According to our latest study, "Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User," the market is projected 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 4.8% from 2022 to 2028. The market's growth can be attributed to the robustly rising prevalence of diabetes and increasing support by the government in the US. In the US, diabetes is among the most common and expensive chronic diseases. The highest rate of diabetes is commonly seen in the elder population. However, the rise in the prevalence of diabetes continues across the US, and it is also being seen among the overweight and obese population.
The COVID-19 pandemic diverted the resources from healthcare services for patients with diseases such as diabetes. With the outbreak of COVID-19 in most countries across the globe, modifications to diabetes management have been adopted to accommodate the crisis and minimize the exposure of diabetes patients to the infection. People with diabetes are more likely to have serious complications from COVID-19. In general, people with diabetes are more likely to have more severe symptoms and complications when infected with any virus. The COVID-19 outbreak significantly impacted the market because hospitals and healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. Moreover, the COVID-19 pandemic affected the global economy and had a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across this region.
Based on end user, the global diabetes care devices market is segmented into homecare and hospitals & clinics. In 2022, the homecare segment would hold a larger market share. In addition, the segment is also expected to grow at a faster rate in the coming years, owing to the rise in the prevalence of diabetes and the use of the device in making patients independent in terms of managing and monitoring their diabetes. The homecare segment is majorly driven by diabetes patients with type 1 diabetes. The prevalence of type 1 diabetes patients is fueling the demand for diabetes care devices. According to the Centers for Disease Control and Prevention's (CDC) data for 2020, approximately 34.2 million people of all ages—or 10.5% of the US population had diabetes. Furthermore, according to the International Diabetes Federation (IDF) 2019, approximately 425 million people are estimated to suffer from diabetes worldwide. Moreover, the International Diabetes Federation projected that people living with type 1 diabetes represent approximately 10% of the diabetes population worldwide. Therefore, the factors mentioned above are likely to propel the market's growth during the forecast period.
BD; Novo Nordisk A/S; Medtronic; B. Braun Melsungen AG; Tandem Diabetes Care Inc.; Insulet Corporation; Eli Lilly and Company; Dexcom, Inc.; Terumo Corporation; F. Hoffmann-LA Roche LTD are among the key players operating in the global diabetes care devices market.
Report : Diabetes Care Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
The global diabetes care devices market is segmented based on type and end user. Based on type, the market is bifurcated into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment is subsegmented into testing strips, glucometers, lancets, and others. The insulin delivery segment is subsegmented into insulin pens, insulin syringes, insulin pumps, and others. Based on end user, the market is segmented into homecare and hospitals & clinics. By geography, the global diabetes care devices market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).Contact Us