Diabetes Care Devices & Drugs Market Worth USD 85.6 Billion By 2022
The Global Diabetes Care Devices & Drugs Market will grow at a CAGR
of 5.2% from 2017 to 2022 to reach USD 85,591.2 million by 2022, according to
this latest publication from Meticulous Research®. The global
diabetes care devices & drugs market is driven by the increasing incidence
& prevalence of diabetes, various technological advancements, rising
obesity rate, and increasing sedentary lifestyle & improper diet. In
addition, development of new formulations and insulin delivery technologies
further provides significant opportunities for the various stakeholders in this
market. However, high cost associated with diagnosis and treatment,
reimbursement issues, and lack of awareness is expected to hinder the growth of
this market to some extent.The global diabetes care
devices & drugs market is mainly segmented by different type of devices and
drugs. Diabetes care drugs segment dominated the overall market in 2016, and is
expected to continue its dominance during the forecast period. The large share
of this market is attributed to the huge demand for insulin and oral
hypoglycemic drugs for the treatment of type I & II diabetes.
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The diabetes care devices
market is further segmented by diabetes monitoring devices and insulin delivery
devices. Diabetes monitoring devices held the largest share of around 57.0% in
the global diabetes cared devices market in 2016. This is mainly attributed to
the increased adoption of test strips and self-monitoring blood glucose devices
across the globe and increasing trends of self-management of diabetes. With the
rising disease awareness in the developing countries, these devices can be
utilized to aid in adjustment of a therapeutic regimen in response to blood
glucose values and to help patients adjust their dietary intake, physical
activity, and insulin doses to improve glycaemic control on a regular basis.
The diabetes care drugs
market is categorized into insulin, oral hypoglycaemic drugs, and non-insulin
injectable drugs. Insulin held the largest share in the global diabetes care
drugs market in 2016. The largest share of this market is mainly attributed to
the increasing use of insulin to control the glucose level in blood by type 1
diabetes patients, rising market demand for human insulin analogs, and
favorable medical reimbursements.
By geography, the market
is segmented into five major geographies namely: North America, Europe,
Asia-Pacific, Latin America, and Middle East & Africa. North America holds
the major share in the global diabetes care devices & drugs market,
followed by Europe, and Asia-Pacific. The large share of this region is
primarily attributed to the large & growing base of diabetic patients,
well-established healthcare infrastructure, higher adoption of technologically
innovative diabetic care products, increasing research on diabetes, and
presence of a large number of leading players in the market. However,
Asia-Pacific region possesses lucrative growth potential for the diabetes care
devices & drugs market during the forecast period, owing to the rising
diabetic population and increasing complexities associated with the disease on
the health of the people in the region. In addition, improving healthcare
infrastructure, rising awareness about diabetes with various government
initiatives, increasing healthcare spending, rising affordability of middle
class population in the region, increasing urbanization, and significantly
rising overweight & obese population with changing lifestyle &
unhealthy food habits are the major factors further expected to boost the growth
of diabetes care devices & drugs market in Asia-Pacific region.
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The leading players in
diabetes care devices & drugs market have employed various strategies to
expand their product offerings, global footprint, and augment their market
share. The key strategies followed by most companies in this market were
partnerships/collaborations/agreements, new product launches, and expansions.
The key players in the global diabetes care devices & drugs market are Novo
Nordisk A/S, Ypsomed AG, Abbott, Ascensia Diabetes Care Holdings AG, Eli Lilly
and Company, Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic PLC, Becton,
Dickinson and Company, Terumo Corporation, Sanofi S.A., Merck & Co.,
Inc.,Novartis AG, AstraZeneca PLC, and Boehringer Ingelheim GmbH.
About Meticulous Research®
MeticulousResearch® is founded in 2010 and incorporated
as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company
under the Companies Act, 1956. Since its incorporation, the company has become
the leading provider of premium market intelligence in North America, Europe,
Asia-Pacific, Latin America, and Middle East & Africa.
Contact Us:
Viren Shrivastava
Viren Shrivastava
AVP- Global Sales and Marketing
Meticulous Research®
Tel: +1-646-781-8004
Email:
viren@meticulousresearch.com
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