Diabetes – An epidemiology
Diabetes has emerged as an epidemic disease affecting the people the world over with an estimated 422 million people or adults living with diabetes mellitus according to the latest 2016 data from World Health Organization (WHO). Diabetes mellitus has also caused about 1.5 million deaths in 2012. Diabetes is now one of the eight leading causes of death with about 2.2 million deaths worldwide attributed to high blood glucose and an increased risk of associated complications resulting in premature deaths in people.
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Such an increased rate of diabetes among the global masses has resulted in the demand for diabetes care devices that help people with diabetes in monitoring their blood glucose and insulin levels to manage or avoid being affected by the symptoms of diabetes.
Global diabetes care devices market – A brief summary
The global diabetes care devices market has a huge business potential due to the large numbers of diabetics worldwide and its cost repercussions. According to the Diabetes Market Research Reports, the diabetes care devices market worth was around the US $ 17.26 billion in 2015. It is expected to reach the US $22.80 billion by 2020 at a CAGR 5.73% during the forecast period from 2015 to 2020. The diabetes care devices market as of now is growing at a moderate rate due to an increased prevalence of diabetes and changes in lifestyle related factors that are known to cause diabetes across the globe.
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A longer lifespan among the people with diabetes, increasing awareness, improving diagnosis and treatment rates along with technological advancements and innovations is helping in fueling the growth of diabetes care devices market. Moreover, a rising awareness about the technologically advanced monitoring tools such as continuous glucose monitors is a crucial factor, which is expected to spur the Diabetes Devices Market Size in terms of revenue generation.
The global diabetes care devices market comprises of glucose monitoring devices and insulin delivery devices with the market constantly driven by research and development activities that are helping companies in launching technologically advanced products involving treatments with minimally to noninvasive techniques. There is an increased adoption rate for diabetes care devices resulting in a positive Diabetes Care Devices Market Outlook. The diabetes care devices market share is largely occupied by glucose monitoring devices category dominated by blood glucose meters that form the largest in terms of revenue and is growing at a rate of 12% each year. Continuous glucose monitoring systems dominate the glucose monitoring devices category pipeline.
Segmentation of diabetes care devices market- An outlook
The diabetes care devices market is segmented based on categories such as type, insulin delivery and by region/country. Each of these categories is depicted in a tabulated format for easy reference as given below-
|Type||Insulin Delivery Systems||Region/Country|
|Blood Glucose Meters||Insulin Pumps||North America|
|Blood Glucose Test Strips||Insulin Syringes||Asia-Pacific|
|HbA1c Testing Kits||Insulin Pens||Europe|
|Lancing Devices||Latin America|
|Continuous Glucose Monitoring Devices||Middle East|
Figure.1 – Market Segmentation of Diabetes Care Devices
As of now, the glucose monitoring devices is consolidated with a few players holding the largest share of the global diabetes care devices market. The monitoring and diagnostic devices segment holds the record of the largest market share in global diabetes care devices market in 2015 and accounted for about 71% of the total market due to repeated purchases. In terms of region or geographic representation, North America holds the largest share in global diabetes care products market with a share of around 40% during 2015 with a CAGR of 5.9%.
The factors behind this growth can be attributed to a growing diabetic population, the availability of technologically advanced devices and the presence of skilled professionals in this region. Europe and Asia-Pacific regions are in the neck-to-neck race with Europe’s share accounted for about 23% of global diabetic care devices market. Asia-Pacific and Latin America provides significant opportunities for the diabetes care products with China, India, and Brazil being the most populous countries of these regions with growing diabetic cases.
The key market players or companies in global diabetes care devices market is mainly dominated by the following players
• Roche Diagnostics – Accu Chek line of products
• Johnson & Johnson
• Abbott Laboratories Inc
• Bayer Healthcare AG
• Becton and Dickinson & Company
• Novo Nordisk and others
All these above-mentioned players are focusing on strengthening their positions in their respective regions.