Global Diabetes Care Devices Market Size, Share & growth is Set to Expand at a healthy CAGR of 6.7% by 2027 | BlueWeave
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Availability of Wide Range of Products for Managing Diabetes Driving Market Growth
Diabetes is a chronic disease which is of three types; Type 1, Type 2, and gestational diabetes. The needs of patients suffering from different types of diabetes may vary based on their environment, lifestyle, and other medical conditions they have. Therefore, market players are investing in research and development for offering a wide range of products and devices which cater to the needs of patients suffering from any type of diabetes. Furthermore, they are also focusing on streamlining the distribution so that more and more patients can easily access these devices. These factors are expected to have a very positive influence, which is also likely to drive the market forward.
Raising Awareness and Adoption of Diabetes Care Devices
The rate at which diabetes has been spreading among the population has been very rapid. However, patients are now better informed about their bodies and the treatment options available to them. Moreover, governments of different countries are also taking measures to spread awareness about diabetes. Additionally, the WHO has partnered with more than 100 diabetes advocates worldwide, along with the Canadian government, to launch the new Global Diabetes Compact, originally announced in November 2020 on World Diabetes Day. The WHO Global Diabetes Compact aims to reduce the risk of diabetes and give all people with diabetes access to a holistic, inexpensive, and high-quality management program. These factors are expected to pull the market demand for the diabetes care devices market. There has also been a sharp surge in the adoption and use of these devices in hospitals as well as self-home care, which is likely to propel the market during the forecast period.
Insulin Delivery Devices will witness higher growth in the Forecast Period
There are three types of diabetes care devices available in the market; blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Among these, the insulin delivery devices segment is projected to witness the highest CAGR in the forecast period. Factors like technological advancements for efficient and better delivery of insulin are contributing significantly towards the growth of this segment. The rising adoption of such devices for better delivery for the drug and glucose control will further propel the market growth in the upcoming years.
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Global Diabetes Care Devices Market - Regional Insights
Geographically, the global diabetes care devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America has recorded the highest demand for these devices in the year 2020 and has been maintaining its dominance over the past few years. However, the Asia-Pacific region is also estimated to gain traction in the forecast period and come up as a potential market with its rapidly growing diabetic population, along with rising access to advanced medical services.
Impact of Covid-19 on the Global Diabetes Care Devices Market
The Covid-19-induced pandemic has had a mixed effect on the global diabetes care market. Because the patients avoided visiting healthcare facilities due to the spread of the virus, there was an increasing need for self-monitoring and treatment of diabetes at home, which propelled the demand for these devices. As the governments of various countries imposed nationwide lockdowns to curb the spread of the virus, production and manufacturing ceased, resulting in a shortage of products in the market. Furthermore, the distribution channels were halted too as imports and exports were completely halted. Due to this, the overall diabetes care devices market suffered a lot. However, COVID-19 is expected to result in an even higher incidence of diabetes, and researchers will need to further explore the pathophysiology of COVID-19-induced diabetes, owing to which the global diabetes care devices market is likely to thrive in the post-Covid era.
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The leading market players of the global diabetes care devices market are Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Rossmax International Ltd., Medtronic PLC, Sinocare, Inc., Ascensia Diabetes Care Holdings AG, Abbott, Rossmax International Ltd., Arkray, Inc., Dexcom, Inc., Bionime Corporation, Dickinson And Company, Ypsomed, Terumo Corporation, and other prominent players. The market is highly competitive due to the presence of giant industry players. Adoption of competitive strategies like mergers, partnerships, collaboration for the launch of innovative products, and expansion of product portfolio is very prevalent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global diabetes care devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global diabetes care devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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