According to The Insight Partners market research study titled “Diabetes Care Devices Market – Global Analysis and Forecasts by Product and End User”, the global diabetes care devices market is expected to reach US$ 39,382.3 Mn in 2027 from US$ 23,354.3 Mn in 2018. The market is estimated to grow with a CAGR of 6.1% from 2019-2027. The report highlights the trends prevalent in the global diabetes care devices market and the factors driving the market along with those that act as deterrents to its growth.
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The diabetes care devices market by product is segmented into glucose monitoring devices and insulin delivery devices. In 2018, the glucose monitoring devices segment held a largest market share of 54.1% of the diabetes care devices market, by product. This segment is also expected to dominate the market in 2027 owing to rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced products. Moreover, the glucose monitoring devices segment is also anticipated to witness the fastest growth rate of 6.4% during the forecast period, 2019 to 2027 owing to the rising demand for the glucose monitoring devices.
Key factors driving the market are, rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in diabetes care devices. However, the restraining factors for the market are high cost of diabetes care devices and risks associated with the insulin delivery devices.
Some of the prominent players operating in diabetes care devices market are, BD, Novo Nordisk A/S, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Dexcom, Inc., Terumo Corporation, F. Hoffman-LA Roche Ltd. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in February 2019, Tandem Diabetes Care, Inc. announced that the U.S. Food and Drug Administration (FDA) has classified the t:slim X2 insulin pump as the first in a new device category called Alternate Controller Enabled Infusion Pumps (ACE pumps).
Increasing Prevalence of Obesity Across The Globe
Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major problem and the biggest concern in all the communities across the globe. Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issue affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Therefore, owing to the above mentioned factors the market is likely to fuel its growth during the forecast period.
Growing Medical Tourism In Developing Countries
The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of diabetes care devices in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades. In India the diabetes treatment has become so popular and common that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country. Health travelers who visit developing countries for medical reasons save 65% to 80% on health cost compared to the cost in the US. Thus, the factors are likely to create growth opportunities for the growth of the market in coming years.
The report segments the global diabetes care devices Market as follows:
Global Diabetes Care Devices Market – By Product
Global Diabetes Care Devices Market – By End User
Global Diabetes Care Devices Market – By Geography
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