DIABETES DEVICES AND DRUGS MARKET ANALYSIS

Diabetes Devices And Drugs MarketSize and Trends

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

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

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