DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)

The diabetes care devices market was valued at USD 49 billion in 2020, and it is expected to reach USD 69 billion by 2026, registering a CAGR of 5. 75% during the period of 2021- 2026 (henceforth referred to as the ‘forecast period’).

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New York, June 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)" - https://www.reportlinker.com/p06095495/?utm_source=GNW


The significant growth in the market can be attributed to factors, such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2. As of 2020, North America accounted for a major share in the market, followed by Asia-Pacific. The increase in the number of diabetes patients is primarily due to increasing obesity among people caused by unhealthy diets and sedentary lifestyles. North America is anticipated to dominate the market during the forecast period, owing to the rising prevalence of obesity in the region. There has been a significant rise in insulin delivery systems technology, ranging from insulin injections to insulin pumps. Technological innovations and advancements offer many conveniences in measuring blood glucose levels. One such advancement in monitoring blood glucose levels is the continuous glucose monitoring devices.

Key Market Trends
Increasing Diabetes Population Worldiwide

Approximately 4 million adults aged 20-79 years were estimated to die as a result of diabetes and its complications in 2020. This is equivalent to one death every eight seconds. Diabetes is estimated to be associated with 11.3% of global deaths from all causes among people in this age group. According to AACE (American Association of Clinical Endocrinologists), recent studies have shown that of those hospitalized for severe disease, 22.2% to 26.9% reported living with diabetes. Diabetes and high glucose levels are associated with increased complications, respiratory failure, and mortality in hospitalized patients with Coronavirus.? Diabetes is associated with many health complications. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people.? Due to the early age and longer diabetes duration, the youth is at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs. Therefore, the incidence of diabetes is expected to increase over time. There is also a concern that diabetes may be occurring at a greater frequency in youth and young adults due to the current lifestyle and technological advancements, increasing the adoption of Diabetes care Devices.?

North America Holds Highest Market Share in Year 2020

North America recorded more than USD 19 billion in revenue in 2020, which is expected to further increase with a CAGR of more than 7% during the forecast period. This is primarily due to the increasing diabetes population in North America, due to stress, unhealthy diets, and obesity. In North America, there are more than 29 million diabetes patients, and this number is expected to increase to 33 million by 2026. The United States alone recorded over 26 million diabetes patients in 2020. In North America, the United States holds a major share in the diabetes care devices market. Diabetes care devices market growth in this region is also supported by favorable government reimbursement policies and advanced healthcare infrastructure. Countries in Southeast Asia are expected to generate higher demand in the coming years, primarily due to the initiatives undertaken by the local government and health organizations to spread awareness about diabetes devices. The diabetes population in this region has increased at an alarming rate over the past decade. The major challenge faced by the diabetes care devices market in the emerging economies of the Asia-Pacific region is the lack of healthcare infrastructure and centralized supply chains, which result in price variations.

Competitive Landscape
The Diabetes Care Devices market is moderately fragmented, with few significant and generic players. The CGM devices market is dominated by few major players, like Dexcom Medtronics Abbott. The market for BGM devices comprises more generic players. The intensity of competition among the players is high, as each player is striving to develop a new device and offer it at competitive pricing. Furthermore, in order to increase their market shares, players are tapping into new markets, especially the emerging economies where the demand is very high compared to the supply. one of the recent developments in the diabetes care devices market include:
- In September 2020, Medtronics has received United States Food and Drug Administration (FDA) approval of its MiniMed™ 770G hybrid closed loop system. This insulin pump system offers the company’s most advanced SmartGuard™ technology, as featured in the MiniMed™ 670G system, with the added benefits of smartphone connectivity and an expanded age indication to children as young as 2.

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