Diabetes Devices Market to Surpass US$ 73.4 Bn by 2027

According to Transparency Market Research's latest report on the global diabetes devices market for the historical period 2017-2018 and forecast period 2019-2027, increase in prevalence of diabetes, and increase in adoption of insulin pumps among type 1 diabetes patients are projected to drive the global diabetes devices market during the forecast period.

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According to the report, the global diabetes devices market was valued at US$ 41.8 Bn in 2018 and is anticipated to expand at a CAGR of 6.4% from 2019 to 2027

Increase in Prevalence of Diabetes Expected to Drive Global Diabetes Devices Market: Key Drivers

Prevalence of diabetes is expected to increase exponentially worldwide due to change in lifestyle and various factors such as malnutrition, genetic mutations, and others. According to various government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases. For instance, according to the American Diabetes Association, diabetes accounts for nearly 71,000 deaths in the U.S. each year. About 1 in 11 adults in the country suffers from diabetes.

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Rise in prevalence of diabetes across the U.S. and Asia is anticipated to boost the growth of the diabetes management market due to a relative increase in demand for insulin delivery devices

According to the International Diabetes Federation, 422 million people across the world were living with diabetes in 2016, and over 10% of the world's adult population, or around 642 million people, will have diabetes by 2040. Hence, increase in the diabetic population in Asia and the U.S. is expected to propel the diabetes devices market.

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Increase in Adoption of Insulin Pump among Type 1 Diabetes Patients Boost Market Growth

Over the last decade, Type 1 diabetes has been one of the increasing in major healthcare concern for many countries. Countries like the U.S., China, U.K, and Germany have seen increasing rates of T1 incidences.

Type 1 diabetes (T1D) is type of autoimmune disease which occurs in children and adults in which pancreas stops producing insulin. The increasing incidences of Type 1 diabetes (T1D) among the children's is one of the major healthcare concern. For instance, according to IDF, in 2015 Europe region had 140,000 children's (0-14 years) with Type-1 Diabetes and 21,600 new cases diagnosed every year.

Type-1 diabetes patients majorly use the insulin pen or insulin pumps. Insulin pumps are relatively costly as compared to other insulin delivery devices. However, the adoption of insulin pumps among is increasing gradually in many developing and developed countries.

This increasing incidences of type-1 diabetes in developing and developed countries are expected to drive the growth of the global insulin pumps market.

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Threat of Alternative Therapies for Diabetes to Hamper Market

Diabetes is a dreadful disease that is becoming a serious threat to human health. Rise in obesity and sedentary lifestyle have become a major cause of increasing diabetes prevalence across the world.

Various treatments and drugs are available for diabetes. However, total recovery from diabetes is still a matter of concern. Alternative to synthetic agents, natural cure by plants provides a potential source curing complications of hypoglycemia.

Other alternative therapies such as acupuncture, diabetic supplements, hydrotherapy, and yoga are practiced for treatment of diabetes and have no side effects

These emerging alternative therapies are likely to act as major restraints of the diabetes device market

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Global Diabetes Devices Market: Competitive Landscape

This report profiles major players in the global diabetes devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global diabetes devices market is highly fragmented, with the presence of a number of international as well as regional players

Leading players operating in the global diabetes devices market are

Medtronic
Novo Nordisk A/S
Sanofi
Eli Lilly and Company
Hoffmann-La Roche Ltd.
Becton
Dickinson and Company
Tandem Diabetes Care, Inc.
Abbott Laboratories
Cellnovo
Insulet Corporation
LifeScan, Inc.
Owen Mumford Ltd.

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