Report : Middle East & Africa Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
At 4.3% CAGR, the MEA Diabetes Care Devices Market is speculated to be worth US$ 2,551.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA diabetes care devices market was valued at US$ 1,828.78 million in 2022 and is expected to reach US$ 2,551.55 million by 2028, registering an annual growth rate of 4.3% from 2022 to 2028. Rapid technological advancements in diabetes care devices and growing medical tourism in developing countries are the critical factors attributed to the market expansion.
Technological advancements in the healthcare industry are encouraging market players to focus on research and development of insulin delivery devices. There are various methods to deliver insulin into the human body, including needles, insulin pens, and insulin pumps. Insulin pumps are small computerized diabetes management devices connected with a cannula under the skin to deliver a slow and continuous insulin level. Optimal diabetes management depends on accurate glucose monitoring devices. Technological advancements in glucose monitoring devices have resulted in smaller requirements for blood samples with improved accuracy. Furthermore, the ability to transfer data between the blood glucose (BG) meter and insulin delivery devices has been improved. A smart insulin pen is a reusable injector pen with an easy-to-use smartphone app that can assist diabetic people in managing insulin delivery. This intelligent device calculates and tracks doses while also providing patients with helpful reminders. In November 2020, Medtronic plc launched InPen, which relates to real-time Guardian Connect CGM data. The continuous research in insulin pens supports the growth of the diabetes care devices market during the forecast period. Pen needles and syringes are the most used device for injecting insulin into diabetic patients. Various manufacturers are developing innovative products to sustain in the highly fragmented needle market. Moreover, the easy regulatory approvals have led to mid-sized companies entering the market and competing with the local and established players. The development of pen needles with precise lubrication to reduce the pain sensation has been another focus of manufacturers during the research. Thus, the technological advancements and the increasing influx of new products into the market are expected to propel the growth of the market over the forecast years.
On the contrary, high cost of diabetes care devices hurdles the growth of MEA diabetes care devices market.
Based on type, the MEA diabetes care devices market is bifurcated into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment held 54.8% market share in 2022, amassing US$ 1,002.01 million. It is projected to garner US$ 1,421.38 million by 2028 to expand at 4.5% CAGR during 2022–2028. The glucose monitoring devices segment is further segmented into testing strips, glucometer, lancets, and others. Similarly, the insulin delivery devices segment is segmented into insulin pens, insulin syringes, insulin pumps, and others.
Based on end user, the MEA diabetes care devices market is bifurcated into homecare and hospitals & clinics. The homecare segment held 60.3% market share in 2022, amassing US$ 1,103.21 million. It is projected to garner US$ 1,558.16 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on country, the MEA diabetes care devices market has been categorized into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that the UAE captured 41.2% market share in 2022. It was assessed at US$ 752.98 million in 2022 and is likely to hit US$ 1,075.79 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the MEA diabetes care devices market are B. Braun Melsungen AG; BD; Dexcom, Inc.; Eli Lilly and Company.; F. Hoffmann-La Roche Ltd.; Insulet Corporation; Medtronic; Novo Nordisk A/S; Tandem Diabetes Care Inc.; and Terumo Corporation among others.
- In Feb 2022, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod brand of products, is celebrating representation and inclusion for the diabetes community through an activation in the popular Nintendo video game Animal Crossing: New Horizons.
- In May 2021, Roche and Lilly will integrate data from Lilly’s connected insulin pen solution into the mySugr app in several countries. Both companies are dedicated to driving new possibilities to ease the complexity of daily decision making for people with diabetes on insulin pen therapy and their healthcare professionals. By collaborating with Lilly, Roche accelerates growth of its open ecosystem enabling its strategy of integrated Personalised Diabetes Management (iPDM).
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