The Global Diabetes Device Market Size is gaining traction owing to rising funding by the public and private organisations which focus on new product development, and rising prevalence of diabetes globally.
Diabetes is recognised by the presence of hyperglycaemia or high blood glucose level due to defective insulin secretion in the body. These are the devices that are used in monitoring the blood glucose level and are majorly used by the 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 includes self-monitoring blood glucose meters, lancets, continuous glucose monitoring device, blood glucose testing strips. Insulin pumps are prominently used devices as they have relatively high awareness for its use globally.
Diabetes device market has a lucrative growth owing to the increasing device sales in the untapped market globally. Diabetes device market is waiting for decades for better conditioned device which require less time for analysis.
The diabetes device market is primarily driven by rising prevalence of diabetes globally. According to 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 population is suffering from diabetes that accounts 8% of the total population which is majorly influenced by the changing lifestyle, increased number of active smokers and preference for sedentary lifestyle. On the other hand, favourable government scenarios for launching of new self-glucose monitoring devices, and 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 the developing countries, and high cost of the devices available in the market are the factors hampering the global diabetes device market.
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:
On the basis of end use type, the global diabetes device market size is segmented as:
Geographically, the diabetes device market share is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, North America is expected to dominate the diabetes device market share over forecast period. According to CDC, approximately 9.4% of total population in North America was suffering from diabetes in 2015 and it is expected to grow in the coming years. Consequently, 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 presence of major key players in this region would also influence the diabetes device market size in North America.
However, Asia Pacific market is estimated to grow rapidly during the forecast period. Increasing number of diabetic population is major factor anticipated to govern the diabetes device market during upcoming years.