Diabetes Management Devices Market to grow at a CAGR of 7.68% during 2024-2028
The Diabetes Management Devices Market is expected to grow at a CAGR of 7.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.98 billion. The global diabetes management devices market is experiencing a notable shift towards advanced closed-loop systems, specifically artificial pancreas systems. An artificial pancreas is a sophisticated technology that combines a continuous glucose monitor (CGM) and an insulin pump to automatically regulate blood glucose levels in diabetes patients. This system's adoption is surging due to its capability to enhance glycemic control and minimize the risk of hypoglycemia. Artificial pancreas systems effectively manage blood glucose levels, particularly during overnight hours when self-monitoring becomes challenging. Market expansion for artificial pancreas systems is projected to escalate in the forecast period, fueled by technological innovations and escalating demand for superior diabetes management solutions. Integration of artificial intelligence algorithms and machine learning techniques in these systems has enabled them to learn and adapt to individual patient's glucose patterns, ensuring precise insulin delivery.
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Technavio analysts predict that the Blood glucose monitoring devices subsegment will lead the Product segment during 2024 and 2028 In the healthcare industry, diabetes management devices play a crucial role in enabling individuals with diabetes to effectively monitor and manage their blood glucose levels. These devices encompass a range of products, including blood glucose meters and continuous glucose monitoring systems (CGMs). Blood glucose meters, such as portable devices that measure glucose levels from a small blood sample obtained through a finger prick, are essential for regular monitoring. CGMs, on the other hand, utilize a subcutaneous sensor to provide continuous, real-time glucose level readings throughout the day. Both types of devices are integral to diabetes management, ensuring individuals can effectively manage their health condition.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising global burden of diabetes
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Diabetes is a chronic autoimmune disease that affects the way your body processes blood sugar, leading to high blood glucose levels. If left untreated, complications such as lower limb amputation, gangrene, and kidney failure can occur. According to the International Diabetes Foundation, over 537 million people worldwide are living with diabetes, with a significant portion remaining undiagnosed. Effective diabetes management is crucial for preventing complications and maintaining overall health. Diabetes care devices have revolutionized diabetes management, offering tools such as insulin pens, autoimmune disease monitoring, and diabetes tracker devices. Blood glucose level monitoring is a critical component of diabetes care, with minimally invasive devices like diabetes lancet devices providing quick and accurate readings. Insulin delivery devices, including insulin pumps, offer a more convenient and effective method of insulin administration. However, diabetes management goes beyond just blood sugar levels. Factors such as high cholesterol levels, smoking, and obesity rates also play a role in disease management. Specialty clinics and hospitals offer comprehensive care for the diabetic population, while mobile health solutions provide convenient access to diabetes care resources. By utilizing these diabetes management devices and resources, individuals with diabetes can effectively manage their condition and reduce the risk of complications.
In accordance with Technavio's market research, the global diabetes management devices market is a significant segment of the expansive global healthcare equipment market. This sector encompasses organizations involved in the research and development (R&D) of various product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are utilized for the diagnosis, monitoring, and treatment of various diseases, including diabetes. Technavio calculates the size of the global healthcare equipment market by aggregating the revenues generated by manufacturers of diagnostic equipment and devices spanning diverse therapy areas. The healthcare equipment industry is segmented into Devices, which incorporates advanced, differentiated, and clinically tested data-driven devices for diabetes management.
The Diabetes Management Devices Market is experiencing significant growth, fueled by the rising global burden of diabetes. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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