Global Diabetes Devices Market: Snapshot
The global diabetes devices market is mainly influenced by rising incidences of diabetes globally. This rise is attributable to sedentary lifestyle, high alcohol consumption, and stress. Increasing incidences has boosted the demand for diabetes devices from past few years. In addition, the cost-effectiveness of devices such as lancets, self-monitoring blood glucose meters, testing strips, and continuous monitoring devices is positively influencing revenue of the market.
Rising awareness about therapeutics for diabetes and diabetes management among patients is bolstering growth of the market. However, rising number of oral drugs, supplements, and insulin pumps are major factors hampering growth of the market. Lack of awareness among patients in rural areas is hampering growth of the market. Nevertheless, continuous technological developments and advancements in the product is another factor expected to create potential opportunities in the market and continue over the forecast period.
The report offers some interesting figures and facts related to the global diabetes devices market – it is recorded at the value of a US$37,220.8 Mn in 2016 with a CAGR of 6.7% expected to attain value of a US$66,053.1 Mn by the end of 2025.
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Surge in Number of Diabetic Patients Uptakes Demand for Glucose Monitoring Devices
The global diabetes devices market report is segmented on the basis of product type and distribution channel. On the basis of product type, glucose monitoring devices, insulin delivery devices, diabetes management software, and artificial pancreas system. Further, glucose monitoring system is segmented into self- monitoring blood glucose meters, lancets, blood glucose testing strips, and continuous glucose monitoring meters and insulin delivery devices are segmented into insulin syringes, insulin pens, and insulin pumps.
By product type, glucose monitoring systems segment is dominating the overall market owing to the preference for self-monitoring devices and cost-effectiveness of devices. Additionally, rising knowledge and awareness about advantages of self-monitoring blood sugar level is beneficial for growth of the segment.
On the basis of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics/ centers. Of these, hospital pharmacies are currently dominating the market in terms of revenue owing to high usage of these devices in the hospitals and pharmacies for quick results.
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Awareness About therapeutics for diabetes in Asia Pacific Catapults Growth
On the basis of geography, the global diabetes devices market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. Among these, North America is dominating the market with a share of 37.5% in the global revenue, followed by Europe with 34.4% of share. This growth is attributed to the availability of healthcare infrastructure and high government funding to offer advanced healthcare facilities. However, Asia Pacific is expected to witness faster growth in the global diabetes devices market owing to the factors such as rising health awareness, knowledge regarding different therapeutics, increasing the availability of healthcare services, and rising government funding to offer better healthcare services.
Some of the key players operating in the global diabetes devices market include Medtronic plc, Eli Lilly and Company, Sanofi S.A., Hoffmann-La Roche Ltd., and Novo Nordisk A/S, F.
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