Global Diabetes Devices Market is poised to grow at a CAGR of ~6% by 2026 and is likely to Stay Resilient Through the Recession period of 2022-2023

Diabetes devices are the medical devices which measure the blood glucose level in the body at regular intervals. Many types of medical devices fall under the category of diabetes care such as blood glucose monitoring devices and insulin delivery devices.

Slowdown in the Demand for Diabetes Devices Points to An Upcoming Recession

The economic recession is estimated to have a mixed effect on the medical device companies. The ongoing economic downturn in United States and Europe can have a severe impact on the consumer spending on healthcare and medical devices. Sales have dipped slightly for blood glucose monitors and even test strips. In the space, Tandem Diabetes Care is the first one to directly attribute a slowdown in sales to recession fear.

Adoption of Continuous Glucose Monitoring (CGM) Devices is Driving the Growth of the Diabetes Devices Market

A?continuous glucose monitoring (CGM) device is a wearable technology designed device to?monitor?glucose?levels without finger pricks. CGM is beneficial for patients who need to monitor their sugar levels more frequently to see the trends and patterns. Technological advancements in CGMs is increasing their adoption in the global diabetes devices market.

Growing Focus on Developing New Insulin Products

The growing demand for advanced insulin delivery devices supported by the growing adoption of recently launched innovative smart devices and portable products is driving the demand of the diabetes devices market.

For instance,

• In March 2022, Novo Nordisk announced the launch of its smart insulin pens in the UK, providing diabetes patients within the NHS access to devices that can monitor and record dosing information.

Potential of Digitization in Diabetes Care Using Sensors, Wearables and Mobile Devices Fuels the Growth of the Diabetes Devices Market

The significant developments in the wearable device and remote sensor market are driven predominantly by the miniaturization of sensors & circuitry and the improvements in functionality and processing power of mobile devices. Several mobile apps and tools have been developed that close the loop between blood glucose tracking and insulin delivery, and various digital platforms have emerged including DayTwo, Viome, and Glooko, among others that are expected to boost the growth of digitization in diabetes care.

Covid-19 Impact on the Diabetes Devices Market

During the COVID-19 pandemic, the demand for the diabetes devices continued to grow as a preventive measure to control glucose levels and complications in patients with diabetes mellitus. Diabetic patients are more likely to have serious complications from COVID-19, thus CGM is a very handy device for these patients.

Market Challenges: Diabetes Devices Market

The high costs of the CGM devices and reimbursement issues in developing countries are some of the prime factors which are likely to impact the growth of the diabetes devices market in the upcoming years.

Competitive Landscape Analysis: Diabetes Devices Market

Some of the established market players operating in the global diabetes devices market are 美敦力 Plc, 雅培 , Dexcom , Insulet Corporation , and Ypsomed AG , among others.

North America is Set to Hold a Large Share in the Diabetes Devices Market

From a geographical perspective, North America holds a large share of the diabetes devices market. This can be mainly attributed to the growing occurrence of diabetes, adoption of technologically advanced products, growing awareness on diabetes self-management solutions and unhealthy food habits.

Growth Strategies Adopted by the Leading Market Players to Establish Their Strong Foothold in the Diabetes Devices Market

All major players operating in the global diabetes devices market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share.

For instance,

• In August 2022, Insulet Corporation?announced that they have received clearance from the?U.S. FDA for its Omnipod? 5 Automated Insulin Delivery System (Omnipod 5) for individuals aged two years and older with type 1 diabetes (T1D).

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