The Diabetes Care Market will grow at highest pace owing to rising incidence of diabetes
The Diabetes Care Market will grow at highest pace owing to rising incidence of diabetes
Blog Article
The diabetes care market comprises products and services used to manage diabetes including glucose monitoring devices, insulin delivery devices, diabetes management apps, and drugs. Glucose monitoring devices allow people with diabetes to check and monitor their blood glucose levels at home to make better decisions about food, activity, and medication. Insulin delivery devices such as insulin pens, pumps, and injectable help patients deliver insulin for blood glucose control. Diabetes management apps provide tools to track blood glucose levels, count carbohydrates, log insulin doses, and record other diabetes data through a mobile device. Drugs used in diabetes care include insulin, oral anti-diabetic drugs, and other new drug classes.
The global diabetes care market is estimated to be valued at US$ 31.69 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the diabetes care market are Medtronic, Abbott, Pumps It, Inc., Embecta Corp, Insulet Corporation, Ypsomed AG, Roche AG, Tandem Diabetes Care, Inc., Terumo, Novo Nordisk A/S, SOOIL Developments Co., Ltd, Microtec Medical Ltd, ViCentra B.V., CeQur Corporation, and Dexcom, Inc. The rising prevalence of diabetes owing to unhealthy lifestyles and obesity is a key factor driving the demand for diabetes care products. Advancements in glucose monitoring and insulin delivery devices are making diabetes management more convenient with continuous monitoring and automatic insulin delivery capabilities.
Diabetes Care Market Demand is attributed to increasing diabetes patient pool, demand for minimally invasive and user-friendly products, growing popularity of continuous glucose monitoring (CGM) systems, focus on diabetes management apps. Technological advancement in diabetes care products include smartphone-controlled artificial pancreas systems, closed-loop insulin delivery systems, non-invasive glucose monitoring, and oral insulin therapies.
Market Trends
Smart or connected insulin pens, pumps, and glucose meters are integrating connectivity features to sync with smartphones and cloud services. This allows for real-time data sharing with caregivers and better diabetes management on the go. Sensor-augmented pump therapy combining CGM and insulin pump is gaining popularity as it effectively controls blood sugar through automatic suspension and adjustment of basal insulin delivery.
Market Opportunities
Diabetes Care Market Size and Trends is the development of oral or inhalable formulations of insulin and other anti-diabetic drugs can improve treatment adherence. Artificial pancreas or bi-hormonal systems simultaneously delivering insulin and glucagon can provide physiological glucose regulation capabilities. Non-invasive or minimally invasive glucose monitoring technologies will facilitate widespread adoption of CGM.
Impact of COVID-19 on Diabetes Care Market Growth
The COVID-19 pandemic has impacted the growth of the diabetes care market in both positive and negative ways. In the initial phase of the pandemic, there was a disruption in the supply chain due to restrictions imposed by governments around the world. This led to shortages of products like blood glucose monitoring systems, insulin pumps etc. In addition, people were confined to their homes which reduced physical activities and impacted diet, this increased the risk of diabetes among the general population. The initial lockdowns also caused widespread panic which negatively affected the conditions of those already suffering from diabetes. The postponement of non-essential clinical visits and hospital appointments also made management of diabetes more difficult for many.
However, as the pandemic progressed, people started adopting remote monitoring solutions and telehealth services on a larger scale to manage their diabetes from home. The increased risk of COVID-19 among diabetics also necessitated closer monitoring of blood glucose levels. This led to higher demand and uptake of self-monitoring devices. Manufacturers also ramped up production and streamlined supply chains to address shortages. Government initiatives to ensure continuous supply of medicines provided relief. It is expected that comprehensive diabetes management using digital health tools will continue in the post pandemic era. Teleconsultations will complement in-person visits. Overall, while facing initial disruptions, the COVID-19 pandemic has accelerated digital transformation in diabetes care.
Geographical Regions with Highest Consumption of Diabetes Care Products
North America accounts for the largest share of the diabetes care market in terms of value. This is attributed to the rising prevalence of diabetes, advanced healthcare infrastructure, favorable reimbursement policies, and high awareness levels regarding diabetes management in the region. Access to innovative products and technologies is also better in the US and copyright. Countries like China, India and Japan have a high diabetic patient pool and growing medical expenditures. This makes Asia Pacific the fastest growing regional market. Governments are also supporting initiatives for diabetes prevention and control programs in the region.
Europe enjoys an early adoption of advanced products for diabetes monitoring and insulin delivery owing to strong economic conditions. Latin America and Middle East & Africa are also lucrative markets but require improvements in public health systems, insurance penetration and affordability of treatment options to realize the growth potential. Overall, developed markets currently dominate the diabetes care sector but emerging nations will be crucial for future expansion.
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