The global diabetes care devices market is anticipated to exhibit significant growth trends between 2022 and 2030, owing to the escalating efforts by administrative authorities and policymakers to generate awareness about diabetes control and prevention. The surging incidences of diabetes and associated health risks such as blindness, heart attack, stroke, and lower limb amputation, among others, have encouraged health agencies and regulatory authorities across the globe to implement necessary measures to provide proper diagnosis and treatment to the expanding patient pool.
For instance, in May 2021, the World Health Assembly consented to a resolution on reinforcing the control and prevention of diabetes. It suggests action in areas such as fostering harmonization and convergence of regulatory requirements for insulin and increasing access to insulin and other medications and health products for diabetes treatment. It also emphasizes evaluating the feasibility and potential value of designating a web-based tool to transmit information suitable to the transparency of markets for diabetes drugs and health products.
The diabetes care devices market is categorized on the basis of product, end-user, and region.
With respect to the products, the diabetes care devices industry is fragmented into blood glucose monitoring devices and insulin delivery devices. The insulin delivery devices segment is poised to gain significant momentum over the forecast timeframe and may account for a noticeable market share by 2030. The emergence of several advanced insulin delivery devices in the market that enable minimally invasive and precise insulin delivery is likely to drive segment growth. Besides, the increasing popularity of insulin administration therapy due to its known benefits in preventing diabetes complications by keeping blood sugar levels in check will foster product adoption over the forthcoming years.
Regarding the end-use, the diabetes care market is classified into hospitals, diagnostic centers, ambulatory surgery centers, and home care. The home care segment may expand at over 10% CAGR during the assessment timeframe and record a sizeable valuation by 2030. The escalating rollouts of novel diabetes care products such as real-time blood glucose monitors, insulin administrators, etc., specially designed for use across the home environment, will aid the segment expansion. In addition, the surging remote-monitoring and self-monitoring trends will significantly push the market growth trajectory in the times to come.
In terms of the regional landscape, the Latin America diabetes care devices market may account for a decent revenue share by 2030, depicting over 11% CAGR between 2022 and 2030. The regional industry is driven by the surging incidences of diabetic patients and the proliferation of medical tourism, leading to the emergence of healthcare-focused investments. The positive outlook of the medical and healthcare sector, coupled with supportive government initiatives and public-private partnerships towards novel drug delivery and R&D in the region, will bolster the regional outlook in the years to come.