Diabetes devices market size worth $44.6 billion by 2028

The global diabetes devices market size is expected to reach USD 44.6 billion by 2028, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, rising government initiatives to spread awareness about diabetes and increasing R&D expenditure of major players are the factors expected to boost the market growth.

According to a study published on National Center for Biotechnology Information (NCBI), global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010. Obesity, sedentary lifestyle, and fast food culture are some of the factors expected to have significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is expected to increase up to 50% by 2030.

In addition, increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, are also transforming the market. They are leveraging technological advancements to improve diabetes care solutions like CGM devices, non-invasive insulin delivery systems, and digital diabetes management platforms. For instance, in December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA-approved device that can combine insulin injector pen with a smart app. PR Newswire