Diabetes Care Devices Market Valuable, Robust and Actionable Data Analysis & Forecast 2023

Diabetes care devices are used to evaluate the blood glucose level in a patient's body. These devices are also used to deliver insulin to the body of a diabetic patient. The main factor that contributes to the growth of the market includes the increase in the incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle.

In addition, technological advances in the field of diabetes devices, the increase of the obese population, the consumption of junk food and the growing need for diagnosis and treatment of diabetes faster and safer further increase market growth . According to Allied Market Research the global diabetes care devices market was valued at $6,867 million in 2016, and is expected to reach $10,208 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023.

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However, blood glucose monitoring devices do not measure the exact blood glucose level and provide a range in which a patient's blood glucose level can be. In addition, the adverse effects associated with some of the diabetes care devices also hamper the growth of the market. It is expected that awareness of diabetes management devices and untapped market opportunities in developing regions will provide numerous opportunities for market growth.

It is expected that the segment of blood glucose monitoring devices maintain its dominant position during the period of analysis, due to the increase in the prevalence of diabetes, the increase in the geriatric population, the high demand for self-care and technological advances in the blood glucose monitoring devices. In addition, blood glucose is the first step in the treatment of a diabetic patient to check the blood glucose level. Therefore, almost all people diagnosed with diabetes use blood glucose monitoring devices. This is not the case with insulin delivery devices, since not all patients diagnosed with diabetes should receive insulin injections.

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Major Companies:

• Abbott Laboratories
• ACON Laboratories Inc.
• Ascensia Diabetes Care Holdings AG
• Becton
• Dickinson and Company
• Dexcom Inc.
• F. Hoffmann-La Roche Ltd
• Johnson & Johnson
• Medtronic plc

Key Findings of the Diabetes Care Devices Market:

• The segment of blood glucose monitoring devices accounted for more than half of the global market share in 2016.

• The segment of insulin administration devices is expected to grow at a CAGR of 6.0% from 2017 to 2023.

• The test strips accounted for almost two fifths of the global market in 2016.

• Insulin pumps accounted for more than a third of the global market in 2016.

• Asia Pacific is expected to grow to the highest CAGR of 6.9%, from 2017 to 2023.

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