November is diabetes awareness month. Around half a billion people are living with diabetes globally and that number is projected to have increased by 25% in 2030 and by 51% in 2045, according to the International Diabetes Federation. People with insulin-dependent diabetes require close monitoring and intensive insulin therapy to manage their blood glucose levels within a healthy range. The advanced diabetes care devices market, including insulin pens, pumps, and continuous glucose monitoring (CGM) devices, was valued at $21.8bn in 2023. The market will reach sales of $33.4bn by 2030, growing at a compound annual growth rate (CAGR) of 6.34% over the period, according to GlobalData forecasts.
The diabetes care devices market has witnessed massive demand due to the increase in the prevalence of people suffering from diabetes, alongside growing consumer awareness of the availability of new technological advancements in the market. For example, CGMs have become a crucial tool for people with insulin-dependent diabetes over the past few years. Instead of manually testing blood sugar levels with a traditional glucometer, a CGM has an implantable sensor with wireless transmission capability. It can be worn externally and continuously reads blood sugar levels. The results can be shown on a receiver, smartphone, or a connected insulin pump or pen. New improvements also include automated insulin delivery (AID) systems and virtual platforms, which allow diabetes patients to achieve their target glycosylated haemoglobin levels while minimising hypoglycemia. Fully automatic AID systems and advanced tools for diabetes management based on artificial intelligence are currently in development.
There are concerns that the growing popularity of weight-loss drugs such as Novo Nordisk‘s Ozempic (semaglutide) would affect the diabetes care device market. GlobalData expects the weight-loss drugs will have a significant impact on the treatment of the obese population and less on people with insulin-dependent diabetes. Patients could end up using CGM together with weight-loss drugs to better control their blood glucose levels. In the next few years, the market is expected to grow at a high rate as the incidence rate of diabetes is rising. Additionally, favourable reimbursement policies are coming into effect in more countries, which will support the growth of the market.
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