Growing prevalence of diabetes, increasing awareness about diabetes therapeutics and management and product launches and partnerships are fueling the market growth.
Market Size: USD 23.53 billion in 2019
Growth Rate: 7.3%
Market Trends: Product launches and advanced technological developments
The Global Diabetes Device Market is predicted to reach USD 41.34 Billion by 2027, from USD 23.53 billion in 2019, with a growth rate of 7.3%. According to WHO, around 1.9 billion people were found to be overweight out of which about 600 million were obese. Type 1, 2 and gestational diabetes are most commonly seen in the obese populace.
Diabetes is one of the world’s leading causes of health epidemics. WHO, in 2015, claimed that diabetes is the 7th leading cause of death. It is a premature cause of heart attacks, kidney failure and blindness. Precautionary measures to prevent such blunders has resulted in the demand for diabetes device market during the projection period.
Diabetes devices are medical devices used for monitoring blood sugar levels. It is used to monitor glycemic improvement and reduction in diabetes mellitus or hypoglycemia. Cost-effective devices, such as lancets, testing strips, and self-monitoring glucometers, are boosting the diabetes devices market growth.
Increasing awareness about diabetes therapeutics and management among patients is fueling the growth of the market. Advances in technology and improvement in the product are expected to give rise to new market opportunities during the predicted period.
Moreover, the involvement of leading manufacturers in various collaborations and partnership is predicted to propel the growth of the diabetes market in the coming years.
Rising diabetes cases, growing obesity, and unhealthy lifestyles, coupled with the increasing awareness regarding diabetes care, are further stimulating the market growth.
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- The Asia Pacific region is expected to expand at a CAGR of 8.2% on account to the high occurrences of diabetes, unhealthy lifestyle, obesity, and government efforts to promote and make people aware of diabetic care.
- The glucose monitoring devices sub-segment dominated the market with a share of 52% due to the growing occurrence of diabetes. Product launches are also key factors driving the growth of the market segment.
- Advances in the artificial pancreas and developed home infusion therapy has opened new opportunities for the global diabetes devices market.
- The global diabetes devices market is expanding owing to high investments, rising awareness regarding effective diabetes control, and complications associated with the disease that increase the use of these devices.
- The North American region is dominating the diabetes devices market followed by Europe due to more obese people, progressive healthcare facilities, easy accessibility of advanced products, and overall health awareness among people.
- FDA recently approved Guardian™ Connect continuous glucose monitoring system manufactured by Medtronic PLC for diabetic people between 14-75 years. Such initiatives are boosting the market growth.
- Medtronic PLC released MiniMed 630G system with SmartGuard technology in the U.S. market. This insulin pump has been approved for the treatment of diabetes mellitus in adults.
- Sanofi and Eli Lily have research projects to produce Glucose Responsive Insulins (GRIs) that automatically get activated or deactivated as per the change in blood glucose levels. They improve the efficacy of the treatment and reduce episodes of hyper or hypoglycemia.
Essential players in the market:
- F. Hoffmann-La Roche Ltd.
- Eli Lily
- B. Braun Melsungen AG.
Click on the Link to Read Key Highlights of the Report and Look at Projected Trends for Years to Come: https://www.reportsanddata.com/press-release/global-diabetes-devices-market
For the purpose of this report, Reports and Data has segmented the diabetes devices market on the basis of type, distribution channel, and region:
Type Outlook (Revenue in USD Million; 2017–2027)
Glucose Monitoring Devices
- Blood sugar testing strips
- Self- monitoring blood glucose meters
- Continuous glucose monitoring meters
Insulin Delivery Devices
- Insulin pumps
- Diabetes Management Software
- Insulin syringes
- Artificial Pancreas System
- Insulin pens
Distribution Channel Outlook (Revenue in USD Million; 2017–2027)
- Diabetes Clinics/ Centers
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Regional Outlook (Revenue in USD Million; 2017–2027)
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
To Identify the Key Trends in the Industry, Click on the Link Below: https://www.reportsanddata.com/report-detail/diabetes-device-market
Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Growing prevalence of diabetes
3.2. Technological developments
3.3. Higher standard of living
Chapter 4. Global Diabetes Devices Segmentation & Impact Analysis
4.1. Global Diabetes Devices Segmentation Analysis
4.2. Global Diabetes Devices Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Global Diabetes Devices Market Impact Analysis
4.4.1. Market driver analysis
18.104.22.168. Technological advancements
22.214.171.124. Growing prevalence of diabetes
126.96.36.199. Wide range of variety
4.4.2. Market restraint analysis
188.8.131.52. Lack of awareness
184.108.40.206. High capital cost
220.127.116.11. Price volatility
4.5. Key opportunities prioritized
4.6. Global Diabetes Devices Pricing Analysis
4.7. Industry analysis – Porter’s
4.8. Global Diabetes Devices PESTEL Analysis
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