Diabetes Care Devices Global Market Report 2021: COVID 19 Implications and Growth to 2030

Major companies in the diabetes care devices market include Roche; Medtronic; J&J; Abbott and Becton, Dickinson and Company. The global diabetes care devices market is expected to grow from $39.

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Diabetes Care Devices Global Market Report 2021: COVID 19 Implications and Growth to 2030" - https://www.reportlinker.com/p06027758/?utm_source=GNW
51 billion in 2020 to $41.84 billion in 2021 at a compound annual growth rate (CAGR) of 5.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $54.31 billion in 2025 at a CAGR of 7%.

The diabetes care devices market consists of sales of diabetes care devices and related services by entities (organizations, sole traders and partnerships) that produce diabetes care devices used to monitor and control blood glucose levels in diabetic patients. This market is segmented into blood glucose test strips; insulin pens, syringes, pumps and injectors; lancing devices and equipment; continuous glucose monitoring devices and equipment; blood glucose meters.

North America was the largest region in the global diabetes care devices market, accounting for 48% of the market in 2020.Western Europe was the second largest region accounting for 19% of the global diabetes care devices market.

Africa was the smallest region in the global diabetes care devices market.

Pharmaceutical companies are investing in developing and commercializing glucose responsive insulins (GRIs), providing significant opportunities for the development of new types of insulin delivery devices.For example, Novo Nordisk, a Danish pharmaceutical company, has planned to develop GRIs by acquiring UK biotech start-up Ziylo with an investment of $800 million.

Companies such as Eli Liy and Sanofi have also planned research projects to develop GRIs.GRIs are ’smart’ insulins which automatically activate or deactivate in response to changing glucose levels in the blood.

They improve diabetes treatment efficacy and reduce the incidence of hyperglycemia and hypoglycemia.

The diabetes care devices market is expected to be limited by high cost of the equipment, especially in low-income countries, where the cost related to diabetes devices are very high, despite insurance coverage.For example, in the US all the expenses related to diabetes treatment, which includes diabetes care devices can reach $1,000 a month.

Thus, high costs associated with diabetes care devices and their accessories are likely to impede the market growth going forward.

Busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as diabetes.Long working hours, limited physical activity, and unhealthy eating and drinking habits are major causes of diabetes.

According to a study conducted in 2018, there was a high prevalence of diabetes in people with sedentary lifestyles.Additionally, people suffering from obesity are 80 times more likely to develop type 2 diabetes.

According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030.These factors are expected to increase the patient pool of diabetes.

For instance, according to a report by the IDF (International Diabetes Foundation) in 2017, the global diabetic population is anticipated to reach about 640 million by 2040. These factors are expected to aid the market growth in the forecast period.
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