Diabetes Care Devices - Taiwan | Statista Market Forecast

Revenue in the Diabetes Care Devices market market in Taiwan is anticipated to reach US$143.20m in 2024.
The revenue is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 12.12%, leading to a market volume of US$253.70m by 2029.
In a global context, the majority of revenue will be produced the United States, with an expected figure of US$11.71bn in 2024.
In Taiwan, the increasing prevalence of diabetes is driving innovation and investment in advanced diabetes care devices, enhancing patient management and quality of life.

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 Taiwan is witnessing considerable growth, fueled by factors like increasing diabetes prevalence, advancements in technology, and heightened consumer awareness regarding self-management and preventive care options, leading to greater demand for innovative devices.

Customer preferences: In Taiwan, there is a notable shift towards integrated diabetes management solutions that combine technology with personalized care. Consumers are increasingly favoring smart glucose meters and continuous glucose monitoring systems that offer real-time data and connectivity to mobile applications. This trend is influenced by the growing tech-savvy population, particularly among younger adults who prioritize convenience and efficiency. Additionally, cultural emphasis on family support in health management is driving demand for devices that facilitate shared health tracking among family members, enhancing collaborative care.

Trends in the market: In Taiwan, the Diabetes Care Devices Market is experiencing a significant trend toward the adoption of advanced digital health technologies, particularly in the realm of continuous glucose monitoring (CGM) systems and smart insulin delivery devices. This shift is largely driven by increased awareness of diabetes management and the need for real-time data tracking among patients. The integration of mobile applications for data sharing and analysis is becoming essential, allowing users to manage their conditions more effectively. As healthcare providers and technology companies collaborate to create more user-friendly devices, the potential for improved patient outcomes and enhanced adherence to treatment plans is substantial, positioning stakeholders to capitalize on a growing demand for innovative diabetes care solutions.

Local special circumstances: In Taiwan, the Diabetes Care Devices Market is shaped by a well-established healthcare infrastructure and a strong emphasis on preventive care. The government’s initiatives to promote health literacy and diabetes awareness programs have led to a more informed population, increasing the demand for advanced diabetes management tools. Additionally, Taiwan's aging population drives the need for innovative solutions, as older adults seek user-friendly devices. Cultural values emphasizing family support in health management further enhance patient engagement, making the market ripe for growth in digital health technologies and personalized care solutions.

Underlying macroeconomic factors: The Diabetes Care Devices Market in Taiwan is significantly influenced by macroeconomic factors including national economic health, demographic trends, and healthcare policies. The country's robust economic growth supports investment in advanced medical technologies, while fiscal policies promoting healthcare innovation foster an environment conducive to device development and adoption. Additionally, the rising prevalence of diabetes, coupled with an aging population, heightens demand for effective diabetes management solutions. Global economic trends, such as advancements in technology and increased healthcare spending, also play a critical role in shaping market dynamics and driving the proliferation of innovative diabetes care devices.

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.