Market Research Report
North America Diabetes Care Devices Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||390763|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|North America Diabetes Care Devices Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: April 1, 2018||Content info: 90 Pages||
The North America diabetes care devices market is expected to register a CAGR of about 6.4% during 2018-2023 (the forecast period). The United States is anticipated to dominate the market during the forecast period, owing to the growing prevalence of obesity in the country.
Growing Epidemic of Obesity in the US
Obesity is one of the most challenging health crises in the United States, which is affecting the US diabetes care devices market. Twenty years ago, none of the states in the United States had an obesity rate of over 15%. However, at present, only Colorado has an obesity rate below 20%. The Southern states are witnessing the highest rates of obesity. Moreover, Mississippi tops the list, where nearly 34% of the population is obese. State by state, the obesity rates gets higher. The increasing obesity rate is affecting the prevalence of diabetes among the regional population, which is likely to be a driving factor for the market for diabetes care devices in the region. The rising awareness, regarding diabetic care, growing healthcare expenditure, and technological advancements are further driving the market for diabetes care devices in North America.
Low Patient Compliance
The rate of adoption of highly advanced devices to the number of incidences of diabetes is not proportionate in the developing countries, like Mexico. The low adoption rate for diabetes care devices can be attributed to the public unwillingness for regular checkups. As diabetes is not a severely pain-causing or instantly life-threatening disease, people seldom take it seriously and keep a check on their blood glucose levels regularly. According to the International Diabetes Federation, as of 2014, the number of undiagnosed diabetes adults reached nearly 4 million. Over one-fifth of the population lives in the rural areas, where awareness, regarding diseases, availability of technology, and related treatments are negligible. The public unwillingness toward regular checkups, along with low awareness regarding technological advancements, and a highly competitive market are the major factors restraining the market.
The US to Dominate the Market
In North America, the United States dominates the diabetes care devices market. Increasing prevalence of diabetes, caused by rapid urbanization and sedentary lifestyles, is a major factor attributing to this growth. The United States is anticipated to grow tremendously during the forecast period and remain occupying the highest share of the North America diabetes care devices market. This growth can be attributed to the factors, like a high prevalence of diabetes, growing obese population, and government initiatives in creating awareness, regarding diabetes care and preventive diagnosis.
Key Developments in the Market
March 2018: Medtronic PLC received the US Food and Drug Administration (FDA) approval for the Guardian(TM) Connect continuous glucose monitoring (CGM) system, for diabetics aged between 14-75 years.
January 2018: Abbott announced that the FreeStyleLibre System, the company's revolutionary new continuous glucose monitoring (CGM) system, is now available to Medicare patients in the United States.
Major Players: ABBOTT, ACON LABORATORIES, INC., BAYER AG, BECTON, DICKINSON AND COMPANY, ELI LILLY & CO., F. HOFFMANN-LA ROCHE LTD, JOHNSON AND JOHNSON, MEDTRONIC PLC, NOVO NORDISK A/S, AND SANOFI, amongst others.
Reasons to Purchase this Report
Current and future North America diabetes care devices market outlook in the developed and emerging markets
Various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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