Pune, July 23, 2019 (GLOBE NEWSWIRE) -- The global Diabetes Treatment Devices Market is anticipated to expand at a CAGR of 5.6% during the forecast period. Fortune Business Insights in a report, titled “Diabetes Treatment Devices Market : Global Market Analysis, Insights and Forecast, 2019-2026” offers valuable insights into the market, highlighting opportunities and threats alike. The global market was valued at US$ 10,826.6 Mn in the year 2018 and is estimated to reach US$ 16,706.4 Mn by 2026. Diabetes treatment devices are used facilitate insulin delivery in a patient’s human body.
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Insulin Pumps Account for the Largest Share in the Global Market
The demand for different types of diabetes treatment products is likely to increase in the coming years. Among these, insulin pumps dominated the global market in the year 2018. These pumps have the ability to infuse insulin continuously, which is a major factor expected to encourage growth in this segment. In addition to this, the rising prevalence of type 1 diabetes and rising incidence of insulin-dependent patients are fueling demand for insulin pumps. With the emergence of technological advancements, self-monitored insulin pumps and innovative insulin pens are driving the segment’s growth. This is further expected to stimulate growth in the global Diabetes Treatment Devices Market. Insulin pumps are anticipated to register a healthy CAGR during the forecast period.
Asia Pacific Offers More Untapped Growth Opportunities than Other Regions
Among regions, Asia Pacific is anticipated to exhibit the highest share in the global Diabetes Treatment Devices Market. This region records several untapped growth opportunities and has the most prevalent number of diabetic patients. As per a study conducted by the America Diabetes Association, over 60% of people in Asia live with diabetes, registering one-half in India and China together. Another factor driving the market in this region is the increasing awareness about diabetes care devices. In addition to this, the rising geriatric population in this region is encouraging the growth of the market. The region covered value of US$ 4334.8 Mn in the year 2018. North America is expected to register strong demand for blood glucose treatment devices in the forecast years.
Development of Novel Insulin Delivery Devices Fosters Growth in the Market
As per a study conducted by the International Diabetes Federation (IDF), the number of people living with diabetes amplified from around 414 million in 2015 to about 425 million in the year 2017. Also, the study has revealed that approximately 1.6 million people died due to diabetes. Considering these number, a lead analyst at Fortune Business Insights has said, “Rising investments in the research and development (R&D) of minimally-invasive and novel insulin devices is boosting the market.” Also, several pharmaceutical companies are planning to develop and commercialize glucose responsive insulin (GRI) to create growth opportunities in the global market. For instance, in 2018, Novo Nordisk bought Ziylo and used the latter’s technology to develop GRIs. This novel insulin has glucose sensing ability and can replace existing insulin in a human’s body. This smart insulin helps to reduce the incidence of hypoglycemia and hyperglycemia. Some of the other technological developments include developing smart glucose meters, the introduction of innovative wearable devices, artificial pancreas system, and diabetes digital apps. All these advancements are anticipated to act as potential growth enablers in the market over the next few years.
Medtronic’s Focus on Product Portfolio Strengthens its Market Position
Some of the key players profiled in this report include Eli Lilly and company, BD, Sanofi, Medtronic, Tandem Diabetes Care, Inc., Novo Nordisk A/S, and F. Hoffmann-La Roche Ltd. The strong portfolio of Medtronic in diabetes monitoring devices such as glucose monitoring devices, insulin delivery pumps among others strengthens its position. Companies are planning to develop new diabetes treatment devices such as reusable and non-invasive insulin delivery devices to stay industry focused. Moreover, Medtronic together with F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., and Novo Nordisk A/S account for the highest share in the global Diabetes Treatment Devices Market.
Key Companies Covered in The Report
- Hoffmann-La Roche Ltd
- Tandem Diabetes Care, Inc.
- Braun Melsungen AG
- Medtronic
- BD
- Novo Nordisk A/S
- Abbott
- Sanofi
- Other players
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Table of Content:
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence and Incidence of Diabetes by Key Countries
- Advancements in Insulin Delivery Devices
- Pricing Analysis
- Recent Industry Developments Such as Mergers & Acquisitions
- Global Diabetes Treatment Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Insulin Pens
- Insulin Pumps
- Insulin Jet Injectors
- Insulin Syringes
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Institutional Sales
- Hospitals
- Clinics
- Others
- Retail Sales
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Strategic Recommendations
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