Market Research Report
Diabetes Care Devices Market - Growth, Trends, and Forecast (2012 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390762|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Diabetes Care Devices Market - Growth, Trends, and Forecast (2012 - 2024)|
|Published: February 1, 2019||Content info: 110 Pages||
The global diabetes care devices market is expected to register a CAGR of about 6.8% during the forecast period (2019 - 2023).
Asia-Pacific is anticipated to dominate the market during the forecast period, owing to rising prevalence of obesity in the region.
There has been a significant rise in insulin delivery systems technology, from insulin injections to insulin pumps.
Technological innovations and advances give much convenience in measuring the blood glucose levels. One such advancement in monitoring the blood glucose levels is established with continuous glucose monitoring devices.
The global diabetes care devices market is segmented by management devices (insulin pumps, insulin pens, syringes, cartridges, and jet injectors) and monitoring devices (self-monitoring blood glucose (hospital and personal use) and continuous glucose monitoring), and geography.
Key Market Trends - Rising Prevalence of Diabetes
As per a WHO report, the global prevalence of diabetes among adults of over 18 years accelerated from about 4.7%, in 1980, to over 8.5%, in 2014.
Diabetes prevalence has been rising rapidly in the middle- and low-income countries. In 2015, about 1.6 million deaths were directly associated with diabetes, which was around 2.2 million in 2012.
Almost half of all deaths attributable to high blood glucose occur before the age of 70 years. WHO projects that diabetes is likely to be the seventh-leading cause of death by 2030.
The growing prevalence of diabetes is the major driver for the global diabetes care devices market. Additionally, rising awareness regarding diabetes care, growing prevalence of obesity, and technological advancements are further driving the market for diabetes care devices.
North America to Dominate the Monitoring Devices Segment
The factors attributing to the North American market growth is the rising prevalence of diabetes, caused mainly due to urbanization and sedentary lifestyles.
Asia-Pacific is anticipated to grow tremendously during the forecast period, owing to factors, such as a high prevalence of diabetes, growing obese population, and government initiatives of raising awareness regarding diabetic care.
There have been constant innovations driven by manufacturers to compete and struggle in the market. The major players, such as Abbott and Medtronic, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies. Examples of few strategic outcomes include:
In March 2018, Medtronic PLC received the US Food and Drug Administration (FDA) approval for Guardian(TM) Connect continuous glucose monitoring (CGM) system, for diabetics aged between aged between 14-75 years.
In January 2018, Abbott announced that the FreeStyleLibre System, the company's revolutionary new continuous glucose monitoring (CGM) system, was available to Medicare patients in the United States.