Global Diabetes Care Devices Market Outlook and Trends
The global diabetes care devices market growth & size is predicted to be valued at USD 19,572 million in 2020 and is estimated to reach USD 29,985 million by 2028, rising at a CAGR of 5.6% during the period of 2021-2028. The diabetes care devices market growth is propelled by different key factors. These include the growing incidence of diabetes, shifts in urbanization and sedentary lifestyles, technological innovations in diabetes devices, a rise in the global diabetic population, an increasing demand for speedy and safe diagnosis, as well as innovations in diabetes treatments. These aspects collectively shape the scenario of the diabetic care market during the forecast period.
Global Diabetes Care Devices Market Driving Factors
- Significant Growth in the Prevalence of Diabetes:
The effective growth in the occurrence of diabetes is a significant driver for market growth. In 2017, the International Diabetes Federation published a report, that states that most probably 66.0 million individuals have diabetes universally, and it is anticipated to arise to 81.0 million by 2045. Although, there are more than 29 million people who are presently diabetic patients, and this number by 2027 is anticipated to rise to 34 million, in North America. The US alone recorded over 26 million diabetes patients in 2021, highlighting the substantial growth in the market.
- High Rise in Obesity:
The substantial growth in the incidence of obesity is a high backer to the rise in diabetes cases around the globe. According to WHO records, nearly 45-55% of the universal population was overweight during 2014, with over 20% classified as obese. Particularly, obesity is more prevalent among men. These risk aspects, including the rising occurrence of obesity, are directly associated with the growing prevalence of diabetes. Consequently, the diabetes care device market is witnessing growth owing to the requirement for efficient solutions in managing diabetes linked with obesity.
Regional Diabetes Care Devices Market Segmentation
- Dominance of North America Diabetes Care Devices Market:
North America emerged as the leading region in the diabetes care devices market in recent past years, with a predicted high CAGR throughout the forecast period. This dominance is accredited to the region’s well-established healthcare segment. In the US, the market is fostered by aspects such as the growing prevalence of obesity, extreme treatment costs, continuous technological innovations, and regular product launches. The U.S. stands out owing to its substantial diabetic population and favorable reimbursement regulations, further solidifying its position around the North American diabetes care devices market. The foremost factors in this market entail the region’s high per capita income and robust healthcare spending.
- Diabetes Care Devices Market Thrives to Asia Pacific: Factors Driving Growth:
The diabetes care devices market in the Asia Pacific region is predicted to witness remarkable growth. Widely embraced in regions such as India, and China, these devices are instrumental in managing diabetes. The increase in sales can be accredited to heightened diabetes awareness and transformative changes in healthcare infrastructure around the APAC market. In addition, the significant rise in healthcare expenditure in countries such as China and India have increased the adoption of cutting-edge diabetes care devices. This trend, propelled by a move towards technologically improved products, is predicted to further foster the market’s enlargement in the region.
