However, the high cost of diabetes care devices is hampering the global diabetes care devices market growth
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The global diabetes care devices market is expected to grow from US$ 28,942.1 million in 2022 to US$ 42,119.3 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
Rising incidence of diabetes and growing geriatric population are the key factors driving the market. However, the high cost of diabetes care devices is hampering the global diabetes care devices market growth
Technological advancements in the healthcare industry are encouraging market players to focus on research and development of insulin delivery devices. There are various methods to deliver insulin into the human body, including needles, insulin pens, and insulin pumps. Insulin pumps are small computerized diabetes management devices connected with a cannula under the skin to deliver a slow and continuous insulin level. Optimal diabetes management depends on accurate glucose monitoring devices.
Technological advancements in glucose monitoring devices have resulted in smaller requirements for blood samples with improved accuracy. Furthermore, the ability to transfer data between the blood glucose (BG) meter and insulin delivery devices has been improved.
For instance, Intuity Medical (US) recently introduced the POGO Automatic Blood Glucose Monitoring System for diabetic patients in the US in November 2021. The system is the only Food and Drug Administration (FDA) approved blood glucose monitoring device that offers automatic testing. In India, Abbott launched the FreeStyle Libre system in November 2020, the world's leading continuous glucose monitoring (CGM) technology for diabetic adults and children (over the age of four).
A smart insulin pen is a reusable injector pen with an easy-to-use smartphone app that can assist diabetic people in managing insulin delivery. This intelligent device calculates and tracks doses while also providing patients with helpful reminders. In November 2020, Medtronic plc launched InPen, which is connected with real-time Guardian Connect CGM data. InPen is the first and only FDA-approved smart insulin pen for diabetic people who require multiple daily injections.
The continuous research in insulin pens supports the growth of the global diabetes care devices market during the forecast period. Moreover, pen needles and syringes are the most commonly used device for injecting insulin into diabetic patients. Various manufacturers are developing innovative products to sustain in the highly fragmented global pen needles market.
Moreover, the easy regulatory approvals in Asian countries have led to mid-sized companies entering the market and competing with the local and established players. For instance, in May 2018, Hindustan Syringes and Medical Devices (HMD), one of the leading manufacturers of disposable syringes, introduced "Dispovan" insulin pen needle. It is the first made-in-India disposable pen needle that is more technologically efficient and affordable than the currently available products in the market.
The development of pen needles with precise lubrication to reduce the pain sensation has been another focus of manufacturers during the research. Thus, the technological advancements and the increasing influx of new products into the market are expected to propel the growth of the global diabetes care devices market over the forecast years.
Many diabetes care device market players are focusing on the emerging market in Asia Pacific due to an increase in the prevalence of diabetes and the growing use of diabetes care devices. In India, medical science has grown rapidly in the past few decades. Furthermore, diabetes treatment has become so popular and common that people from other countries are traveling to India for treatment.
Further, government authorities in countries in Asia Pacific are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Poland has slowly arisen as a favorite medical tourism destination in Europe.
For instance, in Poland, the costs of medical treatments are often lower by 60-80% compared to the same benefits in other EU countries. Therefore, the rising medical tourism in developing nations is anticipated to provide lucrative growth opportunities to players operating in the global diabetes care devices market during the forecast period.
End User Insights
The homecare segment would hold a larger market share in 2022 and continue its dominance during the forecast period. The same segment is estimated to register a higher CAGR during the forecast period.
The diabetes care devices allow diabetes patients to monitor and manage their diabetes in their homes. The homecare segment is majorly driven by diabetes patients who have type 1 diabetes. The prevalence of type 1 diabetes patients is likely to fuel the demand for diabetes care devices.
Key Market Dynamics
- Rising Incidence of Diabetes
- Growing Geriatric Population
- High Cost of Diabetes Care Devices
- Growing Medical Tourism in Developing Countries
- Rapid Technological Advancements in Diabetes Care Devices
- Novo Nordisk A/S
- B. Braun Melsungen AG
- Tandem Diabetes Care Inc.
- Insulet Corporation
- Eli Lilly and Company
- DEXCOM, INC.
- Terumo Corporation
- F. HOFFMANN-LA ROCHE LTD.
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