New York, United States , Oct. 28, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Diabetes Devices Market Size to grow from USD 26.7 billion in 2021 to USD 55.6 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period. It is expected that the number of programs that governments and organizations are running to raise awareness of diabetes will lead to more people using diabetic devices. The Asia Pacific is expected to grow the fastest during the forecast period.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The insulin delivery devices segment accounts for the largest market size during the forecast period
Based on type, the diabetes devices market is categorized into Blood Glucose Monitoring Devices and Insulin Delivery Devices. The insulin delivery devices segment accounts for the largest market size during the forecast period. In the market for people with diabetes, insulin delivery devices are expected to grow at the fastest rate. Some of the main things that drive the demand for insulin delivery devices are the increasing number of rules and approvals for technological advances in insulin delivery devices like insulin pens, insulin pumps, jet injectors, and other devices. More and more people are using insulin patches, and smart insulin pumps to self-manage their diabetes. When it came to devices for people with diabetes in 2021, pens made up a larger part of the market. On the other hand, the pump sector is expected to get a big share of the market because it is expected to grow at the fastest CAGR over the forecast period.
Browse key industry insights spread across 197 pages with 133 market data tables and figures & charts from the report "Global Diabetes Devices Market Size, Share, and COVID-19 Impact Analysis By Type (Blood Glucose Monitoring Devices and Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Diabetes Clinics, Retail Pharmacies, Online Pharmacies, and Others), By Applications (Hospitals, Diagnostic Centers and Homecare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.", in detail along with the table of contents
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The hospital pharmacies segment accounts for the largest market size during the forecast period
Based on distribution channel, the diabetes devices market is categorized into Hospital Pharmacies, Diabetes Clinics, Retail Pharmacies, Online Pharmacies, and Others. The hospital pharmacies segment is to hold a higher CAGR during the forecast period. Because hospital pharmacies see a lot of people and have a lot of products, they have a lot of market share. This helps them keep their dominant position in the market. On the campus of a hospital, there are two different kinds of pharmacies: the inpatient pharmacy and the outpatient pharmacy. The hospital has an inpatient pharmacy that only certain staff members can use. It serves operating rooms, intensive care units, inpatient wards, and other special service areas. On the other hand, outpatient pharmacies are usually near hospital entrances or lobbies so that patients can get to them easily. Outpatient pharmacies usually have glucose monitoring devices that patients can carry in their pockets and systems for giving insulin.
The hospital's Media segment to hold a higher CAGR during the forecast period
Based on application, the diabetes devices market is categorized into Hospitals, Diagnostic Centers, and Homecare. The hospital's segment to hold a higher CAGR during the forecast period. Demand in this market is going up because more and more diabetic people are being admitted to hospitals, driving up the number of people needing these products. Compared to people who don't have diabetes, people with diabetes are three times more likely to be admitted to the hospital. Because of these technological changes, more insulin pumps are being used in places like hospitals.
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North America is estimated to account for the highest market share in 2021.
The Global Diabetes Devices Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. The United States has been the leader in the North American market for a long time because of its many diabetic people and generous reimbursement rules. The market for this product is largely driven by rising healthcare costs and high per capita income. The average cost of diabetes-specific treatments for a single person in 2019 was expected to be USD 9,505.60, according to the American Diabetes Association. A diabetic in the United States may spend about USD 16,750 on medical care yearly, which is a lot of money. Asia-Pacific to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Diabetes Devices Market include Medtronic plc, Abbott Laboratories, F.Hoffmann-La-Ltd., Bayer AG, Lifescan, Inc., B Braun Melsungen AG, Lifescan, Inc., Dexcom Inc., Insulet Corporation, Ypsomed Holdings, Companion Medical, Sanofi, Valeritas Holding Inc., Novo Nordisk, Arkray, Inc.
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