LOS ANGELES, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Acumen Research and Consulting recently published report titled “Diabetes Care Devices Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, forecasts that the market for diabetes care devices market is expected to grow at a CAGR of around 15.17% from 2020 to 2027 and reach the market value of over US$ 5,134.0 Mn by 2027.
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North America takes a lead in the global diabetes care devices market. In Canada, type-1 diabetes is common among the population. Home-use strips are utilized as common medical devices among the population base. It has gained a significant attention in Canadian markets owing to high initiative by the Canadian government.
The government has implemented the blood glucose test strips (BGTS) quantity limits that encourage proper testing practices for optimal patient outcomes. Moreover, in Alberta, insulin-dependent patients fall in a category of reimbursement policy. Therefore, if a patient performs 5-6 tests in a day the average expenditure would be more than US$100 per month. Hence, the patient is eligible for the reimbursement coverage of US$ 600 annually. Such factors are responsible for regional growth of diabetes care devices market.
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China will record a significant growth in the coming years. China has record a significant CAGR in 2018. The factors responsible for the growth of the regional market is due to high population base suffering from diabetes and surge in government funding for diabetes management and diabetes care devices industry.
In January 2019, Australian government announced support for individuals suffering from type 1 diabetes. As management of diabetes is expensive there have been situations where poor diabetes management results in chronic health conditions. Australian government is taking steps to avoid this. The government has committed a funding of US$ 100 million for over four years to raise access to free CGM devices for the individuals with type-1 diabetes.
Market Dynamics
Need for faster and effective methods for diagnosis and ever-growing patient pool suffering from diabetes have led to rising demand for diabetes care devices market.
As per the World Health Organization (WHO), in 2016, an estimated 1.6 million deaths were recorded due to diabetes. Between 2000 to 2016, there was a gradual 5% rise in premature mortality from diabetes. With growing diabetes among the population it has witnessed high adoption in digital and wireless technology. With rise in digital health technology globally notably digital health apps for people with or at risk for diabetes has provoked clinical care, research, and health product development. Further, WHO defines Global Observatory for eHealth (GOe) as medical and public health practice supported by mobile devices, patient monitoring devices, personal digital assistants (PDA),and other wireless devices.
Rising awareness of diabetes care and measures taken by the government for new product launch has further fuelled the global diabetes care devices. Widespread progress in the healthcare infrastructure and new product launches by the market players further bolster the market growth of diabetes care devices.
In May 2019, Food and Drug Administration announced warning for the patients and healthcare professionals regarding risks associated by using unapproved or unauthorized devices for diabetes management that involves continuous glucose monitoring system (CGMS), insulin pumps, and automated insulin dosing systems.
On the other hand, United States Food and Drug Administration (USFDA) announced approval for marketing of Tandem Diabetes Care Control-IQ Technology, an automated glycemic controller device in December 2019. The FDA protects the public health by assuring the safety, effectiveness, security of human and veterinary drugs, and medical devices.
In spite of favorable factors for diabetes care devices market there exists some factors that have a serious impact on the market to grow. This attributes to less awareness regarding use of devices in underdeveloped and remote regions, long registration process and reimbursement issues possibly thwart diabetes care devices to some extent.
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Availability of products at optimum and affordable prices or minimizing the cost of diabetes care gadgets could certainly increase the demand for such devices boosting the overall market worldwide.
Some of the leading competitors are Dexcom Inc., Merck & Co., Abbott Laboratories, Glaxosmithkline Plc, Dickinson and Company, Acon Laboratories, Medtronic, and others.
Some of the key observations regarding diabetes care devices industry include:
- In November 2020, Abott Laboratories announced FreeStyle Libre System for adults and children living with diabetes in India and women suffering from gestational diabetes. The product is highly specialized in measuring glucose every minute in interstitial fluid through a small (5.5mm long) filament that is inserted beneath the skin and is held with small adhesive pads.
- In November 2020, Merck & Co and Holmusk announced collaboration with the healthcare business sector to support patients and physicians in Asia Pacific with a holistic treatment approach for prediabetes and diabetes.
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