Diabetes Care Devices Market to Top $87B by 2030

A decade of solid growth is forecast for the world’s diabetes care devices market. 

Straits Research estimates the sector’s value at $52.69 billion and predicts it will reach $87.15 billion, growing 6% annually through 2030. Diabetes monitoring and prevention organizations such as the American Diabetes Association (ADA) are investing significant resources in innovative medical device research and development to manage the epidemic and boost the life expectancy of diabetic patients. This is done to improve the quality of medical services and the efficacy of prescribed treatment options. The prevalence and severity of diabetic patients and the increasing cost of healthcare in various countries are generating a great need for diabetic care goods. Such diabetes awareness and care programs are expected to increase demand for diabetic care devices, which will, in turn, boost the market’s expansion over the next eight years.

Diabetes is a life-threatening, chronic disorder for which there is no treatment. Diabetes is becoming a global pandemic affecting millions of individuals worldwide. Type-1 diabetes is caused by an immune system defect, but Type-2 diabetes is related to a sedentary lifestyle, which leads to insulin resistance. Type 1 diabetes is insulin-dependent, and Type 2 diabetes is also insulin-dependent.
 
Diabetes is associated with several health problems. People with diabetes are 300% more likely to be hospitalized, and as a result, they incur higher healthcare costs than those without diabetes. This is a comparison between the diabetic population and the non-diabetic population. Diabetes technologies and equipment are irreversible realities. They provide patients with an opportunity to improve their self-care.
 
Monitoring blood sugar enables patients to determine if they are meeting their glucose targets, reducing the uncomfortable symptoms of high and low blood sugar, and preventing the long-term complications of diabetes. Diabetes monitoring and prevention agencies, such as the ADA, are making investments in considerable resources in the study and creation of innovative medical equipment for managing the epidemic and increasing the life expectancy of diabetic patients to enhance the quality of medical services and the efficacy of administered treatments.
 
In addition, patients attempting to maintain tight control of their blood glucose levels to avoid the long-term consequences associated with variations in blood glucose levels are more susceptible to overcorrection, resulting in hypoglycemia. Patients attempt to maintain tight control over their blood glucose levels to avoid the accompanying long-term consequences. Modest results can be challenging without several daily insulin injections or insulin pump therapy. As a result, the global demand for diabetes care devices is increasing, which will keep the market in the spotlight during the projection period. 
 
In the United States, diabetes has reached epidemic proportions. As reported by the Centers for Conditions Control and Prevention (CDC) of the United States. The CDC reports that more than 30 million people in the United States have been diagnosed with the disease. As per the American Diabetes Association, in 2018, nearly 29 million people in the United States sustained from diabetes, with approximately 1.3 million registered cases of Type 1 diabetes and an additional 84.1 million people exhibiting prediabetic symptoms that elevated their risk of developing Type 2 diabetes. Type 1 diabetes affects a person’s ability to produce insulin, while Type 2 diabetes affects a person’s ability to store and use glucose.
  
Enhancing the safety and quality of healthcare is contingent upon government policy. In North America, for instance, the federal, state, and municipal levels of government coexist. Crucial elements of a long-term plan to avoid chronic diseases like diabetes include modifications to policies, systems, and the environment (PSE). While government actions and environmental changes aim to make healthy behaviors more attainable or desirable and unhealthy exposures more challenging or even prohibited, system-level interventions aim to improve the operation of an agency or organization and the delivery of services to the community.
 
Since 1998, the U.S. government has invested $2.5 billion in Type 1 diabetes research under the Special Diabetes Program. Presently, the U.S. government gives $150 million annually to the National Institutes of Health for diabetes research (NIH). Similar to the United States, medical treatment standards in Canada are governed by the Canada Health Act of 1985, which grants the Canadian government the responsibility to control the efficacy and medical device, pharmaceutical, and natural health product liability, fund health research, and oversee a variety of services to specific populations. In addition to federal initiatives, the provincial governments of Canada’s provinces have implemented several programs to address the onset of diabetes among their citizens. Developing such government-funded care programs and initiatives is projected to raise the demand for diabetic care equipment shortly.
 
North America will hold a share of $40.67 billion during the forecast period, growing 7% annually. The United States is the region’s top contributor. Owing to the accessibility of glucose meter reimbursement alternatives, monitoring devices are increasing in popularity. New advancements are anticipated to increase the diabetes market in the region. In January 2020, for instance, the Tandem Control-IQ became the first AID system with automatic correction boluses and no fingerstick CGM (Dexcom G6) certified for persons aged 14 and older. Tandem Diabetes Care Inc. announced in June 2020 that it had received U.S. Food and Drug Administration (FDA) authorization for an additional pediatric indication for the t: slim X2TM insulin pump with Control-IQTM technology to accommodate children aged six and older.
 
Through 2030, the market will also expand due to firms partnering to bring innovative technologies. In July 2020, Medtronic plc and Tandem Diabetes Care Inc. agreed to a non-exclusive patent cross-licensing arrangement applicable to particular diabetes-related inventions. In June 2020 Tandem Diabetes Care reached an agreement with Abbott to develop and commercialize embedded diabetes solutions that combine Abbott’s continuous glucose monitoring (CGM) technology with Tandem’s innovative insulin delivery systems to provide more management options for diabetes. As a result, it is projected that these factors will raise the market for diabetes care devices in both the United States and North America.
 
Europe is anticipated to have $12.29 billion shares with a 7% annual growth rate. France and Germany are envisioned to be the most significant contributors to the region’s growth.
 
Multiple French businesses are developing CGM solutions to extend diabetic patients’ life expectancy. During the forecast period, the French insulin infusion pump market will be bolstered by the French startup Diabeloop SA’s raising of GBP 31 million in a Series B financing round to hasten the commercial production of its artificial pancreas device configured for automatic blood glucose control in Europe. Moreover, several small businesses are manufacturing SMBG at a lesser cost than global enterprises.
 
The German Center for Diabetes Research (DZD) conducts extensive scientific research to discover effective strategies for the prevention and treatment of diabetes. In Germany, insulin pump accessories cost approximately €10, or $11, for three months. These elements are expected to cause the growth of Europe’s regional market in the following years.
 
Based on monitoring devices, the self-monitoring blood glucose devices segment is expected to have a share of $22.93 billion and grow 8% annually. Based on management devices, the disposable insulin pens segment is expected to grow 4% annually to reach $21.53 billion by 2030.
 
Significant market players in the global diabetes care device market are Abbott, F. Hoffmann-La Roche AG, Johnson & Johnson, Dexcom, Medtronic, Novo Nordisk, Ascensia Diabetes Care, AgaMatrix, Bionime Corporation, Omnipod, Medisana, Trivia, and Rossmax International Ltd.