DIABETES CARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Diabetes Care Market Size and Trends

The diabetes care market is estimated to be valued at USD 31.69 billion in 2024 and is expected to reach USD 56.86 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.

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The diabetes care industry is driven by the rising prevalence of diabetes, particularly type 2, linked to sedentary lifestyles and obesity. Additionally, advancements in technology and increased awareness about diabetes management are propelling the demand for innovative devices. However, challenges such as high costs of advanced devices and limited access in underdeveloped regions may restrain the market growth. Overall, the combination of increasing diabetes incidence and technological innovation presents significant opportunities for market players.

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Insights by Product Type - Evolution of Technology Drives Demand for Glucose Monitoring Devices

In terms of product type, glucose monitoring devices segment is estimated to contribute the highest market share of 47.2% in 2024, driven by rapid advancements in technology. This category includes blood glucose monitors, continuous glucose monitoring (CGM) devices, and flash glucose monitors. Continuous innovations are enhancing the design of testing strips, lancets, and meters, making blood sampling less painful and more convenient for users. As these technologies evolve, they significantly improve diabetes management and patient adherence to monitoring routines.

Insights, by Diabetes Type - Growing Prevalence of Type 2 Diabetes Catalyzes Market Demand

In terms of diabetes type, type 2 diabetes is estimated to contribute the highest market share of 65.7% in 2024, owing to its rapidly rising prevalence globally. Type 2 diabetes incidence is increasing at an alarming rate mainly due to lifestyle related risk factors like obesity, physical inactivity, and unhealthy diets. Urbanization and aging populations have further aggravated the risk. It is estimated that over 90% of diabetic patients have type 2 diabetes worldwide.

Insights, by End User - Role of Hospitals & Clinics in Service Delivery and Patient Management

In terms of end user, hospitals & clinics segment is estimated to contribute the highest market share of 54.2% in 2024, driven by their crucial role in diabetes care delivery and comprehensive patient management. As the primary healthcare settings for diabetes patients, these facilities continuously enhance their service offerings to strengthen diabetes management infrastructure. This trend reflects the increasing demand for effective diabetes care solutions, as hospitals and specialty clinics adapt to the growing prevalence of diabetes and the need for advanced treatment options.

Regional Insights

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Regional Analysis: Diabetes Care Market

Dominating Region: North America

North America is expected to dominate the diabetes care industry with the highest market share of 42.6% in 2024, due to supportive healthcare policies promoting preventive care, high consumer awareness about diabetes management, and presence of leading medical device companies.          

Fastest-Growing Region: Asia Pacific

Asia Pacific exhibits the fastest growth with 19.4% market share in 2024 in the diabetes care industry, due to the rising geriatric population susceptible to diabetes. Economic development in countries like China and India has improved access to diabetes care services and devices.

Diabetes Care Market Outlook for Key Countries

Well-established healthcare infrastructure in the U.S.

The U.S. diabetes care industry is characterized by a well-established healthcare infrastructure and a robust reimbursement system that supports effective diabetes management. Key players like Abbott Laboratories have solidified their positions in the insulin delivery segment, leveraging advanced technologies to enhance patient care and improve outcomes. Their innovative products, including insulin pumps and continuous glucose monitoring systems, are integral to managing diabetes effectively, addressing the growing prevalence of the condition in the population.

Growing medical needs in China

China’s diabetes care industry presents immense opportunities, driven by the growing medical needs of its large diabetic population. Local manufacturers are introducing affordable product options to cater to middle-income groups, enhancing accessibility and addressing the rising prevalence of diabetes. This focus on affordability and innovation is crucial for improving diabetes management across diverse socioeconomic segments in the country.

Growing prevalence of diabetes in India

India continues to lead in insulin usage, primarily due to increasing awareness and the availability of biosimilar insulin analogs at competitive prices. This accessibility allows more patients to manage their diabetes effectively, contributing to better health outcomes. The growing prevalence of diabetes, coupled with advancements in insulin formulations, reinforces the market's expansion, making insulin therapy more attainable for a larger segment of the population.

Increased Healthcare Expenditure in Japan

The diabetes care market in Japan is significantly influenced by rising healthcare expenditure, which reflects the country's commitment to effectively managing this chronic disease. This investment is crucial in addressing the growing prevalence of diabetes, particularly among the aging population, and enhancing the quality of care available to patients.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Diabetes Care Market Players

• Established Players: Major industry leaders such as Medtronic, Abbott, and Bayer are heavily investing in research and development (R&D), allocating over 10% of their annual revenues to innovate high-performance products. These companies focus on developing advanced devices, medications, and digital health solutions.
• Mid-Level Players: Companies in the mid-tier segment aim to provide cost-effective solutions for diabetes care, specifically targeting price-sensitive consumers in developing regions. They optimize their production processes and material costs while maintaining quality.
• Small-Scale Players: Smaller companies focus on niche markets by leveraging the latest technologies to compete effectively. They target specific demographics or address unmet needs with unique product offerings. By forming local alliances with manufacturers, these small-scale players can gain initial traction in the market, allowing them to establish a foothold despite limited resources.

Emerging Startups in the Diabetes Care Market

Many startups are developing innovative technologies like smart insulin pumps with artificial intelligence features. These intelligent systems proactively monitor glucose levels and automatically adjust insulin dosages. Some analyze big data from continuous glucose monitors to predict future levels and warn users of potential health issues. This can help manage diabetes more efficiently.

Other startups focus on sustainable solutions. Companies like Novo Nordisk and Tandem Diabetes are creating recyclable insulin pens and glucose test strips made from renewable materials. Their eco-friendly approaches can significantly reduce the industry's environmental footprint over time. Startups also play a key role in addressing niche market needs. Some develop affordable products for cost-conscious consumers in rural areas.

Diabetes Care Industry News

• On September 5, 2024, Abbott, a global healthcare company, announced the launch of its over-the-counter continuous glucose monitoring system, Lingo, in the U.S. This innovative system allows consumers to track their glucose levels without a prescription, utilizing Abbott's advanced FreeStyle Libre technology. Lingo provides real-time glucose data and insights through a mobile app, empowering users to manage their health and wellness more effectively.
• On August 26, 2024, Dexcom, Inc., a company that develops, manufactures, produces, and distributes continuous glucose monitoring (CGM) systems for diabetes management, announced the launch of Stelo, its first over-the-counter continuous glucose monitoring (CGM) system in the U.S. This innovative device is designed for individuals with Type 2 diabetes who do not use insulin and those with prediabetes.
• In April 2023, Medtronic, a medical device company, announced that the U.S. Food and Drug Administration (FDA) approved its MiniMed 780G System, the world's first insulin pump featuring meal detection technology with five-minute auto corrections. This advanced hybrid closed-loop system is designed for individuals aged seven and older with Type 1 diabetes. It integrates the MiniMed pump with the Guardian 4 continuous glucose monitoring sensor to automatically adjust insulin delivery based on real-time glucose readings.

Key Takeaways from Analyst

• The diabetes care market is poised for strong growth driven by the rising global prevalence of diabetes. Growing obese and geriatric populations are major drivers contributing to the increased diabetes burden. Furthermore, affluent lifestyles and changing dietary patterns have heightened the risk of developing diabetes.
• Reimbursement issues in some regions coupled with the economic slowdown due to the ongoing pandemic can hamper market growth to an extent. Privacy and data protection challenges pertaining to digital health solutions also act as a restraining factor.
• North America is expected to dominate in the diabetes care industry supported by high healthcare expenditures and accessibility to advanced products. However, Asia Pacific is likely to emerge as the fastest growing region due to its huge diabetic population pool and increasing healthcare investments in major countries like China and India.

Market Report Scope

Market Dynamics

Market Driver - Rising demand for advanced treatment devices

Continuous glucose monitoring (CGM) systems and insulin pumps have revolutionized treatment, shifting from basic blood sugar monitoring to precise, data-driven regimens. CGM devices, in particular, provide real-time glucose tracking and alerts for critical levels, enabling proactive responses to fluctuations. With smaller, cost-effective options emerging, CGM adoption is accelerating across various demographics, enhancing patient outcomes and quality of life. Constant innovation is thus fueling growth of diabetes care industry and enabling higher quality care through minimally invasive monitoring and treatment methods.

Market Challenge - High cost of diabetes care devices

One major challenge faced by the diabetes care market is the high cost associated with diabetes care devices. Prices of essential devices like blood glucose monitors, insulin pumps, and continuous glucose monitoring (CGM) systems have risen over the years. Many of these devices require ongoing consumables, such as test strips and sensors, which need frequent replacement. This financial burden can make advanced treatment options inaccessible for some patients, complicating optimal diabetes management.

Market Opportunity - Growing popularity of continuous glucose monitoring devices

One significant opportunity for growth in the diabetes care market is the increasing acceptance and demand for continuous glucose monitoring (CGM) devices. These systems provide near-real-time glucose readings without the need for finger pricks, enhancing convenience for users. The growing popularity of CGMs is driven by advancements in technology, including smaller sensors and longer wear times, which improve patient satisfaction and compliance.

Key Stakeholders of Market

What does Growth in Diabetes Care Industry Mean for Different Stakeholders?

The diabetes care industry has multiple players with varied designations and offers multiple opportunities based on their scope of operations.

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Market Segmentation

•  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Glucose Monitoring Devices
    • Blood glucose monitoring (BGM)
    • Continuous glucose monitoring (CGM)
    • Flash glucose monitoring (FGM)
  • Insulin Pumps
    • Patch pump
    • Tethered pump
    • Implanted insulin pump
  • Others (Insulin Syringes, Pen Needles, etc.)
•  Diabetes Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Type 2 Diabetes
  • Type 1 Diabetes
  • Other (Gestational Diabetes, etc.)
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
• • Hospitals & Clinics
  • Homecare Settings
  • Ambulatory Care Settings
  • Others (Academic and Research Institutes, Clinical Laboratories, etc.)
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Medtronic
  • Abbott
  • Pumps It, Inc.
  • Embecta Corp
  • Insulet Corporation
  • Ypsomed AG
  • Roche AG
  • Tandem Diabetes Care, Inc.
  • Terumo
  • Novo Nordisk A/S
  • SOOIL Developments Co., Ltd
  • Microtec Medical Ltd
  • ViCentra B.V.
  • CeQur Corporation
  • Dexcom, Inc.