A research study titled, “Diabetes Devices Market by Product -
Global Industry Analysis and Forecast to 2025” published by Crystal Market
Research, states that the diabetes devices market is projected to be around $35
billion by 2025.
Diabetes is
severe lifelong condition characterized by high glucose level in the blood
stream. It is one of the most common chronic diseases across the globe that
occurs either when body doesn’t produced sufficient insulin or when body fails
to absorb insulin produced by pancreas. According to International Diabetes
Federation (IDF), in 2015, 415 million people across globe were affected with
diabetes and this number is expected to reach 642 million by 2040. Moreover,
diabetes incidences are rising more rapidly in middle and low income countries.
This high prevalence of diabetes across globe can be attributed to various factors
such as changes in lifestyle, increasing elderly population, increase in
obesity rate, and family history of diabetes and related disorders. Diabetes
has long term impact on health and economic condition of individuals. Over a
period of time, diabetes affect kidney, damages heart vessels, and eyes,
leading to malfunctioning of body besides people with diabetes are likely to
incur huge expenditure causing financial burdens on them and family members.
Thus, rising incidence of diabetes will increase demand for highly advanced
diabetic care devices.
Monitoring
and diagnostic devices segment dominated the global market in 2016, owing to
technological advancements coupled with high adoption rate of these products.
Test strips dominated the monitoring and diagnostic devices segment in 2016.
However, continuous glucose monitors segment is projected to witness high
growth during the forecast period, owing to increase adoption rate of glucose
monitoring devices and shift towards home healthcare services. Insulin pen
segment garnered largest share of insulin delivery devices segment in 2016, due
to number of factors such as ease of usage and increase in adoption of insulin
delivery devices due to growing awareness about available diabetes treatment
options. Demand for insulin syringes segment is predicted to decline during the
forecast period. This decline is primarily due to enforcement of regulatory
guidelines to minimize injuries due to needles and increase demand for safe
insulin delivery methods.
North America accounted for the largest share of the
global market in 2016 and is projected to continue its lead during the forecast
period. This can be attributed to high adoption rate of technologically
superior products and growing aging population needing better healthcare
facilities. Asia-Pacific is expected to witness high growth in the forecast
period. Countries such as India and China will provide significant growth
opportunities due to presence of high patient base coupled with rapidly aging
population. Emerging economies such as Brazil and Argentina are poised to
witness fastest growth after Asia-Pacific regions, primarily due to improving
healthcare infrastructure, growing awareness about available treatment methods,
and increasing disposable income of people.
Roche
Diagnostics dominated the global diabetes devices market with its Accu check
product line followed by Johnson & Johnson. Abbott Laboratories have very
strong presence in countries such as China and India. Other major players in
market are Novo Nordisk A/S, Medtronic, Inc., Becton Dickinson and Company,
Bayer Healthcare AG, and Sanofi.
Get complete access of the Report @ http://www.crystalmarketresearch.com/report/diabetes-devices-market
Competitive Analysis
A large number of companies
compete with each other to increase their market share and sustain their
positions at global level. Therefore, they have been introducing large number
of innovative and technologically advanced products to the market. For instance,
in May 2016, Ascensia Diabetes Care obtained CE Mark for its new CONTOUR NEXT
ONE and CONTOUR PLUS ONE blood glucose monitoring systems. This is one of the
major developments in the evolution of self-monitoring of blood glucose for
diabetic people.
Some of the major players in
the market are Novo Nordisk A/S, Bayer Healthcare AG, Johnson & Johnson,
Abbott Laboratories, Inc., F. Hoffmann La-Roche Ltd., Becton Dickinson and
Company, Medtronic, Inc., and Sanofi.
Market Opportunities
The healthcare devices market
is driven by technology and innovation. Companies are striving hard to design
and developed products that will change the way in which diabetes is measured.
Products like Bluetooth enable glucose monitoring devices, Smart insulin
deliver devices which injects Insulin based on body requirement, devices to
keep constant check on glucose with warning signals when glucose level
fluctuates will soon be reality in market place. The market for diabetic
devices will see tremendous growth with new products coming up that will
enhance customer experience with ease of usage of products.
Diabetes Devices Market
Segmentation
By Product:
- Monitoring
and Diagnostic Devices
o Continuous Glucose Monitors
o Analog Glucose Meters
o Lancets
o Glucose Test Strips
- Insulin
Delivery Devices
o Insulin Pens
o Insulin Injections
o Insulin Syringes
o Insulin Pumps
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About Crystal Market Research
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reports across a broad range of industries including healthcare, chemicals
& materials, technology, automotive, and energy.
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