Market Insights Health Medical Technology Medical Devices

Diabetes Care Devices - BRICS

BRICS

In BRICS, revenue in the Diabetes Care Devices market market is projected to reach US$5.39bn in 2024.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 13.27%, leading to a market volume of US$10.05bn by 2029.
In a global context, the majority of revenue will be generated the United States, with an expected figure of US$11,710.00m in 2024.
In Brazil, the growing prevalence of diabetes is driving innovation in diabetes care devices, with increased focus on digital health solutions and patient-centric technologies.

Key regions: Netherlands, Japan, France, Italy, China

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Analyst Opinion

The Diabetes Care Devices Market within the Medical Devices Market in BRICS is witnessing considerable growth, fueled by rising diabetes prevalence, advancements in technology, and increased access to innovative treatment options, enhancing patient management and monitoring capabilities.

Customer preferences: In the BRICS nations, there is a notable shift towards personalized diabetes care solutions, as consumers increasingly prioritize devices that offer tailored health monitoring and management features. This trend reflects a growing awareness of individual health needs influenced by cultural attitudes towards wellness. Additionally, the rise of mobile health applications has enhanced the appeal of diabetes management tools, catering to tech-savvy younger demographics seeking seamless integration of health tracking into their daily lives. The focus on preventive care is further pushing demand for educational resources and community support within these markets.

Trends in the market: In the BRICS nations, the Diabetes Care Devices Market is experiencing a surge in demand for smart glucose monitoring systems, as patients seek more accurate and real-time data to manage their condition. Brazil and India are witnessing an influx of wearable devices that provide continuous glucose monitoring, appealing to a health-conscious consumer base. Moreover, the integration of AI in diabetes management is gaining traction, enabling predictive analytics for better health outcomes. This shift towards innovative technology signifies a critical opportunity for industry stakeholders to invest in research and development, enhance product offerings, and foster partnerships for comprehensive diabetes care solutions.

Local special circumstances: In Brazil, the increasing prevalence of diabetes, coupled with government initiatives to improve healthcare access, is propelling the Diabetes Care Devices Market. The country's diverse geography necessitates tailored solutions, with urban areas favoring advanced technology while rural regions require cost-effective alternatives. In India, cultural attitudes towards health and wellness are driving demand for smart glucose monitoring systems, as patients prioritize proactive management of their condition. Regulatory reforms are also facilitating faster approvals for innovative devices, enhancing market dynamics across the BRICS nations.

Underlying macroeconomic factors: The Diabetes Care Devices Market within the Medical Technology sector is significantly influenced by macroeconomic factors such as rising healthcare expenditure, demographic shifts, and economic stability across BRICS nations. The increasing prevalence of diabetes, combined with government initiatives to enhance healthcare infrastructure, is bolstering demand for innovative diabetes care solutions. Moreover, fluctuating currency exchange rates and inflation levels impact pricing strategies for medical devices, while national policies promoting health technology innovations are fostering a conducive environment for market growth. Access to financing and investment in research and development further enhance the competitiveness of diabetes care devices, ensuring improved patient outcomes and market expansion.

Methodology

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.