Report : North America 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 4.9% CAGR, the North America Diabetes Care Devices Market is speculated to be worth US$ 16,386.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America diabetes care devices market was valued at US$ 11,149.93 million in 2022 and is expected to reach US$ 16,386.63 million by 2028, registering an annual growth rate of 4.9% from 2022 to 2028. Rising incidence of diabetes and growing geriatric population are the critical factors attributed to the market expansion.
Diabetes is a deadly chronic disease with no specialized cure. It is primarily caused by the body’s inability to produce or effectively use the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two forms of diabetes—diabetes type-I or diabetes insipidus and diabetes type-2 or diabetes mellitus. The incidences of diabetes are steadily increasing across the region. Type 2 diabetes is the most prevalent type of diabetes and has increased with cultural and societal changes. In high-income countries, ~91% of adults have type 2 diabetes. In 2021, as per the International Diabetes Federation (IDF), diabetes will affect millions of persons aged 20-79. Diabetes can lead to several complications in various body parts and raise the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are a few major complications associated with diabetes. Hence, patients suffering from this disease require frequent monitoring and external administration of insulin. The growing prevalence of diabetes is fueling the growth of the diabetes care devices market during the forecast period across the region.
On the contrary, high cost of diabetes care devices hurdles the growth of North America diabetes care devices market.
Based on type, the North America 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$ 6,111.77 million. It is projected to garner US$ 9,132.79 million by 2028 to expand at 5.1% 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 North America diabetes care devices market is bifurcated into homecare and hospitals & clinics. The homecare segment held 60.4% market share in 2022, amassing US$ 6,729.09 million. It is projected to garner US$ 10,011.49 million by 2028 to expand at 5.1% CAGR during 2022–2028.
Based on country, the North America diabetes care devices market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.4% market share in 2022. It was assessed at US$ 7,621.77 million in 2022 and is likely to hit US$ 11,329.27 million by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the North America 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 April 2022, BD (Becton, Dickinson and Company) a leading global medical technology company, announced that it has completed its spinoff of Embecta Corp. (embecta) , which holds BD's former Diabetes Care business and is now one of the largest pure-play diabetes management companies in the world.
- In May 2022, The U.S. Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection, Eli Lilly and Company's new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.
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