Global Diabetes Devices Market is expected to grow at a decent CAGR of ~6% by 2026

BRUSSELS - Dec. 16, 2022 - PRLog -- Some of the main factors propelling the global diabetes devices market include the rising prevalence of diabetes, rising health consciousness and awareness regarding diabetes, rising obesity and unhealthy eating habits among the population, technological advancements in diabetes monitoring devices, and rising adoption of insulin delivery devices.

A Slowdown in the Demand for Diabetes Devices Points to Looming Recession
The economic recession is anticipated to have a mixed effect on medical device companies. Consumer spending on healthcare devices may be impacted by the ongoing economic downturn in the US and Europe. Sales have dipped slightly for blood glucose monitors and even test strips. Tandem Diabetes Care is the first organization in the space to directly attribute a slowdown in sales to recession fear.

The Growing Adoption of Continuous Glucose Monitoring (CGM) Devices Drives the Global Diabetes Devices Market
A CGM device is a wearable technology designed to monitor glucose levels without finger pricks. CGM may be useful for people who need to monitor their sugar levels more frequently to see trends and patterns. Technological development in CGMs is increasing their adoption in the diabetes devices market.

Increasing Emphasis on Developing New Insulin Products
The need for diabetic devices is being driven by an increase in the demand for advanced insulin delivery systems, which is being supported by a high adoption of recently launched innovative smart devices and portable products.

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.

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Covid-19 Impact on Diabetes Devices Market
The need for diabetes devices increased during the COVID-19 pandemic as a preventative approach 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 becomes very important for these patients.

Key Constraints/ Challenges: Diabetes Devices Market
Some of the major factors that are projected to hamper the growth of the diabetes devices market in the coming years include the high cost of CGM devices and reimbursement issues in developing countries.