The global diabetes care devices market is expected to grow at a CAGR of around 15.17% from 2020 to 2027 and expected to reach the market value of around US$ 5,134.0 Mn by 2027.
The diabetes care devices are specialized devices intend for the management of diabetes in patients. Diabetes is a lifestyle disorder affecting millions every year. Among the US population in 2018, 34.2 million people of all age group or 10.5% were diagnosed with diabetes. In addition, 34.1 million adults aged 18 years or older that are 13.0% suffered from diabetes.7.3 million adults aged 18 years or older that met the laboratory criteria did not report having diabetes. This number represents 2.8% of US adults and 21.4% of all US adults suffering from diabetes. The percentage of adults suffering from diabetes gradually rise with age reaching 26.8% among the 65 years or older age group.
The vision of diabetes care devices is to assist people suffering from the disorder to think less about their daily diabetes routine check so as to get relief day and night. The wide range of products available in the market proves impactful through convenient, efficient, and effective diabetes management solutions. These involve blood glucose meters, insulin delivering systems, lancing devices, and digital solution for data management.
The Quintessential Factors of “Regulatory Landscape” in Europe for Sale of Diabetes Care Devices
The European Association for the Study of Diabetes (EASD) has announced “big calls” for the current CE MARKING PROCEDURE for evaluation and approval of medical devices in Europe. At present, non-CE marking on the medical devices products could result into situations that can have a serious impact on the life of people with diabetes due to product inadequacies.
Currently, there is low level of regulation and control of medical devices in European Union. For the sale of medical devices in Europe it is necessary to have CE Marking. The CE Marking for medical devices guarantees the safety of the devices being sold. However, it does not represent an independent confirmation associated with quality features. Moreover, EASD had big calls for an improvement of current European system for device registration which too has failed to represent in front of the European markets. With improvement in quality management of in diabetology, the European countries work in collaboration with Scandinavian evaluation of laboratory equipment for point of care testing (SKUP). EASD works closely with SKUP to promote results of their evaluation for medical devices of diabetes.
COVID-19 Impact and Growth Opportunities for Diabetes Care Devices Market
Hoffmann-La Roche Ltd is one of the dominant player in the diabetes care devices market by sale of 8-9 million glucometer devices in India worth around Rs. 1200 crore. As per the company records, in March when lockdown was announced worldwide sales fell by almost 50% compared to February as the supply chain was disrupted. From May onwards, the demand for the glucometer devices rise as patients were unable to get tested in labs and started utilizing self-monitoring blood glucose levels devices sitting at home. It has given rise to online sales that have grabbed only 5-8% of the overall sales in the past that increased to 15% in the COVID-19 outbreak.
Also the company took a strong initiative by offering free access to mySugar Pro app that helped millions of Americans living with diabetes maintain their personalized daily diabetes routine during pandemic. People suffering from diabetes had gained a lot of access to the app in monitoring blood glucose levels at homes to avoid severity of infection in pandemic.
Diabetes care devices market is segmented by type and patient care. By type, the market is segmented as SMBG, CGMS, lancets, insulin pumps, insulin pens, insulin syringes, mobile apps, and others. By patient care, market is bifurcated into hospital & specialty clinics and self & home care.
By type, diabetes management mobile applications will record a highest CAGR in the forthcoming years. The diabetes management mobile application segment will gain a significant pace owing to its simplicity, convenience, and utility in offering real-time insights regarding diabetic condition to patients and healthcare for integrated diabetes management.
These apps have grabbed enormous potential over the years by extending the product pipeline by the competitors. As 2.7 billion individuals globally used smart phones and 0.5 billion people have access to mobile apps for chronic disease management small scale studies of digital programs targeting glucose control, weight loss, and medication have shown promising results. Currently, several apps prove to be standalone examples and there is a rising trend towards integration and automation. With gain of such rapid changing trends the landscape of such digital health apps will transformed to a greater integration.
Based on regions, the market for diabetes care devices covers North America, Asia Pacific, the Middle East & Africa, Latin America, and Europe.
Based on regions, North America will grab the largest market share for diabetes care devices market globally followed by Europe. A major share of these regions is attributed to advanced healthcare facilities located in this region, growing diabetic population, and presence of big manufacturers focusing upon advancement in medical devices for diabetes. On the other hand, Asia Pacific is anticipated growing at a faster pace in the forecast period owing to predominant sedentary lifestyle and ever-growing ageing population. In Asia Pacific, India and China will witness a tremendous growth in diabetes care devices.
72.48% of the Market Share is grabbed by North America in Health Monitoring Devices
The rising demand for insulin have provoked tremendous R&D activities in manufacturing different types in painless insulin deliverable devices that involve Continues Glucose Monitoring (CGM), extremely accurate blood glucose monitoring devices (flash glucose monitoring devices), integrated insulin pumps, and improve lancets for glucometers. With advancements in needle-based delivery system the invention of insulin jet injector came into limelight. The insulin jet injector witnessed high sales in developed countries like Canada and the US. This insulin jet injector is considered to be future of the insulin delivery systems.
In addition, Germany accounted for USD 2.19 billion in 2018. This is attributed to high cases of diabetes in this country as rise in adoption of sedentary lifestyle, growing obesity cases, and unhealthy eating habits. The Germany healthcare system offers reimbursement and insurance coverage for diabetes care devices that boosts the adoption of medical devices in this country. High adoption of insulin health deliverables and growing per capita spending on diabetes will further fuel the Germany industry revenue.
Key companies profiled in this report involve Dexcom Inc., Merck & Co., Abbott Laboratories, GlaxoSmithKline Plc, Dickinson and Company, Acon Laboratories, Medtronic, and others.
Market By Type
Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Insulin delivery devices
Insulin syringes and needles
Diabetes management mobile applications
Market By End-User
Hospitals & specialty clinics
Self & home care
Market By Geography
Middle East & Africa
The diabetes care devices is expected to reach a market value of around US$ 5,134.0 Mn by 2027.
The diabetes care devices market is expected to grow at a CAGR of around 15.7% from 2020 to 2027.
Based on type, diabetes for mobile application is the leading segment in the overall market.
Need for faster and effective method for diagnosis and ever-growing geriatric population, unhealthy eating habits, and sedentary lifestyle boosts the demand for diabetes care devices market.
Dexcom Inc., Merck & Co., Abbott Laboratories, Glaxosmithkline Plc, Dickinson and Company, Acon Laboratories and Medtronic, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years