Diabetes Care Devices Market to Grow at a CAGR of 15.65% During the Forecast Period 2020-2025
In addition, technical developments in the field of diabetes products, an increase in the obese population, junk food intake and an increase in the need for quicker and safer diagnosis and diabetes care are projected to further fuel consumer demand. Blood glucose control systems, however, do not calculate the exact amount of glucose in the blood and provide a range that a patient's blood glucose amount can lie within. Moreover, the adverse effects associated with some of the diabetes treatment products also obstruct the development of the market. Increased understanding of diabetes tracking products and untapped consumer prospects are projected to create multiple opportunities for market development in emerging regions.
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Diabetes Care Devices Market Segment Analysis - By Product Type
On the basis of product type, the blood glucose monitoring devices segment has the largest share of the global market for Diabetes Care Devices growing at a CAGR of 15.05%, and is anticipated to rise steadily over the forecast period 2020-2025 owing to the growing improvements and technical advancement of diabetes treatment devices in blood glucose tracking devices. The glucose tracking system provides a quantitative glucose level calculation which provides an alert if the glucose level is too low or too high.
On the contrary, the insulin delivery devices is poised to grow at a higher CAGR during the forecast period owing to the growing adoption of these devices among healthcare professionals and patients driven by its remarkable advantages such as high stability and technologically advanced properties.
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Diabetes Care Devices Market Segment Analysis - By Geography
North America dominated the Diabetes Care Devices Market with a share of 39.5% in 2019. The application of Diabetes Care Devices has grown rapidly over the last few years owing to the rising prevalence of diabetes, caused mainly due to urbanization and sedentary lifestyles. According to IDF, in 2019, USD 324.5 billion was spent on diabetes in the region, which is 42.7% of the total global health expenditure on diabetes. In North America, USD 294.6 billion was spent in the United States alone. The mean annual expenditure per person with diabetes was highest in the United States (USD 9,506), followed by Canada (USD 4,397).
Furthermore, over the forecast period 2020-2025, Asia Pacific is estimated to grow at the fastest rate on account of a predominant sedentary lifestyle and an increase in the ageing population. In this region, the diabetes care devices market in India and China are anticipated to grow tremendously.
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Diabetes Care Devices Market Drivers
Increase in Diabetes Prevalence
Presently, significant rise in global demand for diabetes care devices products is directly related to alterations in diet and lifestyle have contributed to an increase in the prevalence of all non-communicable disorders, including diabetes. The main reasons that are anticipated to contribute to the rise in the global incidence of diabetes over the forecast period are changes in the size of the obese population, poor eating habits, physical inactivity and growing era. According to the International Diabetes Federation (IDF), the number of people with diabetes increased from about 414 million in 2015 to 425 million in 2017 and in 2016, nearly 1.6 million deaths occurred owing to diabetes. This increase in diabetes prevalence was a key factor for the market’s growth during 2020-2025.
Diabetes Care Devices Market Challenges
Low Healthcare Access
During the analysis period healthcare access was relatively poor in most developing countries compared to the developed nations. Globally, in low and middle income economies, the incidence of diabetes is considerably higher. According to IDF, three quarters of the global diabetes prevalence population is from low-to-middle economic countries. The low access to healthcare services and insufficient number of healthcare professionals in low-to-middle economic countries is anticipated to have a negative impact on the global diabetes care devices market during the forecast period 2020-2025.
Diabetes Care Devices Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Diabetes Care Devices Market. In 2019, Diabetes Care Devices Market share is fragmented by the top ten players present in the market. Diabetes Care Devices Market top 10 companies are Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG (formerly diabetes case business of Bayer AG), Becton, Dickinson and Company, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S and others.
In February 2020, Abbott received US FDA approval for the use of FreeStyle Libre 14-day Flash glucose monitoring systems in hospitals.
In December 2019, Eli Lilly and Company announced a global commercialization agreement to integrate DexCom, Inc.’s products into Lilly's personalized diabetes management system, currently in development, to advance the treatment of diabetes.
North America dominated the Diabetes Care Devices Market with a share of 39.5% in the year 2019.
The factors such rapid international research collaboration and the growth of the diabetes-affected patient pool are amongst the major factor projected to impel growth of Diabetes Care Devices Market.
Increase in the incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle and technological advancements in the field of diabetes devices are the key factors owing to the growth in the segment during forecast period 2020-2025.
Related Reports :
A. Diabetes Therapeutics Market
B. Blood Glucose Monitoring System Market
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