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Diabetes Monitoring Devices Market: Competitive Intelligence and Tracking Report 2018 – 2026 By Top Key Players Bayer Healthcare AG, Medtronic, Dexcom, Sanofi, Abbott Laboratories, MediWise, Arkay, Inc., Cnoga Medical

05-22-2019 01:44 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Medical Devices Industry

Diabetes Monitoring Devices

Diabetes Monitoring Devices

The major factors contributing the growth of global diabetes monitoring devices market are increasing number of patients suffering from diabetes across the world. According to the World Health Organization (WHO) 2014, diabetes is one of the diseases that has dire consequences on health, which affected around 422 million people across the world in 2014. Moreover, it has resulted in approximately 1.6 million deaths in 2015, which increases the demand for management solutions. Moreover, obesity is one of the other prominent factor that leads to the cause of diabetes in most of the obese patients.

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According to The National Institute of Diabetes and Digestive and Kidney Diseases, Statistics on Diabetes 2015, over 90% of patients suffering from diabetes were reported to be obese. However, the high cost of these devices coupled with the calibration errors associated with these devices are hindering the market growth. The research and development in the area of continuous glucose monitors are expected to provide growth opportunities for new and established market players to capitalize upon and witness growth in terms of sales, as these devices are in high demand due to the hassle free diabetes monitoring records that they provide in real time at a go. The global Diabetes Monitoring Devices Market was valued at US$ 15,276.1 million in 2016 and is expected to witness a robust CAGR of 8.87% over the forecast period (2017 - 2025).

An extensive patient pool serves as a major driving factor for the diabetes monitoring devices market

Increasing incidence of diabetes across the world is one of the primary factor responsible to drive growth of the global diabetes monitoring devices market. For instance, according to the World Health Organization (WHO), 2014, around 8.5% of adults aged 18 and above accounting for 422 million adults were suffering from diabetes worldwide. Moreover, diabetes was the cause of 1.6 million deaths in 2015 and high blood glucose levels was the cause of another 2.2 million deaths.

Advancements in the glucose monitoring devices to boost growth of the global market

Market players are actively investing into research for developing innovative solutions by integrating units to monitor the insulin levels and maintain the blood glucose levels by automatically delivering insulin to parts of the body with the help of continuous glucose monitoring systems. For instance, in September 2017, the U.S. FDA approved first blood sugar monitor that does not require finger pricks and uses a small sensor that can be attached to the upper arm for continuous glucose monitoring. Moreover, in February 2018, Medtronic Plc introduced a next generation continuous glucose monitoring system named iPro 2 Professional to improve diabetes management in 41 economies around the world.

The key players operating the global diabetes monitoring devices market include Bayer Healthcare AG, Medtronic, Dexcom, Sanofi, Abbott Laboratories, MediWise, Arkay, Inc., Cnoga Medical, and Bigfoot Biomedical.

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North America accounts for highest share in the global diabetes monitoring devices market, owing to government initiatives undertaken for the prevention of diabetes and treatment support coupled with presence of leading players in the region and advanced technical implementation in drug discovery procedures. For instance, in April 2017, the Centers of Disease Control and Prevention (CDC) released a five year funding opportunity announcement to scale up the National Diabetes Prevention Program in underserved areas of the country. Moreover, the CDC’s Division of Diabetes Translation (DDT) funds state and local health departments to support programs and activities for improving health outcomes in people suffering from diabetes. Asia Pacific is expected to witness a significant growth over the forecast period, owing to increasing incidence of diabetic patients as well as development of cost-effective diabetes monitoring devices to cater the local population.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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