Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global diabetes devices market is likely to gain traction from recent technological advancements. According to a report by Fortune Business Insights, titled “Diabetes devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 20.92 Billion in 2018.
Fortune Business Insights has predicted that the market is likely to reach US$ 33.55 Billion by the end of 2026, thereby exhibiting a CAGR of 6.1%.
The advent of technologically advanced systems has influenced the growth of the global diabetes devices market. The demand for minimally invasive devices has been fulfilled in recent years. There are numerous products in the market that do not require blood sample or needle-based methods for detecting blood levels in sugar.
Additionally, recent product innovations by globally renowned companies will boost the market in the forthcoming years.
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The other highlights of the report include:
- Targeted analysis of the impact of COVID-19 on the market;
- Detailed study of the factors, trends, and constraints shaping the market;
- Careful evaluation of the regional dynamics influencing the market; and
- Thorough profiling and examination of the key market players and their strategies.
Soaring demand for Simplified Diabetes devices to Induce Growth
The growing adoption of fast paced and sedentary lifestyle has led to an increase demand for easily operate-able and simplified diabetes devices. Many companies are looking to suffice consumer needs of self-operate-able and portable devices for monitoring various factors that can cause diabetes.
In 2019, Roche India launched the mySugr App and Accu-Chek aimed at betterment of people with diabetes. The company unveiled its first ever Integrated Diabetes Management System (IDMS) with the mySugr and Accu-chek integrated apps. With the launch of IDMS, the company aims at offering integrated and simplified approach for people with or at the risk of diabetes.
The report includes the impact of such product advancements, along with some commercially successful products that have exerted their reach in several countries across the world. Fortune Business Insights has stressed on various aspects of the existing as well as upcoming devices for diabetes care and discusses the impact of these concepts on the global market.
The global economy is in absolute turmoil because of the COVID-19 pandemic outbreak. Some industries remain largely unaffected by the outbreak, some are thriving, but most are in doldrums. Although the healthcare industry is flourishing, certain markets within the industry are experiencing staggered growth. Wading through these troubled times is a difficult task and Fortune Business Insights™ aims at equipping your business with the most comprehensive market insights, collated and analyzed by our expert and experienced research team.
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Emergence of Technologically-Sound Devices Will Enable Growth
The global diabetes devices market will grow considerably in the coming years, driven by the technological advancements for diagnosis and treatment of diabetes. Conventionally, devices such as needle-pinch blood testing were used to test sugar levels. Although this method was painful, it was widely used due to the lack of painless-device counterparts.
In recent times, technological advancements have led to the emergence of blood-testing devices based on infra-red (IR) rays. Therefore, advancements in diabetes car devices such as the minimally invasive devices have changed the game for blood glucose monitoring, thereby enabling growth of the global diabetes devices market.
The report includes detailed analysis on various aspects of the market such as segmentation, end user coverage, applications and leading companies. Fortune Business Insights discusses segmentation of the global diabetes devices market based on product type, application, and regional demographics.
Additionally, the report includes detailed analysis of prevailing companies as well as market entrants operating in the global market.
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List of the leading companies that are operating in the global diabetes devices market:
- F. Hoffmann-La Roche Ltd
- Tandem Diabetes Care, Inc.
- B. Braun Melsungen AG
- Medtronic
- Others
Diabetes Devices Market Segmentations:
By Type
• Blood Glucose Monitoring Systems
o Continuous Glucose Monitoring Systems
o Self-Monitoring Blood Glucose Systems
• Treatment Devices
o Insulin Pens
o Insulin Pumps
o Insulin Jet Injectors
o Insulin Syringes
o Others
By Distribution Channel
• Institutional Sales
• Retail Sales
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Have a Look at Related Reports:
Diabetes Drugs Market Share and Global Trend By Drug Class (Insulin, DPP-4 Inhibitors, GLP-1 Receptor Agonists, SGLT2 Inhibitors), Diabetes Type (Type 1, Type 2), Route of Administration (Oral, Subcutaneous, Intravenous), Distribution Channel (Online pharmacies, Hospital Pharmacies, Retail Pharmacies) & Geography Forecast till 2026
Blood Glucose Monitoring Systems Market Share & Industry Analysis, By Device (Continuous Blood Glucose Monitoring Systems, Self-monitoring of Blood Glucose Systems), By Type (Invasive, Non-invasive), By Modality (Wearable, Non-wearable), By Distribution Channel (Institutional Sales, Retail Sales), and Regional Forecast 2019-2026
Diabetes Treatment Devices Market Share and Global Trend By Product (Insulin Pens, Insulin Pumps, Insulin Jet Injectors, Insulin Syringes, Others), By Distribution Channel (Institutional Sales (Hospitals, Clinics), Retail Sales (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies)) & Geography Forecast till 2026
Human Insulin Market Share & Industry Analysis, By Type (Analogue Insulin, Traditional Human Insulin), By Diabetes Type (Type 1, Type 2), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, Online Pharmacy), and Regional Forecast, 2019-2026
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