Diabetes Device Market, [by Product Type (Blood Glucose Monitoring Devices (Self-monitoring Blood Glucose Meters, Lancets, Continuous Glucose Monitoring Device, Blood Glucose Testing Strips); Diabetes Monitoring Software, Artificial Pancreas System, Insulin Delivery Device (Insulin Syringes, Insulin Pens, Insulin Pumps)); by End Use (Retail Pharmacies, Online Pharmacies, Diabetes Clinics, Others)]; and Geography - Trend, Analysis and Forecast till 2025
- Published Date:Jun-2018
- Pages: 115
- Format: PDF
- Report ID: PM1326
- Base Year: 2019
- Historical Data: 2018 - 2020
The Global Diabetes Device Market Size is gaining traction owing to rising funding by public and private organizations which focus on new product development, and the rising prevalence of diabetes globally.
Diabetes is recognized by the presence of hyperglycemia or high blood glucose levels due to defective insulin secretion in the body. These are the devices that are used in monitoring blood glucose levels and are majorly used by hospitals, surgeons, and physicians. As per recent trends self-monitoring blood glucose meters are in severe demand due to accuracy in the results and real-time data generation for the glucose level in patients. Similarly, blood monitoring devices include self-monitoring blood glucose meters, lancets, continuous glucose monitoring devices, and blood glucose testing strips. Insulin pumps are prominently used devices as they have a relatively high awareness for their use globally.
Diabetes device market has a lucrative growth owing to the increasing device sales in the untapped market globally. The diabetes device market has been waiting for decades for better-conditioned devices which require less time for analysis.
Rise in private and public funding for diabetes device development globally boosts the diabetes device market
The diabetes device market is primarily driven by the rising prevalence of diabetes globally. According to the International Diabetes Federation (IDF), 415 million people worldwide are suffering from diabetes and this number of diabetes cases is supposed to reach 650 million by 2040. Also, in the U.S. 29 million of the population is suffering from diabetes which accounts for 8% of the total population which is majorly influenced by the changing lifestyle, increased number of active smokers, and preference for a sedentary lifestyle. On the other hand, favorable government scenarios for the launching of new self-glucose monitoring devices, and the continuous rise in the geriatric population globally will also stimulate the diabetes device market during the forecast period.
However, some regulatory framework issues, lack of awareness among the people in developing countries, and the high cost of the devices available in the market are the factors hampering the global diabetes device market.
Global Diabetes Device Market Taxonomy
The global diabetes drug market is segmented on the basis of product, end-use, and geography.
On the basis of product type, the global diabetes device market size is segmented as:
- Blood Glucose Monitoring Devices
- Self-monitoring Blood Glucose Meters
- Blood Glucose Testing Strips
- Diabetes Monitoring Software
- Artificial Pancreas System
- Insulin Delivery Device
- Insulin Syringes
- Insulin Pens
- Insulin Pumps
On the basis of end-use type, the global diabetes device market size is segmented as:
- Retail Pharmacies
- Online Pharmacies
- Diabetes Clinics
Geographically, the diabetes device market share is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Technological advancement & innovation of combination diabetes devices and favorable reimbursement policies to lead the global diabetes device market growth in North America.
On the basis of geography, North America is expected to dominate the diabetes device market share over the forecast period. According to the CDC, approximately 9.4% of the total population in North America was suffering from diabetes in 2015 and it is expected to grow in the coming years. Consequently, the rising prevalence of diabetes is the major factor driving the market. Furthermore, rising awareness for the use of various devices as an effective source for diabetes monitoring, increasing government expenditure towards research & development of new products, and the presence of major key players in this region would also influence the diabetes device market size in North America.
However, the Asia Pacific market is estimated to grow rapidly during the forecast period. An increasing number of diabetic population is a major factor anticipated to govern the diabetes device market during upcoming years.
Key players in the global diabetes device market are:
- Hoffmann-La Roche AG
- Abbott Laboratories Inc.
- Bayer AG
- Johnson & Johnson Inc.
- Medtronic plc.
- Nova Nordisk A/G
- Becton, Dickson and Company