A recent report published by Allied Market Research states that the global diabetes care devices market accounted for $6.8 billion in 2016 and is anticipated to attain $10.2 Billion by 2023, registering a CAGR of 5.8% during the forecast period, 2017-2023.
The growth of the global diabetes care devices market is driven by the surge in the prevalence of diabetes caused by imminent urbanization and sedentary lifestyle. Market growth is further supplemented by an increase in obese population, higher consumption of junk food, and the growing need for faster and safer diagnosis and treatment. However, the inefficiency of blood glucose monitoring devices and adverse effects associated with some of the diabetes care devices restrict market growth. Nonetheless, the rise in awareness regarding diabetes monitoring devices is set to provide lucrative opportunities for emerging market players in the near future.
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The report segments the global diabetes care devices market by product and geography. Based on product, the report bifurcates the market into blood glucose monitoring devices and insulin delivery devices. The blood glucose monitoring devices segment is projected to maintain its dominance through 2023, due to the rise in the occurrence of diabetes, surge in geriatric population, high demand of self-care, and technological advancements in blood glucose monitoring devices. However, the insulin delivery devices segment is expected to grow at a CAGR of 6.0% from 2017 to 2023.
Regionally, North America accounted for more than two-fifths share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in the incidence of diabetes, growth in geriatric population, and the adoption of sedentary lifestyle of people that leads to diabetes. However, Asia-Pacific is expected to grow at the highest CAGR of 6.9%, from 2017 to 2023.
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The report also profiles key players involved in the global diabetes care devices market, such as Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG (formerly diabetes case business of Bayer AG), Becton, Dickinson and Company, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, and Terumo Corporation.. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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