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