150 State St., Albany,
NY, USA, 12207
The global diabetes market's market size was around 23 billion USD in 2019 and is expected to grow at a rate of 7.8% during forecast period. With the increase in the incidence of diabetes because of the rising aging population and an increase in the number of obesity cases and other technological advancements in diabetes preventive care, there is growth for the diabetes diagnostics market. The number of diabetes patients is on the rise and will increase in the near future.
Increased awareness regarding preventive care and technological advancements are the factors that are expected to boost the market growth. Moreover, frequent new product launches are also expected to have to propel effect on the diabetes diagnostics market's growth. Patients are using AI-based apps which can connect to these smart blood glucose monitoring devices. To deal with patients’ requirement, there are many government initiatives and learning platforms. For example, with one year of unlimited access to certified diabetes coaches, Informed Data Systems Inc. and One drop launched a glucose monitoring system in the year 2019. This will help the patients in how to use a glucose monitoring system effectively.
Increased funding by the government in the healthcare sector and private institutions in diabetes is contributing to the growth of the diabetes diagnostics market. The North America accounted for 43% of total diabetes-related spending globally. The market has been segmented into hospital pharmacies, retail ones, diabetes clinics, online pharmacies, and others. Among these, the hospital pharmacies accounted for the largest market share. This is due to the availability of various products and a rising number of diabetes device sales in such pharmacies. Also, the online pharmacies are projected to register the highest growth rate during the coming years. This is because of the rising awareness of online shopping and increased product approvals to diabetes devices on the online channel.
The diabetes devices market is divided into hospitals, home care, diagnostic centers based on end-use. The dominating segment in this market is the hospital segment. This is due to the rising healthcare expenditure in hospitals and improving the infrastructure of the hospitals. As compared to the home care segment, the cost of measuring blood sugar levels in hospitals is quite high, which is also generating revenue for the diabetes diagnostics market. Patients that require a daily dose of insulin has increased. This factor and the rise in the government's initiatives will contribute to the growth of the diabetes diagnostics market.
The market is divided into Blood Glucose Monitoring and insulin delivery devices based on the product category. Moreover, devices that deliver insulin held the largest market size due to the rise in insulin pumps and technological advancements. The highest growth rate is expected to be registered by the insulin pump segment. This is mainly because of technological collaboration and the introduction of smart insulin pumps. The automated insulin pump system was developed in the year 2019 in partnership between Medtronic and Tidepool. Due to rising awareness about diabetes devices and technological advancement, the BGM devices segment held a good market share. Due to the high usage and low cost, the self-monitoring devices segment registered the largest market share. This is due to the fact that individuals measure sugar levels with the help of a glucose meter. It is further divided into blood glucose meter, testing strips and lancets. Owing to the affordability and ease of use, the testing strips registered the largest market share.
Key Market Players
The following are the key market players:
By Distribution Channels
By End Use
The report offers a comprehensive insight on the Diabetes Diagnostics Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.