Diabetes Care Devices Market report offers Market Size, Dynamics, Regional Market Share, Top Key Players, Latest trends, Growth factors, Industry Stats, Historic Market, Business Intelligence, Business Research Reports, Competitive Intelligence 2013 to 2017 and Forecast 2018 to 2024
Global diabetes care devices market is growing at a significant rate due to the increase in the incidence of diabetes, especially in adults. The key drivers for the growth of global diabetes care devices market are rise in innovative technologies, minimally or non-invasive products and increasing diabetic population boosting the growth of global diabetes care devices market. Similarly, availability of devices, that are faster, effective, safer, and user-friendly are the key factors fuel the growth of the global diabetes care devices market over the forecast period. Apart from this, government and private investment in research and development, and low diagnostic rates might fuel the growth of global diabetes care devices market. However, the high cost of new devices, lack of awareness, stringent regulatory obligations, and disparity in reimbursements are some the factors that are constraining the growth of global diabetes care device market.
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Global diabetes care devices market has been segmented on the basis of product type, and distribution channel
Based on product type, global diabetes care devices market has been segmented into the following:
- Blood glucose monitoring devices
- Self-monitoring blood glucose meters
- Continuous glucose meters
- Consumables
- Others
- Insulin delivery devices
- Insulin syringes
- Insulin pens
- Insulin pumps
- Insulin jet injectors
Based on distribution channel, global diabetes care devices market has been segmented into the following:
- Hospital pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
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Globally, diabetes is the fourth leading cause of death. According to the International Diabetes Federation (IDF), seven Mn people are added every year to the pool of 246 Mn diabetics, which is projected to increase approximately 438 Mn by 2030. Moreover, about 3.8 Mn people die each year from diabetes. The global diabetes care devices market is highly fragmented with the presence of several large and small vendors, due to which it witnesses an intensely competitive environment. For the development of new products, and enhance the competitiveness, most vendors partnering with other vendors in the global diabetes care devices market. For instance, in June 2016, Ascensia Diabetes Care partnered with Medtronic for developing and marketing diabetes management solutions. Furthermore, to develop and market test strips and blood glucose meters, vendors are also undertaking strategic alliances due to which the market presents a significant opportunity for new players in the global diabetes care devices market. In 2000, Minimed has launched the Continuous Glucose Monitoring System in the global diabetes care devices market which measures and store glucose values for 3 days. Further, the device is developed to store the results up to 6 or 7 days and helps to see data in the real time. For instance, Medtronic (Enlite, Guardian Realtime), Abbott (Freestyle Navigator II), and Dexcom’s (G4 Platinum)
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Geographically, the diabetes care devices market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the markets followed by Europe and Asia-Pacific. North America garners significant market share due to the growing diabetic population. According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S., availability of skilled professionals, and reimbursement for the diabetes care devices are the major factors contributing to the growth of the global diabetes care devices market in North America. Europe is the second largest region for global diabetes care devices market in the world due to the rapidly aging population and drastic changes in lifestyle. Asia-Pacific region is major market for global diabetes care devices due to the large patient pool, and rising diabetes incidence in the region. According to the International Diabetes Federation (IDF), China has the largest number of diabetic patients with around 96.2 Mn and India has around 66.8 Mn diabetic patients, which represents approximately 45% of the global diabetic population. Aforementioned factors help to boost diabetes care devices market in Asia-Pacific region.
Some of the players in global diabetes care devices market are Abbott Laboratories (Abbott, Inc.) (U.S.), Dexcom Inc. (U.S.), Johnson & Johnson Services Inc.(U.S.), Merck & Co, Inc. (U.S.), F. Hoffman-La Roche (Switzerland), Becton-Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Bayer AG (Germany), Medtronic plc. (Ireland), Terumo Corporation, Inc. (Japan), Ascensia Diabetes Care (U.S.) Panasonic Healthcare Holdings Co. Ltd. (Japan) and Eli Lilly and Company (U.S.) to name a few.
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