Market Size of North America Diabetes Care Devices Industry
Study Period | 2017- 2028 |
Base Year For Estimation | 2022 |
Forecast Data Period | 2023 - 2028 |
Market Size (2023) | USD 25.91 Billion |
Market Size (2028) | USD 35.02 Billion |
CAGR (2023 - 2028) | 6.21 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Diabetes Care Devices Market Analysis
The North America Diabetes Care Devices Market size is estimated at USD 25.91 billion in 2023, and is expected to reach USD 35.02 billion by 2028, growing at a CAGR of 6.21% during the forecast period (2023-2028).
In North America, till April 2022, the United States is having the highest COVID cases with 82 million, the country also registered the highest death rate. According to the Diabetes Voice article published in May 2020, close to 40,000 deaths of people who are having diabetes. In the North American region diabetes patients are more concerned about stocking up the monitoring and managing devices due to this the market increased during these years.
The North American region had witnessed an astounding increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people. Patients with Type 2 diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates. Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia. Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.