MarketResearchNest.com adds “Global Diabetes Care Devices Market 2017-2021” new reports to its research database. The report spread across 99 pages with tables and figures in it.
The analysts forecast the global diabetes care devices market to grow at a CAGR of 10.72% during the period 2017-2021.
Diabetes care devices are used to monitor and control the level of blood glucose. It includes SMBG meters, SMBG test strips, insulin pumps, insulin syringes. These are used to administer appropriate amount of insulin to the patient. Diabetes is a lifelong condition, which occurs due to inadequate production of insulin or because the body’s cells do not respond properly to insulin, or both. This results in an increase in glucose level in the blood. Individuals suffering from diabetes typically experience polyuria and have high thirst and hunger levels. According to the World Bank Group, as of 2015, the diabetes prevalence rate was 8.52%.
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Research team recognizes the following companies as the key players in the global diabetes care devices market: Abbott Laboratories, Becton Dickinson, LifeScan, and Roche Diagnostics
Other Prominent Vendors in the market are: AgaMatrix, Animas, Beurer, Bioptik Technology, DarioHealth, DexCom, GlySens, Integrity Applications, Medisana, MediWise, Menarini Diagnostics, Nemaura, Nova Biomedical, Senseonics, and TaiDoc Technology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising preference for specialty clinics over hospitals. In earlier times, the treatment for diabetes was provided in hospitals where an endocrinologist or a dietician guided patient in the management of Type 1 diabetes. Though fruitful results were achieved during the process, there were some issues that made patients look for alternatives. The reasons were long waiting times leading to crowding, limited visiting slots, high consultation fees, and availability of devices stock. As a result, patients had no choice but to revisit hospitals repeatedly to get the check-up done. This looked favorable from the view of hospitals, but not for the patients.”
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According to the report, one of the major drivers for this market is Friendly reimbursement policies. Diabetes care devices are mostly expensive and can act as an economic burden on individuals, as these diseases require day-to-day medications. Globally, countries are framing reimbursement policies for diabetes care devices. For example, developed countries such as the US provide coverage for these products under an insurance scheme that is likely to create more demand for diabetes care devices as more people will be able to afford diabetes care devices. Over the past few years, there has been a favorable upgrade in Medicare (the official website of the US Government for medical health related information) reimbursement in the US.
Further, the report states that one of the major factors hindering the growth of this market is High cost of devices. The increasing global diabetic population has led to a rise in the healthcare expenditure on medication as well as insulin delivery devices, especially for Type 1 diabetic population. There are various devices in the market that deliver insulin to patients and monitor blood glucose levels through various routes of administration. The price of these products highly varies, and patients buy products based on the affordability. For instance, the high cost of blood glucose test strips is a major challenge hindering the growth of the global diabetes care devices market. Blood-glucose level monitoring with the use of invasive devices is both painful and expensive process. The pain is due to the lancet pricking the fingertip for blood needed for testing. The expenditure is due to the use of consumable test strips, on which the drop of blood needs to be placed before being inserting into the reader.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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