Acumen Research and Consulting, Recently Published Report on titled “Diabetes Management Device System Market Size, Share, Growth & Forecast 2019 - 2026”.
LOS ANGELES, Jan. 21, 2020 (GLOBE NEWSWIRE) -- The global diabetes management device system market is expected to grow at a CAGR of around 5.4% from 2019 to 2026 and reach the market value of around US$ 12.0 billion by 2026.
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Geographically the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the diabetes management device system market in 2018 and is anticipated to maintain its dominance during the forecast period. Entry and greater adoption of digital devices, local presence of market players, and the growing number of diabetic patients due to unhealthy lifestyle are the key factors for the dominance and the growth of the region. Europe held the second-largest region for the market. However, Asia Pacific is anticipated to observe the fastest growth during the forecast period. Presence of large targeted population, new product launches, and investment by market players due to large demand for products are the key factors for the growth of the market in the Asia Pacific region. For instance, according to the statistics published by the International Diabetes Federation in 2013, 60% of diabetic patients in the world live in Asia.
Based on the product, the global diabetes management devices market has been segmented into monitoring devices and treatment devices. In 2018, the monitoring devices segment accounted for the largest share of the market. Monitoring devices further sub-segmented into blood glucose meters, continuous glucose monitoring devices, self-monitoring blood glucose systems, test strips, lancets, and others. Technological innovations and demand for continuous glucose monitoring devices and investment by key market players are the key factors for the dominance of the segment. For instance, in January 2019, Medtronic along with the Eris Life-sciences launched Guardian Connect, a first smart continuous glucose monitoring systemacross the world. Diabetes treatment devices further divided into insulin pen, insulin pumps, insulin jet injectors, insulin syringes, and others.
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Based on the distribution channel, the market is divided into institutional sales and retail sales. Institutional sales consist of clinics, hospitals, and academic & research institutes, whereas, retail sales segment consists of retail pharmacies and online pharmacies. Institutional sales accounted for the largest share of the market in 2018 due to the large demand for volume and availability of large patient population.
Major playersoperating in the diabetes management device systemindustryare Abbott; Bayer AG; BD; Hoffman-La Roche Ltd.; Braun Melsungen AG; PHC Holdings Corporation; Medtronic; Novo Nordisk A/S; Sanofi; Tandem Diabetes Care, Inc.; and DexCom, Inc.Most of the companies are focusing on adopting new technologies and developing advanced products, partnerships, collaborations, and acquisitions for the geographical expansion and commercialization of products to enhance its share in the global diabetes management device system market.
Some of the key observations regarding the diabetes management device systemindustry include:
- In December 2019, the U.S. FDA approved first interoperable and automated glycemic controller device of Tandem Diabetes Care Inc. that adjusts insulin delivery automatically to diabetic patientsby connecting to an alternate controller-enabled insulin pump and integrated continuous glucose monitor.
- In October 2019, DexCom, Inc. announced the clearance from the U.S. FDA for its G6 Pro Continuous Glucose Monitoring (CGM) system for healthcare practitioners to use for patients more than 2 years.
- In September 2019, Novo Nordisk collaborated with Medtronic to develop a diabetes management solution. Novo Nordisk is expected to launch its durable smart insulin pens, NovoPen 6 and NovoPen Echo Plus, as well as its pre-filled disposable injection solution in 2020.
- In June 2019, Senseonics, Inc. received the U.S.FDA approval for its Eversense Continuous Glucose Monitoring System. The device provides real-time glucose monitoring every five minutes for up to 90 days at a time for diabetic patients. The system consists of a smart transmitter, an implantable fluorescence-based sensor, and a mobile app for displaying glucose trends, values, and alerts on the patient's compatible mobile device.
- In May 2019, Eli Lilly and Company launched its Insulin Lispro Injection. The device has a 50&lower price than its identical branded medicine, Humalog U-100 (insulin lispro injection).
- In August 2018, DexCom, Inc. acquired TypeZero Technologies, an algorithm developer that can manage Automated Insulin Delivery (AID) for diabetes patients.
- In March 2018, Sanofi received the U.S. FDA approval for its Toujeo (insulin glargine 300 Units/mL) Max SoloStar which is the highest capacity long-acting insulin pen.
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