The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Diabetes Care Devices Global Market Report 2024, the diabetes care devices market is expected to show promising growth in the forecast period.

The diabetes care devices market has experienced robust growth in recent years, with significant projections for the future. Here’s a breakdown of its growth:

• From $64.27 billion in 2023 to $69.46 billion in 2024, marking a Compound Annual Growth Rate (CAGR) of 8.1%.
• Expected to reach $93.2 billion in 2028, with a CAGR of 7.6%.
• Factors contributing to this growth include increasing diabetes prevalence, economic growth, public health insurance reforms, a growing geriatric population, and heightened healthcare expenditure.

Rising Healthcare Expenditures Propelling Market Growth

The surge in healthcare expenditures is a crucial factor driving the expansion of the diabetes care device market:

• Healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms in May 2023.
• Total healthcare expenditure in the UK reached $367.25 billion (£280.7 billion) in 2021, with pharmaceutical expenditure hitting $51.84 billion (£39.6 billion).
• Preventive care spending more than doubled from the previous year, reaching $45.93 billion (£35.1 billion) in 2021.
• Heightened healthcare expenditure leads to increased investments in research and development, fostering advancements in diabetes care devices.

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Innovations Driving Market Expansion

Major companies in the diabetes care devices market are continually innovating to enhance profitability and market reach:

• Medtronic’s Extended Infusion Set is a notable innovation designed for up to 7 days of wear, providing sustained insulin delivery.
• Launched in April 2021, the product debuted in select European countries, with plans for a gradual rollout across additional nations.
• The Extended Infusion Set incorporates innovative technology and materials, allowing for prolonged usage compared to traditional infusion sets.
• Such innovations contribute to market expansion and cater to the evolving needs of diabetes patients worldwide.

Segmentation Insights and Market Dynamics

Segmentation Overview

The diabetes care devices market is segmented based on various factors:

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 Explored

Various subsegments provide deeper insights into the market landscape:

• Subsegments include Glucose Dehydrogenase, Glucose Oxidase, Pens, Injectors And Pumps, Syringes.

Regional Dominance and Future Trends

North America’s Leading Role

In 2023, North America emerged as the largest region in the global diabetes care devices market, highlighting its significant market share and influence.

Future Trends

Looking ahead, several trends are poised to shape the future of the diabetes care devices market:

• Stick-free glucose testing.
• Glucose-responsive insulins (GRIs).
• Artificial pancreas.
• Shift towards wearable and mobile glucose monitoring systems.
• Intelligent glucose meters.

Conclusion

The diabetes care devices market presents lucrative opportunities for growth and innovation. With increasing healthcare expenditures, ongoing research and development efforts, and technological advancements, the market is set to witness substantial expansion in the coming years. As companies continue to introduce innovative solutions to address the evolving needs of diabetes patients, the market’s trajectory remains promising.

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