Market Trends of Diabetes Care Devices Industry
The continuous glucose monitoring segment is expected to witness a healthy growth rate over the forecast period
The Continuous Glucose Monitoring Segment is expected to witness a healthy growth rate of about 10.5% over the forecast period.
To use a CGM, a small sensor is inserted into the abdomen or arm with a tiny plastic tube known as a cannula penetrating the top layer of skin. An adhesive patch holds the sensor in place, allowing it to take glucose readings day and night. Generally, the sensors are replaced every 7 to 14 days. A small, reusable transmitter connected to the sensor allows the system to send real-time readings wirelessly to a monitor device that displays blood glucose data. Some systems have a dedicated monitor, and some display the information via a smartphone app.
Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period. Various promising glucose-sensing technologies, such as novel optical and other electrical glucose sensors, have been developed, which positively impacts the market growth.
Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in blood glucose levels by downloading the data or give a real-time picture of glucose levels through receiver displays. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies, like cell phone integration, which is likely to drive the segment growth during the forecast period.
North America is expected to dominate the Diabetes Care Devices Market over the forecast period
North America, especially the United States, is expected to witness the highest CAGR over the forecast period due to the large patient pool and anticipated wide acceptance of advanced technologies. Owing to the availability of healthcare reimbursements and the fastest adoption rate for new medical technologies. North America is the fastest-growing region in the market. It portrays a massive potential for growth in the future due to the increasing government initiatives to combat diabetes and corporate investments to streamline R&D in diabetes.
The Centres for Disease Control and Prevention (CDC) National Diabetes Statistics Report 2022 estimated that more than 130 million adults live with diabetes or prediabetes in the United States. Type 2 diabetes is more common, and diabetes is more consequential among communities of color; those who live in rural areas; and those with less education, lower incomes, and lower health literacy.
Diabetes supplies are covered by the United States federal health insurance program Medicare (Part B and Part D). Medicare covers diabetic supplies such as Blood glucose self-testing equipment and supplies, Therapeutic shoes and inserts, Insulin pumps, and the insulin used in the pumps, etc. Diabetes Care Devices are garnering widespread adoption due to the availability of reimbursement options, as most people prefer health insurance plans that cover most of their total expenditure on healthcare devices.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the North America Region.
