Key factors contributing to the high CAGR are increasing prevalence of diabetes and lack of awareness. Further, aspects such as technological progressions, product launches and collaborations are fueling the market growth of diabetes devices.

Market Size – USD 21.93 Billion in 2018, Market Growth – CAGR of 7.3%, Market Trends – Product Launches and Research for Advanced Tech Developments

NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- Based on current analysis, the global diabetes devices market was valued at USD 21.93 billion in 2018 and is expected to reach USD 38.53 billion by 2026, at a CAGR of 7.3%. Rising awareness about therapeutics for diabetes and diabetes management among patients is strengthening growth of the market. Continuous technological developments and advancements in the product is another factor expected to create potential opportunities in the market and continue over the forecast period.

The diabetes devices offer a solution to diabetes affected patients to manage the sugar level in the blood. Diabetes devices are devices used for checking the sugar level in the blood, and are also used to control glycemic improvement and reduction in hypoglycemia. The cost-effectiveness of devices such as lancets, self-monitoring blood glucose meters, testing strips, and continuous monitoring devices is completely influencing revenue of the market. Major international market players are involving themselves in various collaborations, partnerships and acquisitions to give further rise to the diabetes device market in the forthcoming years.   

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Moreover, multiplying prevalence of diabetes, rising awareness regarding diabetes care, growing intensity of obesity and technological progressions are further fueling the market growth of diabetes devices. According to WHO, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese. Obese population are likely to be detected with type 1, type 2 or gestational diabetes. This information helps us to understand that diabetes market is growing at an increasing rate due to market drivers mentioned above.

Further key findings from the report suggest

  • Asia-Pacific is anticipated to grow enormously at CAGR of 8.2% during the forecast period, owing to factors, such as a high prevalence of diabetes, growing obese population, and government initiatives of raising awareness regarding diabetic care
  • Medtronic PLC received the US Food and Drug Administration (FDA) approval for Guardian (TM) Connect continuous glucose monitoring (CGM) system, for people with diabetes aged between 14-75 years. such market initiatives are proving to be profitable for the growth of diabetes device market
  • Glucose monitoring devices dominated the diabetes devices market by registering 52% of market share in diabetes device products
  • Expansion of the global diabetes management devices market is also supported by prominent investments, scope of infiltration in middle- and low-income regions and increasing awareness in patient population about effective diabetes control and thus preclusion of disease related complications
  • Opportunities for global diabetes device market are adding up due to development of artificial pancreas and development of home infusion therapy. Major market players are developing products that designed to instrument glucose monitoring technologies
  • North America is leading the regional market, followed by Europe owing to higher number of obese individuals, advanced healthcare infrastructure, availability of technologically advanced products and overall health consciousness.
  • The National Healthcare System will expect children with 12 years of age on an insulin pump to gain sufficient diabetes control as a result of being on an insulin pump
  • Eli Lilly and Sanofi have strategic research projects to develop Glucose Responsive Insulins (GRIs).  GRIs are insulins which automatically activate or deactivate in response to changing glucose levels in the blood. They improve diabetes treatment efficacy and reduce the incidence of hyperglycemia and hypoglycemia.

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/diabetes-device-market

Segments covered in the report:

This report about global diabetes devices market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of type, distribution channels and regions:                     

Type (Revenue in USD Million; 2016–2026)

  • Glucose Monitoring Devices
    • Self- monitoring blood glucose meters
    • Blood glucose testing strips
    • Lancets
    • Continuous glucose monitoring meters
  • Insulin Delivery Devices
    • Insulin syringes
    • Insulin pens
    • Insulin pumps
    • Diabetes Management Software
    • Artificial Pancreas System    

Distribution Channels (Revenue in USD Million; 2016–2026)

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Diabetes Clinics/ Centers
  • Others

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Regional Outlook (Revenue in USD Million; 2016–2026)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Rest of the Europe
  • Asia Pacific
  • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • Middle East & Africa
  • Latin America
    • Brazil

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