Diabetes Care Devices - Baltics | Statista Market Forecast

Revenue in the Diabetes Care Devices market market in the Baltics is projected to reach US$29.85m in 2024.
Revenue in the in Baltics is expected to show an annual growth rate (CAGR 2024-2029) of 12.97%, resulting in a market volume of US$54.92m by 2029.
In global comparison, most revenue will be generated the United States, which is projected to generate US$11.71bn in 2024.
The Baltic region is witnessing a growing emphasis on advanced diabetes care devices, driven by increasing awareness and government initiatives promoting chronic disease management.

Definition:
The Diabetes Care Devices market, a medical technology market, includes medical devices used in the management and treatment of diabetes. These devices range from blood glucose meters and continuous glucose monitoring systems to insulin pumps, insulin pens, and other related accessories. It is important to note that the market does not include pharmaceutical products used in the treatment of diabetes, such as insulin and oral hypoglycemic agents.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B), and governments (B2G). Revenues are allocated to the country where the money is spent.

Key players in the market include Medtronic, Abbott Laboratories, and Roche Diagnostics. Further information on the key players can be found in the Market Shares boxes.

Blood glucose monitoring devices
Insulin delivery devices

Diabetes drugs
Diabetes supplements

The Diabetes Care Devices Market in the Baltics is witnessing considerable growth, fueled by factors such as increasing prevalence of diabetes, advancements in technology, and heightened awareness of diabetes management among consumers, enhancing overall healthcare outcomes.

Customer preferences: Consumers in the Baltics are showing a growing preference for integrated diabetes management solutions that combine traditional devices with digital platforms. This shift is influenced by a tech-savvy younger demographic that values convenience and real-time data sharing with healthcare providers. Additionally, cultural attitudes towards proactive health management are evolving, prompting a rise in demand for mobile apps that provide personalized insights and community support. As lifestyles become more dynamic, the focus on user-friendly, multifunctional diabetes care devices is increasing, enhancing both compliance and overall health outcomes.

Trends in the market: In the Baltics, the Diabetes Care Devices market is experiencing a surge in demand for integrated diabetes management solutions that merge traditional monitoring devices with advanced digital platforms. This trend is driven by a younger, tech-savvy population that seeks convenience and real-time data sharing with healthcare providers. Moreover, increased cultural emphasis on proactive health management is fostering the popularity of mobile applications that offer tailored insights and community support. As lifestyles evolve, the push for user-friendly, multifunctional diabetes care devices is likely to enhance patient compliance and health outcomes, presenting opportunities for industry stakeholders to innovate and expand their offerings.

Local special circumstances: In the Baltics, the Diabetes Care Devices market is influenced by a strong emphasis on digital health solutions supported by government initiatives promoting e-health. The region's compact geography facilitates efficient distribution of innovative devices, while a cultural inclination towards preventive health encourages the adoption of technology. Additionally, regulatory frameworks are increasingly favorable towards digital health innovations, allowing for quicker market entry of advanced diabetes management tools. This unique blend of local factors drives demand for integrated solutions that enhance patient engagement and improve health outcomes.

Underlying macroeconomic factors: The Diabetes Care Devices market in the Baltics is significantly influenced by macroeconomic factors such as rising healthcare expenditure, supportive fiscal policies, and a growing emphasis on preventive care. Strengthening national economies in the region enable increased investment in healthcare infrastructure and innovative medical technologies. Additionally, global trends like the rising prevalence of diabetes and chronic illnesses heighten the demand for effective diabetes management solutions. Favorable trade agreements and a skilled workforce further enhance the region’s capacity to develop and distribute advanced diabetes care devices, ultimately improving patient outcomes and market performance.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.