Diabetes Devices Market Size

Diabetes Devices Market size was valued at USD 31.15 Billion in 2023 and is anticipated to exceed USD 78.79 Billion by the end of 2036, registering over 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of diabetes devices is evaluated at USD 33.22 Billion. The growing prevalence of diabetes across the world’s population and growing awareness about diabetes disease are estimated to drive the market’s growth during the forecast period. As per the American Diabetes Association estimations, in 2019, the total American population with diabetes was nearly 11.3 % of people i.e., about 37.3 million individuals.

In addition, one of the factors boosting the market's expansion is the rise in diabetes cases brought on by age, obesity, and bad lifestyle choices. According to the data reported, nearly 38 percent of adults across the globe are overweight as of 2019. Diabetes incidence is rising as a result of risk factors such as obesity and overweight. Therefore, it is anticipated that risk factors including smoking, being overweight or obese, and having high cholesterol levels will increase the prevalence of diabetes and increase the demand for diabetic devices. Numerous incentives, including a sizable ageing population, economical healthcare options, cost-effective labor, and relatively lax regulatory standards, are driving diabetic device manufacturers to grow their operations. To capture the largest possible proportion of the market, firms are now concentrating on harnessing opportunities existing in developing economies. Hence, these factors are highly expected to influence the global diabetes devices market’s growth positively over the projected period.