Diabetes Care Devices Market Insights
The global Diabetes Care Devices market is estimated to grow at a moderate CAGR during the forecast period. The market is driven by rising incidence of diabetes and awareness about consequences of the disease. Diabetes care devices are primarily used to monitor glucose levels in a diabetic patient’s body. Devices are also used to deliver insulin into the patient’s body. According to data produced by the World Health Organization, the prevalence of diabetes among adults over 18 years of age was 8.5% in 2014; while more than 1.6 million people died due to diabetes in low and middle income countries.
Technological advancements in diabetes monitoring devices, awareness about controlling diabetes to avoid fatalities and growing incidence of the disease in developing countries are factors expected to have a positive impact on growth in the diabetes care devices market. however, lack of know-how and high cost of diabetes monitoring devices is projected to hinder market growth during the coming years.
Diabetes Care Devices Market: By Product
The global Diabetes Care Devices market can be broadly segmented into monitoring devices and management devices. The diabetes monitoring devices segment is sub-segmented into blood glucose meters, blood glucose test strips, lancets, durables and sensors among others. Similarly, the diabetes management segment is further classified into insulin pump, syringes, cartridges, disposable pens and jet injectors among others. The diabetes monitoring devices segment is estimated to hold the largest market share in terms of revenue during the forecast period. This can be attributed to rise in geriatric population, growing number of diabetes tests, sedentary lifestyle and growing awareness about diabetes in developed as well as developing countries. The demand for diabetes management devices is also projected to grow at a significant CAGR during the forecast period.
Diabetes Care Devices Market: Regional Insights
North America is projected to hold the largest market share in the diabetes care devices market during the forecast period. This can be attributed to availability of high quality healthcare infrastructure, accessibility to healthcare services and high disposable income of the population. Demand for diabetes care devices in the Asia Pacific region is estimated to grow at the highest CAGR owing to its high population, growing cases of diabetes among the low and middle income groups and awareness about the disease. Investments from the public and private sector in developing economies are further expected to boost market growth in the Asia Pacific region.
Diabetes Care Devices Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Diabetes Care Devices Market: Share & Competitor Analysis
Some of the key players operating in the Diabetes Care Devices market are Abbott Laboratories, 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.
In October 2018, Amazon teamed up with Arcadia Group to launch a line of consumer use medical devices for management of diabetes and hypertension
In March 2018, Medtronic received approval from the U.S. FDA for its Guardian(TM) Connect continuous glucose monitoring (CGM) system
In January 2018, Abbott announced availability of their continuous monitoring device FreeStyleLibre System to Medicare patients in the U.S.
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