Diabetes Care Devices Market Size By Products (Blood Glucose Monitoring Devices {Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets}, Insulin Delivery Devices {Insulin Pumps [Tubed Pumps, Tubeless Pumps], Pen [Reusable, Disposable], Pen Needles [Standard, Safety], Syringes}), By End-Use (Hospitals, Ambulatory Surgery Centers, Diagnostic Centers, Home Care) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Diabetes Care Devices Market size was valued at over USD 27.9 billion in 2018 and is expected to witness growth of over 5.9% CAGR from 2019 to 2025.
 

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Growing prevalence of diabetes across the world will significantly contribute to global diabetes care devices market growth. As per the International Diabetes Federation, about 425 million adults aged between 20 to 79 years of age were living with diabetes in 2017 and the number is estimated to escalate to 629 million by 2045. Rising prevalence and incidence of diabetes will accelerate the adoption of glucose monitoring as well as insulin delivery devices for better care and management of the disease, thus highly impacting diabetes care devices market growth.
 

Increasing efforts by the government of various countries such as the U.S., Australia, Canada to incentivise and support diabetes care will positively influence the global diabetes care devices industry growth. For instance, in November 2018, the Australian Minister of Health announced additional funding of USD 100 million to extend the Continuous Glucose Monitoring (CGM) Initiative. This initiative provides fully subsidized CGM devices to the Australian population aged below 21 years of age, affected with type 1 diabetes. Hence, such initiatives and efforts will aid in increasing demand for diabetes care devices in the forthcoming years.
 

Availability of reimbursement policies and insurance will assist diabetes care devices business growth. Reimbursements and insurance policies support the adoption and usage of diabetes care devices by diabetic patients. The Insulin Pump Access Program of Quebec refunds the diabetic patient on the purchase of insulin pumps covered under the program. The maximum reimbursement is of USD 6,300. Such programs and policies that reduces the cost burden on patients will stimulate diabetes care devices business growth in the foreseeable future.
 

However, limited reimbursement for some diabetes care devices such as continuous glucose monitors and insulin pumps in few countries may restrain diabetes care devices industry growth in the upcoming years.
 

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Diabetes Care Devices Market, By Product

Blood glucose monitoring devices product market accounted for the largest market size of USD 16.9 billion in 2018. Growing acceptance of blood glucose monitoring devices for diabetes care will largely impact adoption of such devices in the upcoming years. Also, increasing number of admissions in healthcare facilities will result into greater adoption of blood glucose monitoring devices to prevent complications related to high blood sugar levels. With increasing incidence of diabetes, the need to monitor blood glucose continuously as well as the demand for self-monitoring of blood glucose will spur over the forthcoming period.
 

Insulin delivery devices product segment is estimated to progress at 6.1% CAGR over the forecast timeframe. Insulin delivery devices are witnessing various technological advancements for better and efficient delivery of insulin. Novel insulin delivery devices include wearable drug delivery devices. Adoption for such devices will thus increase due to improved drug delivery and glucose control. Moreover, the demand for insulin pens among other insulin delivery devices is estimated to grow at rapid pace owing to easy application, greater accuracy and high convenience.
 

Diabetes Care Devices Market, By End-use

Hospitals end-use segment accounted for the largest market share of more than 45% in 2018. Growing hospitalization increases the need to accurately measure and control blood glucose, thereby avoiding morbidity, complications and mortality. Growing chronic disease prevalence, especially diabetes, will increase the demand for diabetes care devices in hospitals over the coming years. In addition, availability of portable and advanced devices for diabetes care in hospitals will impact the segmental share over the forecast years.
 

Home care diabetes end-use segment is forecasted to expand at 6.4% CAGR during the projected years. There is an increasing adoption of blood sugar monitoring and insulin delivery devices in home care settings. High convenience, remote monitoring, portability along with considerable precision are the major factors for robust segmental growth. Self-monitoring of blood sugar and control of blood glucose at home facilitates enhanced care and maintenance of diabetes with greater affordability. Thus, better suitability and development of user-friendly devices will augment the segmental share.
 

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Diabetes Care Devices Market, By Region

U.S. diabetes care devices market held the largest revenue share of 90.9% in 2018. As per the National Diabetes Statistics Report, 2017, around 30.3 million U.S. population of all ages suffered from diabetes in 2015. Thus, rising population suffering from diabetes as well as increasing expenditure on diabetes care per person will highly impact the demand for diabetes care devices. In addition, approval of new products for diabetes monitoring and control in the country will expand the growth potential for U.S. diabetes care devices industry in the upcoming period.
 

Germany diabetes care devices market accounted for USD 2.2 billion revenue size in 2018. High prevalence of diabetes is witnessed in Germany owing to increasing adoption of sedentary lifestyle, unhealthy eating habits and growing obesity prevalence. Also, the German healthcare system provides reimbursement and insurance for majority of diabetes care devices that should boost the customer adoption rate for the products in the country. Additionally, high adoption of insulin delivery devices and increasing per capita spending on diabetes will spur German diabetes care devices industry growth.
 

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Competitive Market Share

Major organizations operating in diabetes care devices industry include Abbott Laboratories, Johnson & Johnson (LifeScan, Inc.), Medtronic plc, Becton Dickinson and Company and Eli Lilly & Company, among other market players. Firms are adopting new product development and strategic partnerships to earn higher profits in the market. For instance, in July 2017, Abbott and Bigfoot Biomedical announced a partnership for development of diabetes technology for commercial and clinical use.  
 

Diabetes Care Devices Industry Background

The global diabetes care devices industry commenced more than thirty years ago. Insulin pumps were first introduced in the late 1970s. Before the advent of insulin pumps, injection therapy was the focused insulin delivery choice in type 1 diabetes. The launch of insulin pumps was then followed by numerous advancements and improvements that led to introduction of small and portable insulin pumps along with self-monitoring blood glucose meters. Similarly, continuous glucose monitoring devices were introduced during 2000s that were developed to introduce real-time CGM devices for home care settings. Thus, continuous product improvements along with growing incidence of diabetes will boost global diabetes care industry growth in the foreseeable future.