According to a new market research study titled ‘Diabetes care devices market - Global Analysis and Forecasts by Product, and End User. The global diabetes care devices market is expected to reach US$ 39,382.3 Mn in 2027 from US$ 23,354.3 Mn in 2018. The market is estimated to grow with a CAGR of 6.1% from 2019-2027. The report highlights the trends prevalent in the global diabetes care devices market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to due to rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in diabetes care devices.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes namely diabetes type-I also known as diabetes insipidus and diabetes type-II also termed as diabetes mellitus. Incidences and prevalence of diabetes is steadily increasing across the globe. Type 2 diabetes is the most prevalent form of diabetes and has increased alongside cultural and societal changes. In high-income countries up to 91% of adults with the disease have type 2 diabetes. According to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017and it is expected to reach 629 million by 2045 across the globe. Owing to the rising cases of diabetes across various countries, the need and demand for the diabetes care devices for the treatment of the diabetes is expected to increase in the coming years.
Global diabetes care devices market, based on the product was segmented into glucose monitoring devices and insulin delivery devices. Glucose monitoring devices segment led the market for diabetes care devices in 2018, contributing a market share of 54.1% and is expected to retain its dominance during the forecast period from 2019 to 2027. The glucose monitoring devices market consists of components such as glucometers, lancets, testing strips and other glucose monitoring devices. In 2018 testing strips segment held the largest market share among the glucose monitoring devices segments. In the market various market players have introduced their devices for the glucose monitoring for instance, Contour Net EZ, Accu-Check Aviva, Abbott FreeStyle, One Touch Verio, are some of the key products that are offed by the players such as Abbott, F. Hoffman-La Roche Ltd, and others.
Some of the prominent players operating in diabetes care devices market are, BD, Novo Nordisk A/S, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Dexcom, Inc., Terumo Corporation, and F. Hoffman-LA Roche Ltd. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in February 2019, Medtronic plc, the global leader in medical technology, announced it has received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its Personalized Closed Loop (PCL) insulin pump system, currently in development. The PCL technology is designed to automate insulin delivery in a way that is real-time, personalized and adapts to the user. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global diabetes care devices market as follows:
Global Diabetes care devices market – By Product
Global Diabetes care devices market – By End User
Global Diabetes care devices market – By Geography
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