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Diabetes Care Devices Market is Expected to Grow at a CAGR of ~6% (2021-2027) | Industry Overview by Top Players - Medtronic, DexCom, Inc., F. Hoffmann-La Roche AG, Novo Nordisk A/S, Johnson & Johnson, Abbott Laboratories, Becton
Diabetes Care Devices Market
Market Overview
Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin is a hormone that regulates blood sugar. Hyperglycemia, or raised blood sugar, is a common effect of uncontrolled diabetes and over time leads to serious damage to many of the body's systems, especially the nerves and blood vessels.
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The number of people with diabetes is increasing due to population growth, aging, urbanization, and increasing prevalence of obesity and physical inactivity. In addition, advancements in human insulin delivery systems, innovations in insulin delivery system techniques, and healthy reimbursement policies, rising awareness among the population about diabetes control and accessibility to insulin delivery systems, and rising awareness among the population about diabetes control and accessibility to insulin delivery systems are all factors ensuring the growth of the Diabetes Care Devices Market. The prevalence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% in 2030. The total number of people with diabetes is projected to rise from 171 million in 2000 to 366 million in 2030.
Several government organizations are focusing on boosting the existing infrastructure for overall healthcare system development. Among the countries worldwide, the United States had the highest percentage of gross domestic product spent on health care in 2019. The U.S. spent nearly 17% of its GDP on health care services.
COVID-19 Impact
In 2020, the coronavirus (COVID-19) pandemic showed unharmed impact on the growth of the diabetes care devices market. Manufacturers of these devices are growing their business in countries like China and India, which have big diabetic populations. Furthermore, insulin pens are becoming more technologically advanced to assist patients in better managing their diabetes. For instance: Medtronic launches first integrated smart insulin pen for diabetics in 2020, Medtronic's InPen integrated with real-time Guardian Connect CGM data. InPen is the first and only FDA-cleared smart insulin pen on the market for people on multiple daily injections (MDI).
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Diabetes Care Devices Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
• Monitoring Devices
• Self-monitoring Blood Glucose
• Glucometer Devices
• Test Strips
• Lancets
• Continuous Glucose Monitoring
• Sensors
• Durables
• Management Devices
• Insulin Pumps
• Insulin Pump Device
• Insulin Pump Reservoir
• Infusion Set
• Insulin Syringes
• Insulin Cartridges
• Disposable Pens
• Jet Injectors
Based on Type, the market is segmented into Monitoring Devices (Self-monitoring Blood Glucose (Glucometer Devices, Test Strips, Lancets), Continuous Glucose Monitoring (Sensors, Durables), Management Devices (Insulin Pumps, Insulin Pump Device, Insulin Pump Reservoir), Infusion Set, Insulin Syringes, Insulin Cartridges, Disposable Pens, Jet Injectors. The Monitoring Devices segment leads the Diabetes Care Devices Market. Self-monitoring Blood Glucose are growing in popularity, and many people with diabetes nowadays use a SMBG devices as it allows more simple and accurate results instantly.
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By End-User, the market is primarily segmented into:
• Patients/Homecare
• Hospitals & Clinics
Based on End-User, the Diabetes Care Devices market is segmented into Patients/Homecare and Hospitals & Clinics. The patients/homecare segment commanded the largest share of the diabetes care devices market and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing diabetic population and rising healthcare expenditures.
Forklift Market Region Segmentation Includes:
• North America
• Europe
• Asia Pacific
• Rest of World
Based on the estimation, North America dominated the market in 2020. Asia-Pacific is expected to witness the highest CAGR growth during the forecast period.
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The major players targeting the market includes:
• Medtronic
• DexCom, Inc.
• F. Hoffmann-La Roche AG
• Novo Nordisk A/S
• Johnson & Johnson
• Abbott Laboratories
• Becton, Dickinson and Company
• Tandem Diabetes are, Inc.
• Ascensia Diabetes Care Holdings AG
• B. Braun Melsungen AG
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Diabetes Care Devices Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and advancements in the Diabetes Care Devices Market?
• Which factors are influencing Diabetes Care Devices Market over the forecast period?
• What are the global challenges, threats, and risks in the Diabetes Care Devices Market?
• Which factors are propelling and restraining the Diabetes Care Devices Market?
• What are the demanding global regions of the Diabetes Care Devices Market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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UnivDatos Market Insights
Pawnendra Pawan
Client Development Lead
Ph: +91-7838604911
Email: pawnendra@univdatos.com
Website: https://univdatos.com/
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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Top Key Player:-
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Braun Melsungen AG
Boston Scientific Corporation
R. Brad, Inc.
Cardinal Health, Inc.
Medtronic plc.
Cook Medical, Inc.
Teruma Corporation
Jude Medical, Inc.
The Spectranetics Corporation
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