Authored By: Sarah
10 Oct 2024

Latest News:- Diabetes Management Devices Market: Blood glucose monitoring devices is expected to lead the Product segment during 2024-2028

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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The Blood glucose monitoring devices subsegment is expected to dominate the Product segment during the forecast period 

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: 

  • Product
    • Blood glucose monitoring devices
    • Insulin delivery systems
  • Distribution Channel
    • Offline
    • Online
  • Geography
    • North America
    • Europe
    • Asia
    • Rest of World (ROW)

Reasons to Purchase the Global Diabetes Management Devices Market Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish rising global burden of diabetes

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

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.

Market Research Overview

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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