The GMI Research’s latest analysis reveals that the Diabetes Care Devices Market is slated to register a CAGR of 5.6% over the forecast period. This is mainly attributed to the growing technological advancements and expenditure on the healthcare industry, followed by the rising cases of diabetes and obesity.
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Diabetes Care Devices Market’s leading Manufacturers:
- Abbott Laboratories
- Becton Dickinson and Company
- Bayer Healthcare
- Roche Holding AG
- Medtronic plc
- Dexcom Inc
- Biotronik SE
- GlaxoSmithKline
Diabetes Care Devices Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The growing technological advancements and expenditure on the healthcare industry, followed by the rising cases of diabetes and obesity, are the key drivers contributing to the growth of the diabetes care market size. As per the WHO, the prevalence rate of diabetes disease about 8.5% in 2014 globally. There is a strong prevalence rate for diabetes in the middle-to low-income economies. In 2015, approximately 1.6 million deaths were regarding diabetes, and around half of the patients were below the age group of 70 years. The rising consumption of junk food and alcohol intake is boosting the growth of diabetes care devices share in terms of revenue worldwide. The diabetes care device manufacturers majorly emphasize technological development in the product to deliver more correct results. Rapid product innovation will bring lucrative opportunities for the market, thus attracting many consumers to opt for advanced devices. Additionally, the rising disposable income of middle-class families and increasing urbanization are promoting the consumers to adopt diabetes care devices for tracking diabetes and regular self-monitoring. On the other edge, the growing consumer awareness associated with the side effects regarding some of the diabetes care devices will hinder the growth of the market over the coming years.
Product Type Segment Drivers
Based on the product type, the blood glucose monitoring devices are projected to dominate the market over the coming years due to the growing modification and technological development in diabetes care devices. It also offers an exact measurement of the glucose level and provides a warning if the glucose level goes too high or low. On the other hand, the insulin delivery devices are anticipated to rise at a higher CAGR over the coming years. This is mainly due to the strong adoption of these devices among healthcare professionals and patients as a result of their exceptional benefits like technologically advanced properties and high stability.
Regional Drivers
Based on the region, the Asia Pacific is expected to dominate the market over the coming years due to the growing government and private funding towards healthcare infrastructure. The increasing population rate in emerging countries, such as Japan, China, and India, and the rising consumer awareness associated with the benefits provided by these devices will further promote the consumers towards the use of diabetes care devices. The rapid advancement in technologies and the various initiatives taken by the government to spread awareness will further support the markets’ demand.
Diabetes Care Devices Market Segmentation:
Segmentation by Product Type:
- Blood Glucose Monitoring Device
- Insulin Delivery Device
Segmentation by End-User:
- Hospitals
- Homecare Setting
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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