Diabetes Devices and Drugs Market, By Category (Diagnosis and Monitoring (Blood Glucose Monitoring Devices, Software Programs for Diabetes Monitoring, Artificial Pancreas, Other Testing Devices), Therapeutics (Insulin, Insulin Delivery, Oral Hypoglycemic Agents, Cell Therapies)), By Disease Type (Type 2 Diabetes, Type 1 Diabetes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Advances in technology have led to the development of innovative diabetes devices and drugs, improving the management and treatment of the disease. This includes the integration of smart technology, miniaturization of devices, and the use of artificial intelligence (AI) and machine learning algorithms for data analysis and personalized treatment approaches. The introduction of insulin pumps with automated insulin delivery systems which can adjust insulin doses based on real-time glucose readings, has improved diabetes management and reduced the risk of hypoglycemia. For instance, in April 2023, the U.S. Food and Drug Administration (FDA) approved the MiniMed 780G system by Medtronic plc, an Ireland medical device company. MiniMed 780G system comes with a Guardian 4 sensor and requires no fingersticks while in SmartGuard technology.
Global Diabetes Devices and Drugs Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had both direct and indirect impacts on diabetes devices and the drug market. Apart from supply chain disruptions, shifts in healthcare priorities, and altered healthcare spending, the COVID-19 pandemic also highlighted the increased vulnerability of individuals with underlying health conditions, including diabetes to severe illness. This increased awareness of the risks associated with diabetes might lead to a great emphasis on diabetes prevention, early diagnosis, and better management in the post-pandemic period.
Thus, the COVID-19 pandemic had a positive impact on the global diabetes devices and drugs market. Several research and development activities pertaining to the field of diabetes were funded during the COVID-19 pandemic. For Instance, in July 2020, Indigo Diabetes, a Belgium-based start-up, raised US$ 44.6 million in a Series B fundraising round. Fund+, Ackermans&van Haaren, Capricorn Digital Growth Fund, imec.xpand, and Titan Baratto were among the new investors in this round. Indigo Diabetes is working on a continuous glucose monitoring sensor and app.
Global Diabetes Devices and Drugs Market: Key Developments
Increasing product launches is expected to propel the global diabetes devices and drugs market growth. For instance, in May 2021, Roche, a multinational healthcare corporation, announced the launch of the mySugr Pump Control, a new module within the mySugr app. The mySugr Pump Control is a smartphone app that allows patients with diabetes to remotely control an insulin pump, including importing data, viewing status, and delivering a standard bolus. Launching in Austria, mySugr now allows persons with diabetes to control their Accu-Chek Insight insulin pump directly from their smartphone, giving more discretion and simplicity to their lives.
In September 2020, Abbott, a worldwide healthcare company, launched the Libre Sense Glucose Sport Biosensor, which is indicated for athletes to continuously test glucose, in order to better understand the relationship between glucose levels and athletic performance. The product was to be offered in eight European countries including Austria, France, Germany, Ireland, Italy, Luxembourg, Switzerland, and the U.K.
Browse 32 Market Data Tables and 35 Figures spread through 210 Pages and in-depth TOC on “Global Diabetes Devices and Drugs Market”- Forecast to 2030, Global Diabetes Devices and Drugs Market, By Category (Diagnosis and Monitoring (Blood Glucose Monitoring Devices, Software Programs for Diabetes Monitoring, Artificial Pancreas, Other Testing Devices), Therapeutics (Insulin, Insulin Delivery, Oral Hypoglycemic Agents, Cell Therapies)), By Disease Type (Type 2 Diabetes, Type 1 Diabetes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/diabetes-devices-and-drugs-market-3857
Moreover, increasing adoption of growth strategies such as partnerships and collaborations among the market players for meeting the increased demand for diabetes management devices is expected to drive the market over the forecast period. For instance, In September 2021, GlucoModicum, a Finland-based company revolutionizing glucose monitoring with needle-free magnetohydrodynamic (MHD) technology, announced a design and development collaboration with Phillips-Medisize, a Molex company, a global leader in front-end design, development, and manufacturing of glucose monitors for highly regulated industries such as pharma, diagnostics, and medtech. The collaboration is aimed at making the final blueprint for high-volume manufacturing of the Talisman, GlucoModicum’s precise, needle-free continuous glucose monitor (CGM).
Key Takeaways of the Global Diabetes Devices and Drugs Market:
- The global diabetes devices and drugs market is expected to exhibit a CAGR of 10% during the forecast period due to an increase in product approvals by the regulatory authorities. For instance, in January 2023, the U.S. Food and Drug Administration (FDA) approved Brenzavvy (bexagliflozin), an oral sodium-glucose cotransporter 2 (SGLT2) inhibitor by TheracosBio, a U.S. based pharmaceutical company.
- Among category, the therapeutics segment is estimated to hold a dominant position in the global diabetes devices and drugs market, owing to increasing product launches by key market players. For instance, in December 2022, Glenmark Pharmaceuticals Ltd launched a triple fixed-dose combination Teneligliptin with Pioglitazone and Metformin for diabetic patients in India. This fixed-dose combination increases type 2 diabetic patients’ convenience since it is required to be consumed only once a day.
- Among regions, North America is estimated to account for the largest market share in the global diabetes devices and drugs market, owing to the increase in inorganic growth strategies of the key market players. For Instance, in March 2023, Astellas Pharma Inc., a Japanese multinational pharmaceutical company, and Roche Diabetes Care Japan, a subsidiary of Swiss multinational healthcare company F. Hoffmann-La Roche AG signed an agreement to develop and commercialize the Accu-Chek Guide Me blood glucose monitoring system as a combined medical product with BlueStar.
- 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.
