United States Diabetes Device Market Size Forecast Report 2024-2030

United States Diabetes Device Market Analysis: Growth, Drivers, and Key Players

The United States Diabetes Device Market is rapidly expanding, expected to grow from $8.67 billion in 2023 to $16.25 billion by 2032 at a compound annual growth rate (CAGR) of 7.23% from 2024 to 2032. This growth is fueled by an aging population, rising diabetes and obesity rates, and high healthcare costs. The integration of artificial intelligence (AI) and smart technology into diabetes devices is also driving market expansion, transforming diabetes management.

Overview of the U.S. Diabetes Landscape

Diabetes is one of the fastest-growing chronic diseases in the U.S. Approximately 1.75 million Americans are diagnosed annually, with a total of 34.2 million people currently affected. Type 2 diabetes constitutes about 90-95% of these cases, primarily due to obesity and lifestyle factors. The high prevalence of type 1 diabetes among children and young adults adds to the need for effective management solutions.

According to the American Association of Clinical Endocrinologists (AACE), diabetes is a common factor in severe health complications. Individuals with diabetes are at higher risk for heart, kidney, and eye issues, particularly during hospitalizations for other critical conditions, like COVID-19, where high blood glucose levels exacerbate complications and mortality risks.

Key Market Drivers

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  1. Rising Diabetes and Pre-Diabetes Rates
    The prevalence of pre-diabetes and diabetes continues to rise. In 2021, 4 million U.S. adultshad diabetes, and nearly 29.7 million were diagnosed. This rise emphasizes the need for advanced diabetes devices that help monitor and manage blood glucose levels effectively. Certain ethnic groups, including Native Alaskans and Hispanic populations, show even higher diabetes rates, indicating a widespread demand for diabetes management tools.
  2. High Economic Burden of Diabetes
    Diabetes management costs in the U.S. reached $412.9 billion in 2022, with direct medical expenses at $306.6 billion and indirect costs at $106.3 billion. Diabetic individuals face an average annual healthcare cost of nearly $19,736, with roughly 17% dedicated to diabetic supplies and glucose-lowering medications. Indirect costs include lost productivity due to early deaths, reduced employment due to disability, and presenteeism, emphasizing the need for more affordable and accessible diabetes devices.

Key Players and Innovations in the U.S. Diabetes Device Market

Major companies in the U.S. diabetes device market include BD, Roche, Medtronic, Insulet Corporation, Abbott Laboratories, Dexcom Inc., Tandem Diabetes Care, Ypsomed AG, Novo Nordisk, and Eli Lilly. These industry leaders focus on advancing their product portfolios, securing FDA approvals, and acquiring innovative technologies to meet growing demands for diabetes management.

Recent Developments

  • October 2023: GlucoModicum partnered with Phillips Medisize to develop a non-invasive, needle-free continuous glucose monitor (CGM).
  • August 2023: Roche’s Accu-Chek Solo micropump, a tube-free insulin delivery system, received FDA approval.
  • May 2023: Medtronic announced its acquisition of EOFlow Co., a manufacturer of wearable, disposable insulin delivery devices.
  • February 2023: Insulet Corporation acquired assets from Automated Glucose Control LLC, a leader in automated insulin delivery technology.

Market Segmentation

The U.S. diabetes device market is segmented by device type, end-user, and distribution channel to meet the diverse needs of patients.

  • Device Types: Includes self-monitoring devices, continuous glucose-monitoring (CGM) devices, insulin pumps, and insulin pens.
  • End-User: Encompasses hospitals, diagnostics centers, and homecare, with a growing demand for convenient homecare solutions.
  • Distribution Channel: Covers hospital pharmacies, retail pharmacies, diabetes clinics/centers, and online pharmacies, with online options providing greater accessibility.

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Future Outlook

As diabetes rates rise, so does the need for effective, cost-efficient, and accessible diabetes management solutions. With continuous advancements in AI, data analytics, and device design, the U.S. diabetes device market is positioned for sustained growth. Expanding product offerings, strategic partnerships, and investments in smart technology ensure that leading companies will remain at the forefront of innovation, driving improvements in diabetes management and patient quality of life.

About Renub Research

Renub Research is a market research and information analysis company with over 15 years of experience. We offer comprehensive research reports and provide valuable insights to help businesses make strategic decisions. Renub has delivered more than 9000 syndicated reports and over 750 custom projects, assisting companies like EMIS, Bloomberg, and Thomson Reuters.

 

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