Diabetes Care Devices - Jamaica | Statista Market Forecast

Revenue in the Diabetes Care Devices market market in Jamaica is projected to reach US$4.41m in 2024.
Revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 11.47%, leading to a market volume of US$7.58m by 2029.
In a global context, the majority of revenue will be generated the United States, which is expected to reach US$11.71bn in 2024.
In Jamaica, the increasing prevalence of diabetes is driving a surge in demand for innovative diabetes care devices, emphasizing the need for improved patient management solutions.

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 Jamaica is witnessing considerable growth, fueled by rising diabetes prevalence, increased health awareness, and advancements in technology that enhance patient management and improve accessibility to essential health solutions.

Customer preferences: In Jamaica, there is a noticeable shift towards personalized diabetes management solutions, as consumers seek devices that cater to their unique health needs. The growing popularity of mobile health applications and continuous glucose monitors reflects a desire for real-time data and proactive health management. Additionally, cultural emphasis on community and family support is influencing the adoption of group-based health programs, fostering a collective approach to diabetes care. This trend is further enhanced by demographic changes, with a younger population increasingly engaging in health technology for better lifestyle management.

Trends in the market: In Jamaica, the Diabetes Care Devices Market is experiencing a surge in demand for advanced monitoring technologies, particularly continuous glucose monitors and insulin delivery systems, as patients prioritize precision in managing their condition. The integration of mobile health applications is enhancing patient engagement, allowing users to track their glucose levels and receive tailored insights. Additionally, local healthcare providers are increasingly adopting group-based support programs, fostering community involvement in diabetes care. This evolving landscape presents significant opportunities for manufacturers and healthcare stakeholders to innovate and collaborate, ultimately improving patient outcomes and driving market growth.

Local special circumstances: In Jamaica, the Diabetes Care Devices Market is shaped by a unique blend of geographical and cultural factors, including limited access to healthcare facilities in rural areas and a strong community focus on health and wellness. The prevalence of diabetes in the population has prompted local health authorities to prioritize education and awareness campaigns, leading to increased demand for accessible monitoring devices. Furthermore, regulatory support for innovative medical technologies is fostering partnerships between local manufacturers and international firms, enhancing the availability of advanced diabetes care solutions tailored to the Jamaican context.

Underlying macroeconomic factors: The Diabetes Care Devices Market in Jamaica is significantly influenced by macroeconomic factors such as national economic stability, healthcare funding, and global economic trends. The Jamaican government’s fiscal policies aimed at improving healthcare infrastructure are crucial, as increased investment in medical facilities enhances access to diabetes care technologies. Additionally, the rising prevalence of diabetes, coupled with a growing emphasis on preventive healthcare, drives demand for innovative monitoring devices. Global trends in medical technology, including advancements in telehealth and mobile health solutions, further propel market growth by offering cost-effective options tailored to local needs, thereby improving patient outcomes.

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.