Diabetes Management Devices Market Trends 2023: Executive Summary
Diabetes is a chronic metabolic disorder characterized by high circulating glucose levels (hyperglycemia), resulting either from defects in insulin secretion (Type 1), insulin action (Type 2), or both. Despite dramatic developments and advances in the way glucose levels are monitored, insulin is delivered, and disease control is attained, diabetes still affects nearly 500M people worldwide. According to the World Health Organization (WHO), diabetes is thought to be largely under-reported and the age-standardized mortality rates are nearly 3% and are on the rise.
Our new report, “Diabetes Management Devices Market Trends 2023,” provides the latest insights on the market, including the trends, opportunities, and outlook. Continue reading for the summary of our analysis.
In this report, we assess the status of the Diabetes Management Devices Market, focusing on the US and EU4+UK regions and on the market’s three main segments: blood glucose monitoring, insulin delivery, and digital management platforms. Together, these three segments act as a connected ecosystem that enables improved patient adherence and better clinical outcomes.
Diabetes Management Devices Market Growth
The Diabetes Management Devices Market continues to grow due to the increasing incidence (associated with an aging population and rising obesity) and high mortality rate resulting in a significant level of unmet need and clinical/economic burden. The insulin delivery market, remarkably, is showing faster growth at 6.7% (CAGR) than the growth of diabetes incidence which is around 3.7% (CAGR).
Diabetes Management Device Trends
The development of closed-loop diabetes management systems, combining the capabilities of insulin delivery, continuous glucose monitoring, and digital management platforms, is the most notable advancement in this market which is leading to more patient-centric solutions. AI-based algorithms have made fully closed-loop systems possible; these systems do not require patient input. As a result, major players within the space are leveraging collaborations and partnership opportunities to own and integrate as many components of a closed-loop diabetes management system as possible.
The deal flow and product pipeline analysis suggests that companies are investing in the development of non-invasive continuous glucose monitoring solutions and will continue to focus on digital diabetes platforms/algorithms aimed at further improving patient adherence and outcomes.
Diabetes Management Devices Market Challenges
At the same time, the ecosystem is facing regulatory and market access challenges (e.g., Medical Device Regulation, value-based pricing, budgetary constraints, evidence) coupled with technical (e.g., data integration and interpretation) and commercial (e.g., patient adherence) hurdles.
In the report “Diabetes Management Devices Market Trends 2023“ we lay out the disease’s causes and symptoms, patient journey, and burden; the technology segmentation and landscape; the regulatory and market access processes; and the innovation and investment outlook. We have analyzed the challenges faced by the Diabetes Management Devices Market, as well as the observed trends and dynamics within the geographies of focus.