Diabetes Care Devices Market Worth 26,710.3 Million USD By 2022
The Global Diabetes Care Devices Market will grow at a CAGR of 5.3%
from 2017 to 2022 to reach USD 26,710.3 million by 2022, according to the
latest publication from Meticulous Research®. The global diabetes
care devices market is driven by the increasing incidence & prevalence of
diabetes, technological advancements, rising obesity rate, and increasing
sedentary lifestyle & improper diet. Moreover, various developments of new
technologies for the delivery of insulin further provide significant
opportunities in this market. However, high cost associated with the diagnosis
and treatment, reimbursement issues, and lack of awareness is expected to
hinder the growth of diabetes care devices market to some extent.
The global diabetes care
devices market is mainly segmented by product type and geography. Based on
product type, the market is majorly segmented into diabetes monitoring devices
and insulin delivery devices. The diabetes monitoring devices segment held the
largest share of the overall market in 2016 and is expected to continue its
dominance during the forecast period. The large share of this market is mainly
attributed to the increased adoption of test strips and self-monitoring blood
glucose devices across the globe and increasing trend of self-management with
rising awareness of the disease in the developing countries. These devices can
be utilized to aid in the 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 monitoring devices market by product type is further sub-segmented
into continuous blood glucose monitoring devices, test strips, lancets,
self-monitoring devices, and haemoglobin A1c (HbA1c) testing kits. The test
strips segment dominates the global diabetes monitoring devices market.
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The insulin delivery
devices market is further sub-segmented into insulin syringes, pens, pumps, and
injectors. The insulin pens held the largest share of the global insulin
delivery devices market in 2016, mainly due to their rising adoption with
several advantages over the traditional syringe method of insulin delivery,
including improved patient satisfaction and adherence, user-friendliness,
superior accuracy for delivering small doses of insulin, greater social
acceptability, and less reported injection pain.
By geography, the global
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 of the global diabetes care devices market in 2016, followed by
Europe, and Asia-Pacific. The major 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 large number of leading players in this region.
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However, Asia-Pacific region possesses lucrative growth potential for the diabetes care devices market during the forecast period, owing to the rising diabetic population and increasing complexities associated with the disease on 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, increasing urbanization, and significantly rising overweight & obese population with changing lifestyle & unhealthy food habits are further expected to boost the growth of diabetes care devices market in the region.
However, Asia-Pacific region possesses lucrative growth potential for the diabetes care devices market during the forecast period, owing to the rising diabetic population and increasing complexities associated with the disease on 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, increasing urbanization, and significantly rising overweight & obese population with changing lifestyle & unhealthy food habits are further expected to boost the growth of diabetes care devices market in the region.
The key players in the
global diabetes care devices market are Novo Nordisk A/S, Ypsomed AG, Abbott
Laboratories, Ascensia Diabetes Care Holdings AG, F. Hoffmann-La Roche AG,
Johnson & Johnson, Medtronic, Becton, Dickinson and Company, Terumo
Corporation, and Sanofi AS.
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