Fierce Competition and Technological Innovation Drive Diabetes Care Devices Market Towards Explosive Growth

OEMs Leading the Charge with AI-Equipped Technology and Novel Business Strategies

SAN ANTONIO, Aug. 8, 2024 /PRNewswire/ — The diabetes care devices industry is witnessing a dynamic evolution, marked by intense competition among established players and emerging start-ups. Original Equipment Manufacturers (OEMs) are at the forefront, introducing innovative, AI-equipped technology designed to improve patient outcomes and enhance diabetes care.

As awareness around diabetes increases, so do diagnosis rates. Global screening tests for early detection of T2D in adults have shown significant sensitivity and specificity, leading to higher diagnosis rates and, consequently, greater demand for diabetes care devices.

Driven by ongoing technological advancements, competitive dynamics, and an ever-increasing diabetic population, the global diabetes care devices market is expected to surge from $42.21 billion in 2023 to $64.61 billion by 2028.

Utkarsha Kaustubh Soundankar, Growth Expert at Frost & Sullivan, explains: “Market players are expanding their customer base beyond type 1 diabetes (T1D) patients to include those with type 2 diabetes (T2D), prediabetes, and even non-diabetic individuals. They are also adopting innovative business strategies that create steady revenue streams and reduce patients’ financial burdens.”

SMBG: A Dominant yet Challenged Segment

In 2023, Self-Monitoring of Blood Glucose (SMBG) was the largest segment in terms of market size. However, its growth is being curtailed by more innovative alternatives. Despite its affordability and range, especially in middle- and low-income countries with limited healthcare access, SMBG faces increasing competition from continuous glucose monitoring (CGM) systems.

CGM: The Rapidly Growing Contender

The CGM segment is experiencing rapid growth, thanks to decreasing sensor prices and increasing accessibility. North America and Europe are leading this shift from SMBG to CGM, driven by technological advancements, declining costs, newer applications, and supportive regulatory environments. CGM systems are poised to play a pivotal role in improving patient outcomes and transforming diabetes management practices globally.

North America: Revenue Powerhouse

Valued at $17.79 billion in 2023, the North American diabetes care devices market leads in revenue, driven by substantial healthcare spending and advanced technological adoption. These factors are expected to propel a robust CAGR of 8.9% through to 2028.

The Asia-Pacific (APAC) region is the fastest-growing market, attributed to its high prevalence of diabetes and growing affordability.

Cutting-Edge Innovations

Emerging technologies are revolutionising the diabetes care industry. Companies like Dexcom, Abbott, and Medtronic are designing smaller, more comfortable, and less frequently calibrated CGM sensors. Insulet, Tandem, and Medtronic have introduced advanced insulin pumps with sophisticated, self-learning algorithms. Smart insulin pens from Novo Nordisk, Sanofi, and Eli Lilly track insulin usage and address sustainability concerns. Meanwhile, WellDoc’s BlueStar enables intercommunication between various devices and mobile apps, enhancing data integration.

French company Diabeloop offers the Diabeloop Generation 1 (DBLG1) algorithm, aimed at insulin pump providers. Such advanced algorithms are essential for staying competitive in the diabetes care device industry.

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Source : Fierce Competition and Technological Innovation Drive Diabetes Care Devices Market Towards Explosive Growth

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