DIABETES DEVICES AND DRUGS MARKET ANALYSIS

Global diabetes devices and drugs market is estimated to be valued at US$ 158.4 billion in 2023 and is expected to exhibit a CAGR of 10% during the forecast period (2023-2030). Technological advancements in diabetes management devices is expected to be a key driver for market growth over the forecast period. Moreover, the increasing prevalence of diabetes and consequent rise in the adoption of insulin delivery devices is expected to further boost the global diabetes devices and drugs market growth

Analysts’ Views on Global Diabetes Devices And Drugs Market:

The prevalence of diabetes worldwide has been increasing at an alarming rate. According to the data published by International Diabetes Federation (IDF) in November 2021, global diabetes prevalence is estimated to be 10.5%, out of which almost half of the adults i.e. 44.7% are undiagnosed. According to IDF projections 783 million adults are expected to be diabetic by 2045 which sums to a ratio of one in eight adults. These figures mark an increase of 46%, which is more than double the estimated population growth i.e. 20%, during the same period. This growing prevalence of diabetes is expected to propel the global diabetes devices and drugs market over the forecast years.

Figure 1. Global Diabetes Devices And Drugs Market Share (%), by Category, 2023

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Global Diabetes Devices And Drugs Market- Driver

Increasing approvals and product launches of novel diagnostic and therapeutic products

In response to the increasing diabetic population, manufacturers are constantly putting efforts towards advancing the product technology making them more accessible. Increasing product approvals and launches is expected to be a key driver for the global diabetes devices and drugs market growth. For instance, in December 2022, Dexcom, Inc., a company that develops, manufactures, produces, and distributes continuous glucose monitoring systems for diabetes management, announced that its next-generation Dexcom G7 Continuous Glucose Monitoring (CGM) System has received the U.S. Food and Drug Administration (FDA) clearance for people with both Type1 and Type 2 diabetes that are aged two years and above.

Figure 2. Global Diabetes Devices And Drugs Market Share (%), by Region, 2023

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Global Diabetes Devices And Drugs Market- Regional Analysis

North America is expected to dominate the global diabetes devices and drugs market over the forecast period with an estimated market share of 38.7% for the year 2023. This market dominance can be attributed to the high concentration of market leaders in the region. Key players like Abbott Laboratories, DexCom, Inc., Eli Lilly and Company, etc. have contributed significantly to the North America diabetes devices and drugs market growth. For instance, in November 2022, Eli Lilly and Company announced the plans for the launch of its Tempo Personalized Diabetes Management Platform in the U.S. The new platform is designed with an aim to assist both adult patients and clinicians make informed decisions backed by data for the management of type 1 or type 2 diabetes.

Global Diabetes Devices And Drugs Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for biochemistry analyzers and medical devices, by creating disruptions in modality, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of biochemistry analyzers from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. Though the overall impact on the healthcare market was positive. The demand for diabetes monitoring devices and therapeutic devices increased during the pandemic since individuals diagnosed with diabetes are at increased risk of the COVID-19 pandemic. Consequently, there was an increase in partnership and collaboration activity among manufacturers. For instance, in November 2020, Diabeloop, a pioneer in therapeutic AI, and Terumo Corporation, a global leader in medical technology, announced that they have entered an agreement for the joint development of an automated insulin delivery (AID) system with exclusive distribution rights in Japan. Terumo's revolutionary insulin patch pump will be included in the Diabeloop-developed system. Terumo solidifies its position as a leader in diabetes innovation, while Diabeloop pushes forward with its interoperability plan.

Global Diabetes Devices And Drugs Market Segmentation:

The global diabetes devices and drugs market report is segmented into by category and by disease type.

By category, the market is segmented into diagnosis and monitoring, and therapeutics. Out of which, the diagnosis and monitoring segment is further segmented into blood glucose monitoring devices, other testing devices, software programs for diabetes monitoring, and artificial pancreas sub-segments. Moreover, the therapeutics segment is further segmented into insulin, insulin delivery, oral hypoglycemic agents, and cell therapies. Amongst the diagnosis and monitoring, and therapeutics segments, the therapeutics segment is expected to dominate the market. With technological advancements and a robust clinical development pipeline, the market for diabetes therapeutics is expected to depict high growth opportunities in the near future.

By disease type, the market is segmented into type 2 diabetes, and type 1 diabetes. Out of which, the type 2 segment is expected to dominate the market. A higher prevalence of type 2 diabetes is expected to be the key driver of the segment.

Among all segmentation, the type 2 diabetes segment holds the highest growth potential due to the higher prevalence of type 2 diabetes as compared to type 1 diabetes. According to the Centers for Disease Control and Prevention, approximately 90-95% of the individuals diagnosed with diabetes have type 2 diabetes. Although type 2 diabetes most often develops in people aged 45 years and above, its incidence among young adults is on a steep rise.

Global Diabetes Devices And Drugs Market Cross Sectional Analysis:

In the category, the diagnosis and monitoring segment is expected to depict the fastest growth in the Asia Pacific region due to the increasing number of product launches in the region. For instance, in February 2023, Dexcom, Inc., a company that develops, manufactures, produces, and distributes continuous glucose monitoring systems for diabetes management, announced the launch of the Dexcom G6 Continuous Glucose Monitoring System in Singapore for diabetic people aged two years and above. The Dexcom G6 continuously measures blood glucose levels via a small wearable sensor and transmits it wirelessly to a receiver or compatible smart device.

Global Diabetes Devices And Drugs Market: Key Developments

In April 2022, Ypsomed Holding, a leading developer and manufacturer of injection and infusion systems based in Switzerland, announced a partnership with Abbott, a global healthcare company, and CamDiab, a medical service company, to accelerate the development of an automated insulin delivery system for diabetics. Abbott's FreeStyle Libre 3 sensor, CamDiab's CamAPS FX algorithm, and Ypsomed's mylife YpsoPump are all part of the system.

In May 2021, Medtronic plc, a medical technology company, received CE (Conformité Européenne) Mark for its Guardian 4 sensor3, which requires no fingersticks1 for calibration or diabetes treatment decisions. The CE Mark allows this next-generation sensor to be integrated with either the MiniMed 780G insulin pump system or Medtronic.

In March 2021, EOFlow, a developer of wearable medicine delivery solutions, launched a unique wearable and disposable insulin pump in South Korea.

Global Diabetes Devices And Drugs Market: Key Trends

Increasing government initiatives to promote research and development in the field of diabetes management

Government initiatives have been fuelling the research and development in the field of diabetes management significantly. This is expected to drive the diabetes devices and drugs market growth over the forecast period. For instance, in March 2021, the Government of Canada announced a new partnership with the Netherlands to fund type 2 diabetes research. This initiative commemorated the 100th anniversary of the discovery of insulin and invests in new research that will support the development of new preventive and therapeutic approaches to reverse the upward trajectory of diabetes prevalence and associated morbidities and reduce the impact of diabetes on individuals, families, and communities.

Global Diabetes Devices And Drugs Market: Restraint

Increasing number of product recalls by regulatory authorities

The major factors that can hamper the growth of the global diabetes devices and drugs market over the forecast period include product recalls of diabetes management devices. Regulatory authorities of various countries are involved in recalling these products. For instance, in October 2021, Rochon Genova LLP and Cardill Law, two progressive Canadian law firms, filed a proposed nationwide class action on behalf of Canadian users of Medtronic MiniMed 630G and 670G insulin pumps against Medtronic, Inc., Medtronic MiniMed Inc., and Medtronic of Canada Ltd. Recalls have been issued for the MiniMed 600 series of insulin pumps due to reports of missing or damaged retainer rings, which could result in insulin over- or under-delivery. Health Canada announced a Type I recall for these insulin pumps on October 15, 2021.

Global Diabetes Devices And Drugs Market: Key Players

Major players operating in the global diabetes devices and drugs market include Abbott Laboratories, Bristol-Myers Squibb, DexCom, Inc., Eli Lilly and Company, Companion Medical, GlaxoSmithKline plc, Glenmark Pharmaceuticals, Johnson & Johnson, Lupin Ltd., F. Hoffmann-La Roche AG, DreaMed Diabetes, Hua Medicine and Sanofi.

Definition:  Diabetes is a condition that is characterized by a rise in blood sugar levels. Diabetes devices and drugs include tools and medications used in the management of the condition including blood glucose meters and continuous glucose monitoring (CGM) to front-line insulin pumps and oral medications as well as insulin.