Diabetes Care Devices - Iceland | Statista Market Forecast

In Iceland, revenue in the Diabetes Care Devices market market is projected to reach US$6.96m in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 14.31%, which will result in a market volume of US$13.58m by 2029.
In a global context, the majority of revenue will be generated the United States, where it is expected to amount to US$11.71bn in 2024.
Iceland's growing emphasis on preventive healthcare is driving innovation and adoption of advanced diabetes care devices, enhancing patient outcomes in the region.

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 Iceland is witnessing substantial growth, fueled by factors such as rising diabetes prevalence, advancements in technology, increased health awareness, and a growing preference for remote monitoring and management solutions among patients.

Customer preferences: Consumers in Iceland are increasingly favoring innovative diabetes care devices that integrate seamlessly with their daily lives, reflecting a strong cultural emphasis on health and wellness. This trend is bolstered by a growing demographic of tech-savvy individuals who prioritize convenience and connectivity. Additionally, the rise in remote monitoring solutions is being shaped by lifestyle shifts towards greater independence and proactive health management. Consequently, there is a heightened demand for user-friendly devices that offer real-time data and personalized insights to effectively manage diabetes.

Trends in the market: In Iceland, the Diabetes Care Devices Market is experiencing a notable shift towards smart, connected devices that enhance patient engagement and self-management. Users are increasingly attracted to wearable technology and mobile applications that provide real-time glucose monitoring and personalized feedback. This trend signifies a broader move towards preventive healthcare, driven by the demand for greater autonomy in managing chronic conditions. For industry stakeholders, this evolution presents opportunities to innovate and collaborate, ensuring that devices not only meet regulatory standards but also align with consumer expectations for user-friendly interfaces and seamless integration into daily routines.

Local special circumstances: In Iceland, the Diabetes Care Devices Market is significantly influenced by the country's unique geographical and cultural context. The remote nature of many communities fosters a strong reliance on telemedicine and connected devices, as healthcare access can be limited. Additionally, Iceland's high levels of digital literacy and a culture that values innovation encourage the adoption of advanced diabetes management technologies. The regulatory environment, which emphasizes patient safety and efficacy, pushes manufacturers to prioritize high-quality, user-friendly devices that resonate with the local population's expectations for healthcare solutions.

Underlying macroeconomic factors: The Diabetes Care Devices Market in Iceland is shaped by macroeconomic factors such as healthcare funding, economic stability, and global market trends. The country's robust economic health, characterized by low unemployment and high GDP per capita, supports consumer spending on advanced medical technologies. Furthermore, Iceland's commitment to investing in healthcare infrastructure and innovation fosters an environment conducive to the adoption of diabetes care devices. The rising prevalence of diabetes globally, coupled with increasing awareness of preventive care, further propels demand for these devices, aligning with Iceland's proactive health policies and emphasis on quality healthcare solutions.

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.