Diabetes Care Devices Market is Expected to Reach US$ 24,368.4 Mn by 2025

Analyst Speak:

“The Diabetes Care Devices Market is increasing at significant CAGR over the forecast period 2019-2025 and expected to reach US$ 24,368.4 Mn by 2025, due to rise in prevalence of diabetes in various countries around the world”.

Precision Business Insights (PBI) in its report titled “Diabetes Care Devices Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period from 2019 to 2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.

The global diabetes care devices market expected to reach US$ 24,368.4 Mn by 2025. The diabetes care devices market is growing at lucrative growth rate over the forecast years due to increase in the prevalence of diabetes around the globe. For instance, according to International Diabetes Foundation 2017, approximately 425 Mn adults were living with diabetes and this will expected to reach 629 Mn by 2045. Moreover, development of minimally invasive or non-invasive diabetes monitoring systems and insulin pumps, technological advancements in the digital diabetes care devices, and favorable reimbursement policies are anticipated to propel the diabetes care devices market over the forecast years. However, high cost of advanced diabetes care devices, low penetration of devices in underdeveloped economies, and stringent regulatory guidelines are the factors impede the diabetes care devices market over the forecast timeframe

Diabetes care devices market segmented on the basis of product type, technology, end user, and region.

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Blood Glucose Monitoring Devices Segment Expected to Dominate the Market
Based on product type, the diabetes care devices market is segmented into blood glucose monitoring devices and insulin delivery devices. Blood glucose monitoring devices dominate the global diabetes care devices market and is growing at significant CAGR over the forecast period owing to launch of technologically advanced devices such as digital and handheld devices by the market players. For instance, in January 2019, Medtronic launched Guardian Connect, a smart continuous glucose monitoring system, in collaboration with Eris Life sciences. Moreover, approval for the innovative devices by various regulatory bodies and favorable reimbursement policies for the blood glucose monitoring systems in developed countries are anticipated to surge the diabetes care devices market over the forecast years.

North America Accounts for Major Revenue Share for Diabetes Care Devices Market

Precision Business Insights (PBI), diabetes care devices market report analyses the market in different regions North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among the all regions, North America dominate the global diabetes care devices market and the market is expected to grow at prominent growth rate over the forecast years owing to favorable reimbursement policies, increase in the prevalence of diabetes in U.S. and Canada, and presence of huge number of market players in the region. For instance, according to CDC 2015, approximately 30 Mn Americans have diabetes and another 84 Mn have prediabetes that may leads to type 2 diabetes within 5 years if they are not treated. In addition, Europe diabetes care devices market creates lucrative opportunities over the forecast years owing to adoption of innovative devices and frequent product approval for diabetes care devices in Europe. For instance, in September 2014, Abbott received CE mark approval for Freestyle Libre Flash glucose monitoring system to launch in various countries in EU region

Strategic Alliances and Launch of Newer Products in Diabetes Care Devices Market

 In November 2018, Arkray, Inc. launched Glucocard Shine Connex, a Bluetooth enabled blood glucose monitoring system and Shine Express audio-enabled blood glucose monitoring systems in U.S.
 In February 2019, Abbott, Inc. and Novo Nordisk A/S partnered to provide integrated digital solution to people with diabetes using Insulin

Key player’s profiles in the report are Abbott Laboratories, Novo Nordisk A/S, Arkray, Inc., Medtronic plc, Becton-Dickinson and Company, Eli Lilly and Company, Sanofi SA, F. Hoffmann La Roche Ltd., B. Braun Melsungen AG, and Insulet Corporation

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Detailed Segmentation

By Product Type
o Blood Glucose Monitoring Devices
• Self-monitoring Blood Glucose Meters
• Continuous Blood Glucose Monitoring Devices
• Testing Strips
o Insulin Delivery Devices
• Insulin Pens
• Insulin Pumps
• Insulin Syringes
• Insulin Implants
o HbA1C Kits
o Others
By Technology
o Digital
o Conventional
By Application
o Type 1 Diabetes
o Type 2 Diabetes
By End User
o Hospitals and Clinics
o Diagnostic Centers
o Home Care
o Academic and Research Institutes
o Others
Geography
o North America
• US
• Canada
o Europe
• Germany
• France
• UK
• Italy
• Spain
• Russia
• Poland
• Rest of Europe
o Asia-Pacific
• Japan
• China
• India
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• Israel
• South Africa
• Rest of MEA

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Shreya Paul
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Email @ shreya@precisionbusinessinsights.com
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Precision Business Insights

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This release was published on openPR.