Revenue Forecast

The revenue estimate for the base year 2023 is $42.21 billion, with a CAGR of 8.9% projected for the study period of 2023 to 2028.

The Impact of the Top 3 Strategic Imperatives on the Diabetes Care Device Industry

Innovative Business Models

• Why: Insulin pens, insulin pumps, and continuous glucose monitoring (CGM) solutions are increasingly essential for effective diabetes management. Subscription plans for these costly devices create a steady revenue stream for companies and ease the financial burden on patients.OEM partnerships are also instrumental in navigating challenges, capitalizing on opportunities, and maintaining leadership positions.
• Frost Perspective: Subscription services have the potential to positively impact the diabetes care industry by enhancing affordability, convenience, and patient results. Apart from ensuring recurring revenue, these plans help companies improve patient adherence and create a sense of customer loyalty. Partnerships are driving the expansion of the market by targeting different patient segments. They also reduce the risks and costs associated with new device developments. Subscription plans and OEM partnerships are expected to become even more crucial to the ecosystem during the forecast period.

Transformative Megatrends

• Why: Diabetes management has been revolutionized with real-time data and high precision in insulin dosing devices that even mimic the natural insulin secretion of a healthy pancreas. The rise of artificial intelligence (AI) in diabetes care technology allows for insulin delivery and insights that are more accurate and tailored to individual patients’ needs.
• Frost Perspective: The convergence of these trends promotes patient-centric, technology-driven, and integrated solutions in the diabetes care device industry, ensuring enhanced quality that benefits both companies and patients. These solutions have significantly improved the accuracy of collecting, analyzing, and managing data, reducing the risk of human errors and associated health complications for patients. These technology advancements are expected to drive device adoption during the forecast period.

Competitive Intensity

• Why: The diabetes care industry is characterized by significant competition due to the growing prevalence of diabetes, driven by an increase in sedentary lifestyles and obesity rates. This has resulted in an increased demand for diabetes care devices. Start-ups are playing a pivotal role in this scenario, driving innovation in the diabetes care space.
• Frost Perspective: Start-ups are creating solutions that empower individuals with diabetes to take more control over their health and help healthcare professionals provide more efficient care. Diabeloop and Deddie Clinical Software, for instance, have developed algorithms that automate insulin dosing decisions in home and hospital settings. Companies are also expanding their user base from patients with type 1 diabetes (T1D) to those with type 2 diabetes (T2D), prediabetes, and even those without diabetes. This trend will continue during the forecast period.

Segmentation

Diabetes Care Devices

Glucose Monitoring Devices

• SMBG
  • SMGB instruments measure the level of blood glucose.
  • SMBG devices include meters, lancets, and strips.
• CGM
  • CGM systems comprise wearable sensors that collect interstitial glucose levels every few minutes and a transmitter that sends the information to a reader device or smartphone app.
  • Minimally invasive glucose monitoring includes transmitters and sensors.

Insulin Delivery Devices

• Insulin Pens
  • Insulin pens are insulin injections in the shape of a pen. The device delivers insulin into the adipose tissue below the skin through a disposable needle.
  • Insulin pens include standard disposable pens and smart non-disposable pens.
• Insulin Pumps
  • These are small computerized devices that mimic the human pancreas by delivering rapid or short-acting insulin through a catheter placed under the skin.
  • Insulin pumps include non-disposable tube pumps and disposable patch pumps.

Competitive Environment

Key Competitors

• Abbott
• Dexcom
• Medtronic
• Senseonics
• Roche
• Insulet
• Novo Nordisk
• Eli Lilly
• Sanofi
• Ypsomed
• Biocon Limited
• Terumo
• Tandem
• PHC Holdings
• A. Menarini Diagnostics
• Bionime
• Sinocare
• I-SENS