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Diabetes Management Devices Market Set to Witness an Uptick During 2016 - 2024 : Persistence Market Research
Diabetes management devices include glucometers, insulin pumps, continuous glucose monitors, and insulin pens among others. High-Tech diabetes management Meters are also available with Bluetooth, USB Port, bolus calculator (Roche’s Accu-Chek Aviva Expert), and cellular capability (that send data to remote server which can access online). There are also diabetes management meters available which measures blood ketones (Nova Max Plus, Precision Xtra). The patients on intensive insulin therapy prefer diabetes management pump instead of multiple daily injections with a syringe or pen. The diabetes management pump by Medtronic, MiniMed 530G, includes a feature that triggers the pump to stop delivering insulin for up to two hours based on blood glucose level. For insulin pens there is no need to carry a separate insulin vial. It can make injecting easier and more discreet because the insulin and injecting device are in one unit. The demand for diabetes management devices is anticipated to grow rapidly based on factors as consistently increasing geriatric population prone to diabetes, the government initiatives taken to support better management of diabetes, and the growing awareness regarding diabetes devices. The growth of the global diabetes management devices is expected to be limited by high cost associated with diabetes management devices during the forecast period.
The continuous glucose monitoring device segment is expected to grow at a significant CAGR due to ease of use. Also, insulin pumps and pens sub-segments are projected to register promising growth rates through 2024.
On the basis of regional presence, global diabetes management devices market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global diabetes management devices market in terms of value due to high demand from U.S. market during 2016-2024. In Asia Pacific region, China and India, are expected to register remarkable growth rates in the regional market due to high population suffering from diabetes, drastic change in the lifestyle, and growing awareness among people for diagnosis and treatment. In Europe, the diabetes management devices market is driven by a sudden rise in the number of people affected with diabetes and growing demand for diabetes care devices.
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Some of the major players in global diabetes management devices market are Abbott Diabetes Care, Accu-Chek, LifeScan, Bayer, Animas, Medtronic, and Roche Insulin Delivery Systems. New technologically advanced products and systems are being launched in the global market, along with expansion in the emerging markets, and greater focus on patient care and monitoring, which have been the major strategies adopted by key players in the global diabetes management devices market.
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