Transparency Market Research (TMR) has
published a new report titled, ‘Diabetes Devices Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2019–2027’. According to the
report, the global diabetes devices market was
valued at US$ 41.8 Bn in 2018 and
is projected to expand at a CAGR of 6.4% from 2019 to 2027.
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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 2027.
·
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 device.
·
North America dominated the global diabetes devices
market in 2018 and the trend is anticipated to continue during
the forecast period. Large diabetes population, higher awareness, significant
health care spending in the overall national budget, early availability of
advanced technologies, and higher penetration of health care services across
the U.S. and Canada are expected to drive the market in North America.
·
Asia Pacific is likely to be a highly lucrative market
for diabetes devices and it is expected to expand at a high CAGR during the
forecast period
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Rise in Incidence
of Pediatric and Geriatric Diabetes to Drive Market
·
The world’s population is aging rapidly, especially in
some of the developed economies such as the U.S. and Japan. Developed economies
present high rates of aging. According to the World Health Organization, the
global geriatric population is likely to reach around 2 billion (22% of
global population) by 2050 as compared to 900 million in 2015.
Countries such as India, China, Thailand, and South Korea are also expected to
have large geriatric populations in the shortest span of time in the near
future.
·
Diabetes is more prevalent in the geriatric population.
According to the American Diabetes Association, over 25% of
the diabetic patients in the U.S. are aged 65 years and above.
·
Incidence of diabetes in the pediatric population is
gradually increasing. Hence, rise in pediatric and geriatric diabetes is expected
to fuel the growth of the diabetes devices market.
Glucose
Monitoring Devices Segment to Dominate Market
·
Based on product type, the global diabetes devices market
has been divided into glucose monitoring devices insulin delivery devices
diabetes monitoring software, and artificial pancreas systems. The glucose
monitoring devices segment has been bifurcated into self- monitoring blood
glucose meters, blood glucose testing strips, lancets, and continuous glucose
monitoring meters.
·
The insulin delivery devices segment is further
classified as insulin syringes, insulin pens, and insulin pumps.
·
The glucose monitoring devices segment dominated the
global diabetes devices market in 2018 and the trend is projected to continue
during the forecast period. Wide availability of glucose monitoring devices
with advanced sensors for the detection of blood sugar levels is a major driver
for the segment.
·
Moreover, the use of wireless technology in CGM for
transmitting glucose readings collected from the interstitial fluid between the
patient’s skin cells, has become an important tool for monitoring type 1
diabetes.
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Hospital Pharmacy
to be Highly Lucrative Segment
·
In terms of distribution channel, the global diabetes
devices market has been classified into hospital pharmacy, retail pharmacy,
online pharmacy, and diabetes clinics/ centers.
·
Hospital pharmacies is projected to be the most
attractive segment during the forecast period.
·
High prevalence of type 2 and 1 diabetes is anticipated
to increase hospital visits. Moreover, increasing investment in R&D and
promising pipeline of artificial pancreas system are anticipated to fuel the
hospital pharmacies segment.
North America to
Dominate Global Market
·
In terms of region, the global diabetes devices market
has been segmented into North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa. North America dominated the global diabetes devices
market in 2018, followed by Europe.
·
North America accounted for major share of the global
diabetes devices market in 2018. Its dominance can be attributed to
a large diabetes population, higher awareness, and significant health care
spending in the overall national budget, early availability of advanced
technologies, and higher penetration of health care services across the country.
·
The diabetes devices market in Asia Pacific is
anticipated to expand at a high CAGR from 2019 to 2027.
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Competitive
Landscape
·
The global diabetes devices market is fragmented in terms
of number of players. Key players in the global market include Medtronic,
Novo Nordisk A/S, Sanofi, Eli Lilly and Company, F. Hoffmann-La Roche Ltd.,
Becton, Dickinson and Company, Tandem Diabetes Care, Inc., Abbott Laboratories,
Cellnovo, Insulet Corporation, LifeScan, Inc., Owen Mumford Ltd., among others
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