DIABETES DEVICES AND DRUGS MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.