The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, rising government initiatives to spread awareness about diabetes and increasing R&D expenditure of major players are the factors expected to boost the market growth.
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According to a study published on National Center for Biotechnology Information (NCBI), global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010. Obesity, sedentary lifestyle, and fast food culture are some of the factors expected to have significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is expected to increase up to 50% by 2030.
In addition, increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, are also transforming the market. They are leveraging technological advancements to improve diabetes care solutions like CGM devices, non-invasive insulin delivery systems, and digital diabetes management platforms. For instance, in December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA approved device that can combine insulin injector pen with a smart app.
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Further key findings from the report suggest:
• North America accounted for the largest share in 2019, in terms of revenue, owing to favorable reimbursement policies, presence of key players, and frequent product launches
• By product, the insulin delivery devices segment accounted for the largest market share and is also expected to grow at the fastest rate
• In the Blood Glucose Monitoring (BGM) segment, self-monitoring devices dominated the market owing to their low cost and high usage
• In Self-monitoring of Blood Glucose (SMBG) devices, testing strips segment dominated the market while blood glucose meters are expected to grow at a significant pace owing to high adoption and technological advancements
• In the Continuous Glucose Monitoring (CGM) devices segment, transmitters accounted for the largest share owing to high cost of devices and high usage
• In insulin delivery devices, pens segment dominated the market since it is easy to carry, easy to use, and has low cost as compared to other delivery devices
• By distribution channel, hospital pharmacy segment dominated the market owing to rise in sales of diabetes devices in these pharmacies
• By end use, hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment
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