(MENAFN- iCrowdNewsWire) Apr 21, 2020
Based on current analysis, the global diabetes devices market was valued at USD21.93 billion in 2018 and is expected to reach USD 38.53 billion by 2026, at a CAGR 7.3% Rising awareness about therapeutics for diabetes and diabetes management among patients is strengthening growth of the market. Continuous technological developments and advancements in the product is another factor expected to create potential opportunities in the market and continue over the forecast period. The diabetes devices offer a solution to diabetes affected patients manage the sugar level in the blood. diabetes device are devices used for checking the sugar level in the blood, it is also used to control glycemic improvement and reduction in hypoglycemia.
Diabetes Devices Market Size USD 21.93 Billion in 2018, Growth CAGR of 7.3%, Trends Product Launches and Research for Advanced Tech Developments
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Moreover, multiplying prevalence of diabetes, rising awareness regarding diabetes care, growing intensity of obesity and technological progressions are further fueling the market growth of diabetes devices. According to WHO, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese. Obese population are likely to be detected with type 1, type 2 or gestational diabetes. This information helps us to understand that diabetes market is growing at an increasing rate due to market drivers mentioned above.
Companies profiled for this market study
Medtronic, Insulet, Dexcom, Sanofi, Tandem, Ypsomed, Eli Lilly, Bayer Healthcare AG, Becton Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG and Johnson & Johnson.
Segments covered in this market study
Type (Revenue in USD Million; 20162026)
- Glucose Monitoring Devices
- Self- monitoring blood glucose meters
- Blood glucose testing strips
- Lancets
- Continuous glucose monitoring meters
- Insulin Delivery Devices
- Insulin syringes
- Insulin pens
- Insulin pumps
- Diabetes Management Software
- Artificial Pancreas System
Distribution Channels (Revenue in USD Million; 20162026)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics/ Centers
- Others
Regional Outlook (Revenue in USD Million; 20162026)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Brazil
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Key findings from the report
Asia-Pacific is anticipated to grow enormously at CAGR of 8.2% 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
Medtronic PLC received the US Food and Drug Administration (FDA) approval for Guardian (TM) Connect continuous glucose monitoring (CGM) system, for people with diabetes aged between 14-75 years. such market initiatives are proving to be profitable for the growth of diabetes device market
Glucose monitoring devices dominated the diabetes devices market by registering 52% of market share in diabetes device products
Expansion of the global diabetes management devices market is also supported by prominent investments, scope of infiltration in middle- and low-income regions and increasing awareness in patient population about effective diabetes control and thus preclusion of disease related complications
Opportunities for global diabetes device market are adding up due to development of artificial pancreas and development of home infusiontherapy. Major market players are developing products that designed to instrument glucose monitoring technologies
North America is leading the regional market, followed by Europe owing to higher number of obese individuals, advanced healthcare infrastructure, availability of technologically advanced products and overall health consciousness.
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John Watson
Head of Business Development
Reports and Data
40 Wall St. 28th floor New York City, NY 10005 United States
Direct Line: 1-212-710-1370
E-mail: [email protected]
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Contact Information: John Watson
Head of Business Development
Reports and Data
40 Wall St. 28th floor New York City, NY 10005 United States
Direct Line: +1-212-710-1370
E-mail: [email protected]
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