Diabetes Care Devices Market Overview:
Global Diabetes Care Devices Market was valued at $6,867 million in 2016, and is estimated to reach $10,208 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023. Diabetes care devices are used to monitor the level of glucose into a diabetic patient’s body. These devices also facilitate in delivery of insulin into the patient’s body.
Increase in the incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle is the major factor that drives the growth of the diabetes care devices market. In addition, technological advancements in the field of diabetes devices, rise in obese population, consumption of junk food, and surge in need for faster and safer diagnosis and treatment of diabetes are further expected to boost the market growth. However, blood glucose monitoring devices do not measure the exact level of glucose in blood and give a range in which the blood glucose level of a patient may lie. In addition, adverse effects associated with some of the diabetes care devices also hinder the market growth. Rise in awareness about diabetes monitoring devices and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
Diabetes Care Devices Market Segmentation
The blood glucose monitoring devices experience rapid growth due to rise in the prevalence of diabetes, increase in geriatric population, high demand of self-care, and technological advancements in blood glucose monitoring devices. In addition, increase in online marketing strategies by key vendors fosters the growth of blood glucose monitoring devices.
Diabetes Care Devices Market, by Product, 2016 (%)
Snapshot of LAMEA Diabetes Care Devices Market
According to IDF seventh Edition, about 29.6 million of the adult population in the South and Central America regions suffered from diabetes in 2015, of which, about 39.0% of them were undiagnosed. The presence of large number of people with diabetes in this region and developing healthcare facilities are expected to fuel the market growth.
According to the United Nation’s World Population Ageing Report, around 42.4 million people in Africa and 42.7 million people in Latin America and Caribbean belonged to the age group of 60 years and above. In addition, the purchasing power has increased in the region, which fuel the growth of the diabetes care devices market. Moreover, government organizations in this region have focus to improve the healthcare infrastructure by increased funding, which boosts the growth of the diabetes care devices market in LAMEA.
Saudi Arabia Diabetes Care Devices Market, 2016-2023 ($Million)
The list of key players profiled in this report include Abbott Laboratories, ACON Laboratories, Inc., Ascensia Diabetes Care Holdings AG (formerly diabetes case business of Bayer AG), Becton, Dickinson and Company, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, and Terumo Corporation.
Key players in the value chain include Arkray, Inc., Echo Therapeutics, Inc., Glysens Incorporated, Insulet Corporation, Sanofi, and Ypsomed AG.
Key Benefits :
- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides information about the current and upcoming trends in the market from 2016 to 2023, which helps determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global and regional scale are provided.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
Diabetes Care Devices Market Key Segments:
- Blood Glucose Monitoring Devices
- Testing Strips
- Self-monitoring Blood Glucose Meters
- Continuous Blood Glucose Monitoring Devices
- Insulin Delivery Devices
- Insulin Syringes
- Insulin Pens
- Insulin Pumps
- Insulin Jet Injectors
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA