Wearable Diabetes Devices Market Size
| Study Period | 2018-2029 |
| Market Size (2024) | USD 11 Billion |
| Market Size (2029) | USD 18 Billion |
| CAGR (2024 - 2029) | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wearable Diabetes Devices Market Analysis
The Wearable Diabetes Devices Market size is estimated at USD 11 billion in 2024, and is expected to reach USD 18 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
Due to their convenience, ability to provide real-time data, and potential to improve glycemic control, wearable devices for diabetes management are becoming increasingly popular. These devices offer a variety of features, such as:
CGM devices are designed to measure glucose levels in the interstitial fluid, which is the fluid that surrounds the cells, every few minutes. This information is then transmitted to a smartphone or other device, providing real-time data about glucose levels. By using CGM, individuals with diabetes can make more informed decisions about their insulin dosage and lifestyle choices.
On the other hand, insulin pumps are devices that deliver insulin to the body in a precise and controlled manner. They can be programmed to administer different basal (background) and bolus (mealtime) insulin doses. Insulin pumps are a viable alternative to multiple daily injections of insulin.
Wearable devices designed for diabetes management offer a range of potential advantages, which include:
Enhanced glycemic control: These devices provide real-time data on glucose levels, enabling individuals with diabetes to make more informed decisions regarding their insulin dosage and lifestyle choices. Consequently, this can result in improved glycemic control and a decreased risk of diabetes-related complications.
Increased convenience: By being wearable, these devices make it more convenient to monitor glucose levels and manage diabetes. This is particularly advantageous for individuals leading busy lifestyles, as it simplifies the process of diabetes management.
Heightened motivation: Wearable devices provide feedback and support, serving as a source of motivation for individuals with diabetes to effectively manage their condition. This encouragement can contribute to better adherence to treatment plans and overall disease management.
Alleviated self-management burden: Automation capabilities of wearable devices, such as insulin delivery and blood glucose monitoring, can alleviate some of the responsibilities associated with self-management for individuals with diabetes. This reduction in burden can enhance the overall experience of managing the condition.
The market for wearable devices for diabetes management is being driven by the numerous benefits they offer.
Wearable Diabetes Devices Market Trends
Rising diabetes prevalence globally is driving the market in forecast years
Diabetes, also known as diabetes mellitus, is a significant and chronic medical condition characterized by elevated levels of glucose in the bloodstream. This condition arises when the body fails to produce an adequate amount of insulin or is unable to utilize the insulin it produces effectively.
Diabetes poses a significant menace to worldwide well-being, disregarding both socioeconomic standing and international borders. Individuals afflicted with diabetes face the possibility of encountering numerous severe and potentially fatal complications, resulting in a heightened demand for medical attention, a diminished standard of living, and unwarranted strain on families. Inadequately managed diabetes and its complications can result in frequent hospitalizations and untimely demise. On a global scale, diabetes ranks among the leading ten causes of mortality.
Although the data presents a harsh reality, there is still a glimmer of hope. By detecting diabetes early and receiving proper treatment, it can be controlled, and its complications can be avoided. Additionally, type 2 diabetes can be prevented in many cases, and there is convincing proof that it can even be reversed in certain situations.
In recent times, the World Health Organization (WHO) and the United Nations (UN) have established global objectives to promote initiatives aimed at enhancing healthcare and strengthening healthcare systems. These initiatives encompass endeavors such as reducing premature mortality caused by non-communicable diseases (NCDs), including diabetes, by 30% before 2030, implementing national diabetes plans, and achieving universal health coverage (UHC) by 2030. These measures are crucial in ensuring that affordable, top-notch care is accessible to all and in mitigating the financial hardships faced by the approximately 580 million individuals who will be living with diabetes at that time.
Nevertheless, numerous nations continue to lack a comprehensive diabetes strategy, leaving a significant portion of the global population without adequate access to essential healthcare services. Moreover, the majority of countries are failing to meet the WHO's goal of halting the increase in type 2 diabetes cases by 2025. Urgent measures must be taken at the national level to enhance prevention efforts for type 2 diabetes and improve the management of all forms of the disease. Governments must embrace a health-in-all-policies approach to ensure optimal care and enhance the quality of life for individuals living with diabetes.
The North American region is Expected to Witness the Highest Growth Rate Over the Forecast Period
According to the National Diabetes Statistics Report 2022 by the Centres for Disease Control and Prevention (CDC), over 130 million adults in the United States are currently affected by diabetes or prediabetes. Type 2 diabetes is the prevailing form of the disease, with communities of color, rural residents, and individuals with lower education levels, incomes, and health literacy facing greater consequences.
Various organizations such as the American Diabetes Association (ADA), the Endocrine Society, the American College of Physicians, the American Academy of Paediatrics, the Society of General Internal Medicine, and the National Academy of Medicine have released statements and made calls to action to tackle social determinants of health at different levels - individual, organizational, and policy. Additionally, ADA has published a scientific review that delves into the links between SDOH and diabetes risk and outcomes, with a focus on factors such as socioeconomic status, health literacy, the food environment, food insecurity, and neighborhood and physical environments, among others.
The prevalence of chronic diseases, such as diabetes, is increasing in the North American region. Wearable medical devices provide continuous monitoring and real-time data collection, allowing individuals to effectively manage their conditions. The demand for wearable medical devices is driven by the need for early detection, timely intervention, and improved disease management.
The North American region is witnessing an increasing focus on preventive healthcare. Wearable medical devices play a vital role in enabling individuals to actively monitor their health. These devices offer personalized health information, promote healthier lifestyle decisions, and aid in the early identification of potential health problems. With the growing awareness of personal well-being, the demand for wearable medical devices as preventive measures is on the rise.
Wearable Diabetes Devices Industry Overview
The wearable diabetes devices market is consolidated with few significant players. The major players are working on innovations in devices which is evident from the companies spending on research and developments to strengthen their market presence.
Wearable Diabetes Devices Market Leaders
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Medtronics
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Abbott
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Dexcom
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Tandem Diabetes Care
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Insulet Corporation
*Disclaimer: Major Players sorted in no particular order
Wearable Diabetes Devices Market News
- May 2023: The Beta Bionics iLet ACE Pump and the iLet Dosing Decision Software have been granted clearance by the U.S. Food and Drug Administration for individuals aged six and above who have type 1 diabetes. When combined with a compatible FDA-cleared integrated continuous glucose monitor (iCGM), these two devices will create a novel system known as the iLet Bionic Pancreas. This innovative automated insulin dosing (AID) system employs an algorithm to ascertain and direct the administration of insulin.
- March 2023: The FDA has approved the Eversense E3 Continuous Glucose Monitoring (CGM) System. This innovative system offers real-time monitoring of blood sugar (glucose) levels and tracks their trends over time. Users can conveniently access this information through a mobile app installed on their smartphone, tablet, or other compatible device.
Wearable Diabetes Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Device
5.1.1 Continuous Glucose Monitoring Devices
5.1.1.1 Sensors
5.1.1.2 Durables
5.1.2 Insulin Pumps
5.1.2.1 Insulin Pump Devices
5.1.2.2 Insulin Infusion Sets
5.1.2.3 Reservoirs
5.2 Type
5.2.1 Non-Invasive Glucose Monitoring Devices
5.2.2 Invasive Glucose Monitoring Devices
5.3 End User
5.3.1 Hospital/Clinics
5.3.2 Home/Personal
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 France
5.4.2.2 Germany
5.4.2.3 Italy
5.4.2.4 Spain
5.4.2.5 United Kingdom
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Latin America
5.4.3.1 Mexico
5.4.3.2 Brazil
5.4.3.3 Rest of Latin America
5.4.4 Asia-Pacific
5.4.4.1 Japan
5.4.4.2 South Korea
5.4.4.3 China
5.4.4.4 India
5.4.4.5 Australia
5.4.4.6 Vietnam
5.4.4.7 Malaysia
5.4.4.8 Indonesia
5.4.4.9 Thailand
5.4.4.10 Rest of Asia-Pacific
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 Iran
5.4.5.3 Egypt
5.4.5.4 Oman
5.4.5.5 South Africa
5.4.5.6 Rest of Middle East and Africa
6. MARKET INDICATORS
6.1 Type-1 Diabetes Population
6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Abbott
7.1.2 Dexcom
7.1.3 Medtronics
7.1.4 Tandem Diabetes Care
7.1.5 Insulet Corporation
7.1.6 Eversence
7.1.7 Ypsomped
7.1.8 Ascensia
- *List Not Exhaustive
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wearable Diabetes Devices Industry Segmentation
The wearable diabetes devices market is segmented by device (continuous glucose monitoring devices (sensors and durables), insulin infusion pumps (insulin pump devices, insulin infusion sets, and insulin reservoirs), type (non-invasive glucose monitoring devices, invasive glucose monitoring devices), end user (hospitals, clinics, and home/personal) and geography (North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America).
The report offers the value (in USD) and volume (in units) for the above segments.
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Wearable Diabetes Devices Market Research FAQs
How big is the Wearable Diabetes Devices Market?
The Wearable Diabetes Devices Market size is expected to reach USD 11 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 18 billion by 2029.
What is the current Wearable Diabetes Devices Market size?
In 2024, the Wearable Diabetes Devices Market size is expected to reach USD 11 billion.
Who are the key players in Wearable Diabetes Devices Market?
Medtronics, Abbott, Dexcom, Tandem Diabetes Care and Insulet Corporation are the major companies operating in the Wearable Diabetes Devices Market.
Which is the fastest growing region in Wearable Diabetes Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2029).
Which region has the biggest share in Wearable Diabetes Devices Market?
In 2023, the North America accounts for the largest market share in Wearable Diabetes Devices Market.
What years does this Wearable Diabetes Devices Market cover, and what was the market size in 2023?
In 2023, the Wearable Diabetes Devices Market size was estimated at USD 9.90 billion. The report covers the Wearable Diabetes Devices Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wearable Diabetes Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wearable Diabetes Devices Industry Report
Statistics for the 2024 Wearable Diabetes Devices market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Wearable Diabetes Devices analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
