Australia Diabetes Devices market is expected to reach US$ 579.4 Million in 2023 to US$ 1.11 billion by 2032, with a CAGR of 7.55% from 2024 to 2032. The market is mainly driven by rising obesity rates, increased use of insulin delivery devices, increasing prevalence of diabetes, and improved technology. To capture a sizable share of the market, major manufacturers are focusing on technological innovation and the development of cutting-edge products.Australia Diabetes Market was US$ 3.94 Billion in 2022
Australia Diabetes Devices Overview
Diabetes devices are used to control blood sugar levels in the body, which are brought on by the creation of insulin. Patients with diabetes are given this gadget to track their blood glucose levels and improve their chances of recovery from this long-term illness. Patients with diabetes who are unable to manufacture insulin on their own administer insulin into their bodies using insulin pumps. Pens, pumps, and syringes are examples of insulin devices. Diabetes meters help determine blood sugar levels and provide an approximation of the process.The Australian National Health Survey found that 5.3%, or one in twenty, had diabetes. The most frequent type of diabetes was found to be type 2 (85.5%), followed by type 1 (11.0%) and type not known to the person reporting (4.1%). Unbalances in blood glucose levels that do not correspond to normal blood glucose levels are the primary diagnosis for people with diabetes. Only doctors can use common lab diagnostic tests to assist diagnose a patient. Individuals whose blood glucose levels fluctuate more frequently should have it monitored daily. Patients who are giving themselves insulin must regularly monitor their blood glucose levels and, if needed, modify their prescription or insulin dosage.
Growth Drivers for the Australia Diabetes Device Market
Rising Rate of Diabetes
Diabetes Australia reports that diabetes is the chronic condition with the fastest rate of growth in Australia, outpacing the growth of other chronic illnesses like cancer and heart disease.There are currently approximately 1.9 million diabetics in Australia, comprising approximately 1.5 million known and registered cases of all types of diagnosed diabetes and an estimated 500,000 cases of type 2 diabetes that are not yet identified. Diabetes is becoming more common among children and teenagers. Type 1 diabetes affects almost all children and young adults with the disease. Furthermore, type 2 diabetes is striking youngsters at younger ages. Diabetes therapies and related technology, as well as access to care from a multidisciplinary pediatric diabetes team, are among the special needs of children and young adults with type 1 and type 2 diabetes.
The maintenance of blood glucose levels within a given target range is one of the primary goals of diabetes treatment. It can be accomplished by striking a balance between diet, exercise, way of life, and diabetes medications. Readings from blood glucose monitors give the information needed to choose the most effective diabetes care plan. A person's risk of acquiring diabetes-related problems, such as diabetic retinopathy, heart disease, renal disease, etc., can be decreased by maintaining blood glucose levels within a target range.
Introduction of New and Technically Advanced Products to Fuel the Market Growth for Diabetes Devices
One of the key elements propelling the market expansion in Australia is the introduction of new products in the diabetes treatment and monitoring systems category. An increase in the prevalence of diabetes, coupled with changes in sedentary lifestyles and urbanization. The market is growing due to advancements in technology for diabetes devices as well as a rise in the number of people with diabetes.The primary driver of the market expansion is the increase in funding for diabetes care made by both public and private entities. The market is growing due to advancements in digital health technology and the availability of software applications for diabetes management.
Additionally, the market is currently growing at an accelerated rate due to the rising demand for diabetes care devices. One of the main causes of diabetes in the general population is the growth in obesity. Men are more likely than women to be obese. Risk factors driving the market expansion include a rise in obesity incidence that is directly linked to an increase in diabetes prevalence.
Australia Diabetes Devices Company Analysis
The major participants in the Australia Diabetes Device market includes Novo Nordisk A/S, Eli Lilly, Roche, Abbott Laboratories, Insulet Corporation, Dexcom Inc, Medtronic, Ypsomed AG.Australia Diabetes Devices Company News
In November 2023, The Australian government has authorized multiple healthcare providers, such as General Practitioners (GPs), diabetes educators, diabetic clinics, Registered Nurses (RNs), and specialists, to write prescriptions for continuous glucose monitoring (CGM) devices.In November 2022, The Tempo Personalized Diabetes Management Platform, Eli Lilly and Company's first linked platform, was set to launch. With the use of data-backed insights, the system attempts to support doctors and people with type 1 or type 2 diabetes in managing treatment with Lilly insulins. The Tempo Smart Button, the connected app TempoSmart, and the prefilled insulin pen Tempo Pen make up the three main parts of the platform. Together, they provide persons with diabetes with tailored advice.
Type- Industry is divided into 4 viewpoints:
1. Self-Monitoring Devices2. Continuous Glucose-Monitoring Devices
3. Insulin Pumps
4. Insulin Pens
End User - Industry is divided into 3 viewpoints:
1. Hospitals2. Diagnostics Centers
3. Homecare
All companies have been covered with 5 Viewpoints
1. Overviews2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue
Company Analysis
1. Novo Nordisk A/S2. Eli Lilly
3. Roche
4. Abbott Laboratories
5. Insulet Corporation
6. Dexcom Inc
7. Medtronic
8. Ypsomed AG
Table of Contents
Companies Mentioned
- Novo Nordisk A/S
- Eli Lilly
- Roche
- Abbott Laboratories
- Insulet Corporation
- Dexcom Inc
- Medtronic
- Ypsomed AG
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 70 |
| Published | November 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 0.58 Billion |
| Forecasted Market Value ( USD | $ 1.11 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Australia |
| No. of Companies Mentioned | 8 |
