ALBANY, N.Y., April 11, 2022 (GLOBE NEWSWIRE) -- The diabetes devices market is projected to rise at a CAGR of 6.4% during the forecast period from 2019 to 2027. Rising demand for minimally invasive devices to diagnose and monitor the blood glucose level of patients of diabetes is fueling the growth of diabetes devices market.
Factors such as change in lifestyle, malnutrition, and genetic mutations are associated for the anticipated rising prevalence of diabetes worldwide. According to various public and private diabetes-specific institutions, diabetes is considered as one of the top deadly diseases. For instance, according to the American Diabetes Association, almost 71,000 deaths each year in the U.S. are associated with diabetes. This creates demand for diabetes management devices, and thus stimulates growth of diabetes devices market.
According to published data, diabetes affects millions of people every year across the world. This is leading to substantial efforts for the development of technologically advanced devices, and thus indicates new growth frontiers of diabetes devices market.
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Diabetes Devices Market – Key Findings of Report
- Rapid rise in the geriatric population that accounts for sizeable percentage of diabetics is fueling the demand for diabetes devices market. According to the World Health Organization, by 2050, the geriatric population in the world is estimated to be 2 billion (22% of the global population) as compared to 900 million in 2015.
- Statistics of high prevalence of diabetes in the geriatric population in developed economies wherein this demographic spends significantly on healthcare boosts the diabetes devices market. According to the American Diabetes Association, in the U.S., more than 25% of the diabetic patients are 65 years of age & above.
- Diabetes is gradually increasing in the pediatric population, which is anticipated to increase the demand for diabetes devices
- Glucose monitoring devices held the leading share of the diabetes devices market in 2018, and is projected to continue to lead during the forecast period. Glucose monitoring devices with advanced sensors are widely available that are used for the detection of blood sugar levels.
- Practice of use of wireless technology for continuous glucose monitoring (CGM) of patients of type 1 diabetes for transmitting glucose readings from the interstitial fluid between the skin cells of the patient stimulates the diabetes devices market
- Hospital pharmacy is anticipated to be most attractive distribution channel segment of the diabetes devices market. High prevalence of type 1 and type 2 diabetes that accounts for high volume of hospital visits, and increasing investment in R&D for artificial pancreas system fuel the growth of hospital pharmacy segment of the diabetes devices market
- North America is a leading region in the diabetes devices market. Substantial spending on diabetes care devices by the large population with diabetes, availability of advanced technologies, and role of public healthcare services in the U.S. and Canada to create awareness about diabetes management fuels the growth of diabetes devices market in the region.
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Diabetes Devices Market – Growth Drivers
- Increasing demand for insulin delivery devices with type 1 diabetes considered as a major health concern propels diabetes devices market
- Estimation of exponential rise in the prevalence of diabetes related to a number of factors drives the diabetes devices market
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Diabetes Devices Market – Key Players
Some of the key players operating in the diabetes devices market are;
- Medtronic
- Sanofi
- F. Hoffmaa- La Roche Ltd.
- Tandem Diabetes Care Inc.
- Cellnovo
- LifeScan Inc.
- Novo Nordisk A/S
- Eli Lilly and Company
- Becton, Dickinson and Company
- Abbott Laboratories \
- Insulet Corporation
- Owen Mumford Ltd.
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The diabetes devices market is segmented as follows;
Global Diabetes Devices Market, by Product Type
- Glucose Monitoring Devices
- Self- monitoring blood glucose meters
- Blood glucose testing strips
- Lancets
- Continuous glucose monitoring meters
- Insulin Delivery Devices
- Insulin syringes
- Insulin pens
- Insulin pumps
- Diabetes Management Software
- Artificial Pancreas System
Global Diabetes Devices Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics/Centers
Global Diabetes Devices Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Smart Diabetes Management Market: The smart diabetes management market for the historical period of 2017-2018 and forecast of 2019-2027, favourable reimbursements for digital diabetes management products and surge in the adoption of technologically-advanced products are key factors that are likely to boost the smart diabetes management market.
Diabetes Drugs Market: Growing geriatric population across the world is one of the major factor fuelling demand for diabetes drugs. Elderly population is highly susceptible to certain health conditions such as blood pressure and diabetes. This, in turn, is contributing to growth of the diabetes drugs market.
Inadequately Controlled Type-II Diabetes Treatment Market: Increasing prevalence of diabetes worldwide is the primary factor driving the growth of inadequately controlled type 2 diabetes treatment market. Rising geriatric population and change in life style of people is also responsible for the rapid increasing prevalence of diabetes globally.
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