(MENAFN- Straits Research) diabetes mellitus, sometimes known as diabetes, is a group of metabolic disorders characterized by a high blood sugar level. Symptoms include frequent urination, increased thirst, and increased appetite. Diabetes can cause a plethora of health problems if left untreated. Acute consequences include diabetic ketoacidosis, hyperosmolar hyperglycemia, and death.
Long-term risks include cardiovascular illness, stroke, chronic kidney disease, foot ulcers, nerve damage, eye damage, and cognitive impairment. Type 1 diabetes, Type 2 diabetes, and gestational diabetes are the three main types of diabetes. Diabetes devices or diabetes care devices are equipment used to monitor a patient's diabetic state.
Market Dynamics
Growing Focus on Diabetes Care and Product Innovations to Drive the Market
As a result of the increased number of government and charitable programs to raise diabetes awareness, the use of diabetic devices is expected to rise. Diabetes, a mobile health initiative, was launched by the Ministry of Health and Family Welfare, the WHO Country Office for India, and other partners. This public health initiative aims to increase diabetes early detection and treatment awareness. Similarly, the WHO and the IDF work together to prevent and control diabetes while also guaranteeing a high quality of life for people worldwide.
For instance, the World Health Organization's Diabetes Program aims to prevent type 2 diabetes, reduce complications, and improve the quality of life of diabetes patients. NGOs and governments define norms and standards, boost diabetes prevention awareness, and support monitoring to improve diabetes prevention and control. As a result, the increased number of diabetes awareness campaigns is anticipated to aid in the diagnosis of diabetes, hence expanding the use of diabetic devices.
Demand for these devices is being driven by introducing high-end insulin pumps and pens and technological developments in diabetic devices. Leading manufacturers focus on technological advancements and introduce innovative products to gain a significant market share. Novo Nordisk, for example, launched the NovoPen Echo, a new instrument on the market, in January 2014. This is the first gadget in the United States with memory and half-unit dosing features.
In August 2016, Medtronic introduced the MiniMed 630G system in the United States, an integrated insulin pump with continuous glucose monitoring (CGM) technology that delivers better glucose management than multiple injections while avoiding hypoglycemia. As a result, market growth is fueled by technological advances and product improvements.
Untapped Opportunities in Developing Economies
In regions like MEA and Asia-Pacific, the number of people living with diabetes rises, pushing increased demand for diabetes treatment. According to the International Diabetes Federation, the number of people with diabetes globally will reach 643 million by 2030 and 783 million by 2045. As a result, untapped growth potential in the Middle East and Africa and increased diabetes awareness in these countries are vital to encouraging demand for diabetic devices.
Diabetic device manufacturers are expanding their operations due to a surging senior population, affordable healthcare facilities, low labor costs, and less stringent regulatory rules. As a result, manufacturers concentrate their efforts on increasing market share by pursuing opportunities in emerging economies.
Impact of COVID-19
The COVID-19 outbreak provided a severe barrier to healthcare delivery, with severe consequences for diabetes treatment. The closure of routine outpatient clinics has hampered diabetes treatment, reduced inpatient capacity, personnel shortages, medicine shortages, costly medicine, delayed care-seeking, limited self-care practice, transportation issues, and undiagnosed cases/events.
Diabetes device sales, on the other hand, have risen as a result of consumers' constant monitoring of their diabetes status to avoid infection with the COVID-19 virus, which is particularly sensitive to people with diabetes. The overall diabetic devices market growth was limited during the first phase of the pandemic due to severe supply chain limitations.
For the global diabetic devices market, the post-pandemic period will be critical. Manufacturing operations may impede the recovery process, affecting market dynamics and product prices. Also, other end-user sectors, suppliers, and vendors may be unable to meet customer demand due to limited manufacturing, support operations, labor shortages, and other constraints. Overall, the global diabetes devices market recovery will be difficult.
Regional Insights
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the market's five regions. North America and Europe are the two most important markets for diabetes devices. The United States has the most tempting market potential for players among all the regional countries, majorly driving the North American market.
Due to the enormous number of diabetes and the lucrative reimbursement standards, the United States is expected to dominate the North America market. High per capita income and increased healthcare spending, among other factors, are driving the market. Furthermore, the usage of smart devices and technological advances such as AI and data analytics is expected to move the market ahead.
Europe is expected to be the second-largest market for diabetes devices. Germany is expected to be the dominant market among all European countries. According to the International Diabetes Federation, diabetes affects about 13.0% of the German population, and this number is predicted to rise over the forecast period.
According to the German Diabetes Association, there will be roughly 8 million diabetes cases in Germany by 2026, which will increase the demand for diabetes devices. Improved global research collaborations on technical improvements and increased diabetes awareness are two variables that offer the potential for market players.
Due to new prospects and an increasing senior population, the Asia-Pacific market will witness the fastest growth. Insulin delivery devices are widely used in Asian nations like China and India. Higher use of these devices in APAC countries is due to increased diabetes awareness and a changing healthcare landscape. Furthermore, rising healthcare spending has resulted in a rise in the adoption of technologically advanced products in countries like China and India, which is expected to propel the market growth.
The booming medical tourism business and the affordable availability of innovative home care therapies are two essential drivers of the Latin America market growth. Furthermore, a well-defined regulatory framework and the availability of competent specialists are driving diabetes device demand in the country.
Diabetes devices are becoming more widely used in Middle Eastern countries due to rising diabetes awareness, increasing privatization, regional disease load, and expanding health insurance penetration. One of the issues impeding the growth of the MEA market is the lack of advanced healthcare infrastructure in African countries. Government attempts to improve the region's healthcare infrastructure, on the other hand, are opening new doors for diabetic device manufacturers to enter the market.
Key Highlights
The global diabetes devices market was valued at USD 27,662.11 million in 2021 and is anticipated to register a CAGR of 6.62% by 2030.
By product, the insulin delivery devices segment will likely dominate the market with expected revenue of USD 30,412.19 million by 2030.
By distribution channel, the retail pharmacies segment will likely dominate the market with expected revenue of USD 11,491.59 million by 2030.
By end-use, the food packaging segment will likely dominate the market with expected revenue of USD 19,845.68 million by 2030.
Geographically, the global diabetes devices market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.
Competitive Players in the Global Diabetes Devices Market
Medtronic
Abbott
Ascensia Diabetes Care Holdings AG
Dexcom Inc.
Hoffmann-La Roche Ltd.
Sanofi
Novo Nordisk A/S
Insulet Corporation
Ypsomed
Valeritas Inc
Market News
In November 2020, Novo Nordisk purchased Emisphere Technologies, a drug delivery technology company. Novo Nordisk will acquire a competitive edge in the oral antidiabetic market due to the acquisition.
In November 2020, in Europe and the United States, Eli Lilly committed to commercializing Ypsomed Insulin Pumps with CGM devices.
Global Diabetes Devices Market: Segmentation
By Type
Blood Glucose Monitoring Devices
Insulin Delivery Devices
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Diabetes Clinics/Centers
Online Pharmacies
Others
By End-Use
Hospitals
Homecare
Diagnostics Centers
By Region
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
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