Global Diabetes Care Devices Market size is anticipated to reach USD 19,572 million in 2020, at a CAGR of 5.6% during the forecast period (2019-2026). The market is primarily driven by factors such as ongoing technological advancements and increasing incidences of obesity. Moreover, growing efforts by the government of several countries, such as Canada, Australia, and the U.S., to incentivize and support diabetes care will fuel the market.
Diabetes care devices are basically used to monitor the blood sugar level in the diabetic patient’s body and enable the delivery of insulin into the patient’s body. The regular check on diabetes helps in adjusting treatment in real-time. Factors such as the increasing awareness of diabetes management and treatment, rising diabetic population, and favorable national health policies are projected to steer the market growth. For example, according to the World Health Organization, the worldwide incidences of diabetes disease touched 8.5% in 2014. Diabetes is rising promptly in the middle to low economies due to aging, an unhealthy lifestyle, and obesity. Also, nearly 1.6 million deaths were directly related to diabetes, with half of the deaths below the age of 70 years. In addition, the rapidly accelerating urban population and increasing per capita income of middle-class families has encouraged consumers to adopt diabetes care devices for regular supervision and tracking diabetes.
Furthermore, the evolving need for a high-speed and safe diagnosis and treatment of diabetes and strategic initiatives by the government to offer better health services which will further carve the way for market growth. Availability of reimbursement policies and insurance will bolster the market growth. Widespread advancement in the healthcare infrastructure and economic development has positively influenced the diabetes care devices market growth.
Individuals diagnosed with diabetes are more prone to catch coronavirus, thus increasing the demand for diabetes devices to manage patients in the hospital and home care settings efficiently. The growing demand for diabetes devices is attributed to impede longer stays at hospitals and higher death rates in diabetic patients. In response to the extremity brought about due to the pandemic, the U.S. Food and Drug Administration (FDA) issued commands to permit the deployment of home-use devices in hospital settings. This certified the safety of healthcare workers by reducing interaction among patients. Thus, the adoption of diabetes devices among coronavirus was essential to manage the patients, thereby decreasing the overall healthcare expenditure. On the other hand, as per the Diabetes Care Devices Market Global Forecast, the rising consumer awareness about the side effects associated with several diabetes care devices will hamper the growth of the market during the forecast period.
Various notable players operating in the market include Becton Dickinson and Company, Bayer Healthcare, Medtronic plc, Roche Holding AG, Abbott Laboratories, Dexcom Inc, Biotronik SE, and GlaxoSmithKline.
Based on the product type, blood glucose monitoring will dominate the market due to the transformation and technological advancements in these devices. The device offers a more accurate measurement of the glucose level and warns if the glucose level goes too low or too high. On the other hand, insulin delivery is contemplated to witness faster growth in the market over the forecast period. This is primarily due to adopting these devices across healthcare professionals and patients led by their remarkable advantages like higher stability and better properties.
Based on the end-user, home care settings are expected to experience a robust demand in the next few years due to their user-friendly feature at an economical price range. The inclination of end-users to use these devices at home rather than going to clinics or healthcare centers for regular health check-ups with the increasing research and development activities to make the devices more convenient has propelled the Diabetes Care Devices market growth.
Based on the regional coverage, Asia Pacific is projected to lead the market owing to the aggravating allowances by government and private towards healthcare infrastructure and the substantial growth in population rate in the developing economies, including India, China, and Japan. In addition, the mounting consumer awareness regarding their benefits coupled with the development in technologies and the initiatives taken by the government to spread awareness will bolster the Diabetes Care Devices market share.
Our Other Diabetic Care Device Market Reports:
GCC Diabetes Care Devices Market Size, Growth Opportunities & Industry Forecast Report, 2020-2027
US Diabetes Care Devices Market Size & Trend Analysis Report by Product Type (Insulin Delivery Device and Blood Glucose Monitoring Device) and By End-User (Homecare Setting, Hospitals, and Others) – Opportunities & Forecast, 2020-2027
Saudi Arabia Diabetes Care Devices Market by Product Type (Blood Glucose Monitoring Device and Insulin Delivery Device), By End User (Homecare Setting, Hospitals and Others (Clinics, Ambulatory Surgical Centers) – Opportunities & Forecast, 2020-2027
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