Global Diabetes Care Devices
Market: Overview
Diabetes is a global issue
affecting millions of people every year. This has led to major technological
advancements in diabetes treatment. Global diabetes care devices market
exhibits a great potential and is estimated to grow exponentially by 2023.
Diabetes care devices are used to diagnose and monitor the blood glucose level
into a diabetic patient’s body. The demand for minimally invasive devices has
led companies to launch patient-convenient diabetes care devices.
The upcoming Transparency Market
Research report sheds light on growth trends in the global diabetes care
devices market. It details out geographical distribution of the market and
analyzes the current market landscape. In addition to this, it talks about
major market drivers and restraints in the market. Further, it analyzes the
competitive landscape and also highlights the recent developments.
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Global Diabetes Care Devices
Market: Drivers and Restraints
WHO has projected diabetes to be
one of the leading causes of deaths in the coming years. An increased patient
pool suffering from diabetes has led to an increase in demand for diabetes care
devices. The need for faster and effective methods for diagnosis have also
contributed to the growth of global diabetes care devices market. The geriatric
population is highly susceptible to diabetes owing to unhealthy eating habits
and sedentary lifestyle. This has resulted in an increase in demand for
diabetes care devices, thus propelling the market’s growth.
Further, an increase in awareness
about diabetes care and measures taken by governments pertaining the same has
fuelled the global diabetes care devices market growth. Widespread progress in
the healthcare infrastructure and economic advancements have impacted the
market favorably.
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In spite of these factors
favoring the market, there are a certain restraints that may hinder its growth. Less awareness about the use of
devices in remote and underdeveloped regions could possibly thwart the global
diabetes care devices market to a certain extent. The long registration
processes and reimbursement issues also pose a threat to the market. However,
several governments are working on providing optimum and affordable diabetes
care. Also, a number of companies are focused on minimizing the costs of
diabetes care gadgets. This could increase the demand for such
devices,consequently boosting the global diabetes care devices market.
Global Diabetes Care Devices
Market: Geographical Distribution
North America is perceived to
dominate the diabetes care devices market, followed by Europe. A major share of
these regions can be attributed to advanced healthcare facilities and growing
diabetic population. Asia Pacific is estimated to grow at the fastest rate on
account of a predominant sedentary lifestyle and an increase in the ageing
population. In this region, the diabetes care devices market in India and China
are expected to grow tremendously.
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Global Diabetes Care Devices
Market: Competitive Landscape
The diabetes care devices market
is highly fragmented and attracts competitors across the globe. The key
participants operating in the market include Dexcom Inc., Merck & Co.,
Abbott Laboratories, Glaxosmithkline Plc, Dickinson and Company, Acon
Laboratories and Medtronic. The companies are adopting strategies such as
mergers and acquisitions, new product launches, joint ventures, and clinical
trials to increase their revenue share in the diabetes care devices market.
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