance,
Recent Developments In the Industry:
What is the Projected CAGR value of the Diabetes Devices Market?
Diabetes Devices Market is expected to grow at a CAGR of 5.5% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Diabetes Devices Market during 2022-2029
Which is the fastest growing region in the Diabetes Devices Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period