Insights into the Future Growth Potential of the Diabetes Care Devices Market 2024-2033
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What is the Expected Expansion Rate of the Diabetes Care Devices Market in the 2024-2033 Forecast?
In recent years, the market size for diabetes care devices has seen significant growth. The market is predicted to expand from $64.27 billion in 2023 to $69.46 billion in 2024, boasting a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historic period can be traced back to factors such as a rise in diabetes cases, economic development, reforms in public health insurance, a growing aged population, and an increase in healthcare expenditure.
It is projected that the diabetes care devices market will experience robust growth in the coming years, escalating to a market size of $93.2 billion by 2028, with a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this anticipated growth include augmented R&D investments and collaborative research activities, rising disease prevalence, governmental efforts, and advances in technology. Key trends projected for the forecast period encompass needle-free glucose testing, glucose-responsive insulins (gris), the advent of artificial pancreas, a shift from traditional insulin syringes, the use of wearable and mobile glucose monitoring systems and smart glucose meters.
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What Factors Are Catalyzing the Growth of the diabetes care devices Market?
The predicted growth of the diabetes care device market is due to an upward trend in healthcare costs. Healthcare costs denote the total amount expended on a variety of healthcare-related activities, products, and services within a certain time frame, usually measured at individual, communal, national, or international levels. The mounting healthcare costs, along with wider availability of healthcare services and increasing diagnoses of diabetes, stimulate higher investments in R&D, leading to advancements in diabetes care devices, including enhanced glucose monitoring systems, insulin delivery instruments, and contemporary digital health solutions. As reported by the Office for National Statistics, a statistics bureau in the UK, healthcare spending in the UK saw a 9.4% rise in nominal terms and a 9.7% surge in real terms in May 2023. The total healthcare expenditure in the UK in 2021 was reported at $367.25 billion (£280.7 billion), the expenditure on pharmaceuticals being $51.84 billion (£39.6 billion) in the same year. Additionally, preventive care expenditure experienced a notable rise to $45.93 billion (£35.1 billion) in 2021, more than double the figure from the previous year. Hence, the diabetes care device market is expected to grow due to the increasing healthcare expenditure.
Which Segments Are Important in the Diabetes Care Devices Market Landscape?
1) By Type: Blood Glucose Test Strips, Insulin Pens, Syringes, Pumps And Injectors, Lancing Devices And Equipment, Continuous Glucose Monitoring Devices And Equipment, Blood Glucose Meters
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By Type Of Testing: Point Of Care (POC) Testing, Non-Point Of Care (POC) Testing
5) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments Covered: Glucose Dehydrogenase, Glucose Oxidase, Pens, Injectors And Pumps, Syringes
What Are the Groundbreaking Trends in the Diabetes Care Devices Market?
Leading businesses in the diabetes care devices market, such as Medtronic, are concentrating their efforts on innovative product development, like the Medtronic Extended Infusion set, in order to fortify their market profitability. The Medtronic Extended Infusion Set, a conduit for insulin delivery from the pump to the body, is constructed with a week’s use in mind. In April 2021, medical equipment manufacturing company Medtronic Plc, based in the United States, unveiled the Extended Infusion set in selected European regions. At present, this product is available for purchase in certain European territories, with its early release in Finland and Belgium and a planned phased introduction in other European nations. The Extended Infusion set uses advanced technology and alternative materials, allowing it to be used for twice as long as other Medtronic infusion sets, which are typically only approved for use for 2-3 days.
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What Are the Key Regions Powering Growth in the Diabetes Care Devices Market?
North America was the largest region in the global diabetes care devices market in 2023. Western Europe was the second largest region in the global diabetes care devices market. The regions covered in the diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Diabetes Care Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the diabetes care devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Diabetes Care Devices Market Include
1. Diabetes Care Devices Market Executive Summary
2. Diabetes Care Devices Market Segments
3. Diabetes Care Devices Market Size And Template Market Growth Rate
4. Key Diabetes Care Devices Market Trends
5. Major Diabetes Care Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Diabetes Care Devices Market
26. Top Diabetes Care Devices Companies
27. Diabetes Care Devices Market Opportunities And Strategies
28. Diabetes Care Devices Market, Conclusions And Recommendations
29. Appendix
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