Meticulous Research®– leading global market research company published a research report titled “Diabetes Care Devices Market by Type [Diabetes Monitoring (CGM, Test Strips, Self-Monitoring Blood Glucose Meters, Lancets, Haemoglobin A1C Testing Kits)], [Insulin Delivery (Syringes, Pens, Pumps, Jet Injectors)] - Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the diabetes care devices market is expected to reach $31.9 billion by 2028, at a CAGR of 6.7% during the forecast period. The increasing prevalence of diabetes, rising obesity rate, unhealthy lifestyle, product innovations in diabetes care, and development of new insulin delivery systems are the key factors driving the global diabetes care devices market.
Diabetes Care Devices Market: Future Outlook
The global diabetes care devices market is segmented based on type: [Diabetes Monitoring Devices (Test Strips, Continuous Blood Glucose Monitoring Devices, Self-Monitoring Blood Glucose Meters, Hemoglobin A1C Testing Kits) and Insulin Delivery Devices (Insulin Pens, Insulin Syringes, Insulin Pumps, Insulin Jet Injectors)] and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at a global level.
In 2021, the diabetes monitoring devices segment is estimated to account for the largest share of the total diabetes care devices market by type. The growth of this segment is attributed to the factors such as increased adoption of test strips and self-monitoring blood glucose meters and increasing demand for continuous glucose monitoring with rising awareness towards the disease in developing countries.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global diabetes care devices market, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by the increasing prevalence of diabetes with the rising need for self-monitoring, increasing prevalence of major risk factors for diabetes such as obesity and sedentary lifestyle, increasing geriatric population, and growing government initiatives promoting diabetes care.
The key players operating in the global diabetes care devices market are Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), Abbott Laboratories (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), F. Hoffmann-La Roche Ltd (Switzerland), LifeScan IP Holdings, LLC (U.S.), Medtronic PLC (Ireland), Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), and Sanofi AS (France), Tandem Diabetes Care, Inc. (U.S.), Insulate Corporation (U.S.) and DexCom, Inc. (U.S.), among others.
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