Diabetes Devices Market Introduction
Diabetes is a global issue affecting millions of people every year. In the last decade, type 1 diabetes has been one of the major healthcare concerns across the world. Countries such as the U.S., China, U.K, and Germany have witnessed increasing rate of type 1 diabetes incidence. Type 1 diabetes is a form of autoimmune disease that occurs in children and adults, in which the pancreas stops producing insulin. Surge in incidence of type 1 diabetes among children is one of the major healthcare concerns. According to IDF, in 2015, Europe had 140,000 children (0-14 years) with type-1 diabetes, and 21,600 new cases are diagnosed every year. Type-1 diabetes patients primarily use insulin pen or insulin pump. Insulin pumps are more expensive than other insulin delivery devices. However, according to diabetes devices market trends, adoption of insulin pumps is increasing at a steady pace in developing and developed countries.
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Impact of COVID-19 on Diabetes Devices Market
The COVID-19 pandemic has had a negative effect on the diabetes devices market. The pandemic resulted in stock market turbulence, stringent border controls, and countrywide lockdowns, all taking their toll on various sectors. The pandemic has significantly strained hospital resources, including medical equipment and healthcare professionals. The supply chain of diabetes devices has been hampered, which has negatively affected the diabetes device market. However, diabetes is a chronic disease, and governments have sought to maintain regular supply of diabetes devices. A large population worked from home during the lockdown, and numerous patients used remote monitoring devices for diabetics. People were more focused on their diet to control diabetes naturally by regulating the food. These factors hampered the diabetes devices market.
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Availability of Diabetes Tracker Devices with Advanced Sensors Fueling Glucose Monitoring Devices Segment
In terms of product type, the global diabetes devices market has been classified into glucose monitoring devices, insulin delivery devices, diabetes monitoring software, and artificial pancreas systems. The glucose monitoring devices segment has been segregated into self-monitoring blood glucose meters, blood glucose testing strips, lancets, and continuous glucose monitoring meters. The insulin delivery devices market segment has been split into insulin syringes, insulin pens, and insulin pumps. The glucose monitoring devices segment dominated the global diabetes devices market in 2021. The trend is projected to continue during the forecast period. Wide availability of diabetes tracker devices with advanced sensors for the detection of blood sugar levels is a major driver of the segment. Moreover, usage of wireless technology in continuous glucose monitoring (CGM) for transmitting glucose readings collected from the interstitial fluid between the patient’s skin cells has become an important tool for diabetes monitoring devices.
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High Prevalence of Type 2 and 1 Diabetes Bolstering Hospital Pharmacies Segment
Based on distribution channel, the global diabetes devices market has been divided into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics/centers. Hospital pharmacies is projected to be a highly attractive segment during the forecast period. High prevalence of type 2 and 1 diabetes is anticipated to increase hospital visits. Furthermore, the prevalence of diabetes among hospitalized patients is a major factor that drives the demand for diabetes devices at hospital pharmacies. The hospital pharmacies segment is likely to dominate the diabetes devices market during the forecast period. Increase in investment in R&D and a promising pipeline of artificial pancreas systems are anticipated to fuel the hospital pharmacies segment.
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Regional Outlook of Global Diabetes Devices Market
North America accounted for a major share of the global diabetes devices market in 2021. This is ascribed to large diabetes population, higher awareness, and significant healthcare spending in the overall national budget, early availability of advanced technologies, and higher penetration of healthcare services across the country. The U.S. is a major market for diabetes devices in North America. Factors such as the aging population, highly structured health care industry, and availability of well-defined reimbursement policies from public and private health insurance firms augment the diabetes devices market in the U.S. A report published in 2022 stated that the U.S. accounted for 37.3 million people who have diabetes, which is 11.3% of the population of the country. Around 28.7 million people have been diagnosed with diabetes. Among these, 8.5 million people who have diabetes have not been diagnosed and do not know they have it. Diabetes is the leading cause of kidney failure, blindness, and amputations in the U.S.
The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to rise in the prevalence of infectious diseases. Increase in the geriatric population, surge in healthcare expenditure, and rise in patient awareness about diabetes devices are fueling the market in the region. Countries such as China and India are expected to dominate the diabetes devices market in the region in the next few years. Asia Pacific is a relatively untapped market than developed regions. Hence, the region presents better growth opportunities in the diabetes devices market. China and India are the most populous countries in the world, and have the maximum number of diabetes patients. According to the International Diabetes Federation 2017, China has the largest number of people with diabetes aged between 20 and 79 years.
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