As per our report, the size of the global diabetes care devices market was worth USD 20.4 Billion in 2019 and is projected to grow USD 27.0 Billion by 2024, showcasing a CAGR of 5.79% from 2019 to 2024.
MARKET DRIVERS
Growing prevalence of diabetes around the world and increasing need for the safety measures are majorly driving the market growth.
The rapid increase in the incidence of diabetes due to urbanization and sedentary lifestyles is a crucial factor for the growth of the global diabetes care devices market. The World Health Organization (WHO) predicts that diabetes will be one of the leading causes of death in the coming years. As the number of patients with diabetes increased, the demand for diabetes treatment devices also did. The need for quick and effective diagnostic methods has also contributed to the growth of the European market.
It is expected that market growth will be accelerated further due to rapid technological advances in the field of diabetes, the increase in the population of obesity, the increase in the consumption of junk food, and the fast diagnosis and treatment of diabetes.
Additionally, the elderly population is very vulnerable to diabetes due to unhealthy eating habits and sedentary lifestyles. It has led to an increase in demand for diabetes care devices and accelerated market growth. As knowledge of diabetes management has increased, the market growth of diabetes management devices has accelerated. The widespread advances in health infrastructures and economic development have benefited the market.
Some governments are planning to provide optimal diabetes treatment at low cost. Many companies also focus on minimizing the cost of diabetes management devices, which is estimated to favour the global diabetes care devices market growth. It is also expected that increased awareness of diabetes monitoring devices and untapped market opportunities in developing countries will provide numerous opportunities for diabetes care devices market growth in this vicinity.
MARKET RESTRAINTS
Despite these factors that favour the market, certain limitations can hinder growth. The reduction of consciousness about the use of devices in remote and underdeveloped regions can affect to a certain extent of the European market for these devices. The long process of registration and reimbursement problems also poses a threat to the market.
Further, the global diabetes care devices market is restricted by the high costs associated with diagnosis and treatment. Moreover, reimbursement issues and patent expiry are also an issue. The diabetes care devices offer a solution to diabetes patients to manage glucose in the blood.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2018 to 2024 |
|
Base Year |
2018 |
|
Forecast Period |
2019 to 2024 |
|
Segments Covered |
By Type and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
This research report on the global diabetes care devices market has been segmented based on the type and region.
Diabetes Care Devices Market - By Type:
Based on type, the market is led by glucose monitoring devices. Increasing the prevalence of effective diabetes management procedures in hospitals and clinics is lavishing the growth rate of the market. Growing awareness in monitoring glucose levels regularly is also one of the factors dominating the shares of the market. Shifting trends towards self-medication and rise in the demand for point of care testing devices are accelerating the growth rate of the diabetes care devices market. Initiative steps by the government by increasing campaign programs, especially in rural areas, is promoting the growth of the market to the extent. The insulin delivery systems segment is expected to have the highest CAGR in the coming years with the improving diagnosis procedures with different systems. Also, people demand effective and faster methods are enhancing the demand of the market. Minimally invasive treatment procedures are also a part of treating diabetes which is also fueling the growth of the market.
Most of the market for diabetes devices in Europe comes from disposable pens, insulin pumps, and blood glucose test strips. These devices represent approximately 60% of the total market share in Europe. In the European market for diabetes medications, 21.03% of the income is contributed from blood glucose strain insulin pump that is projected to grow at 5.06% CAGR in 2019 to 2024 period. The use of insulin pumps has increased in Europe over the years. The low frequency of use of insulin pumps in Europe is due to the lack of awareness of diabetic patients.
Regional Analysis:
Among these, North America held the largest share in the global diabetes care products market. Europe and Asia-Pacific follow North America’s way. Mainly the Asia-Pacific region provides significant opportunities for the diabetes care in which China (1.3 billion) and India (1.2 billion) being the most populous countries in this region, contribute to the demand for diabetes care devices. According to the International Diabetes Federation, China had the most significant number of diabetic patients with around 96.2 million, and India had about 66.8 million diabetic patients. As of 2019, approximately 45% of the global diabetic population is from China and India. So many global diabetes care devices companies show interest to invest in these countries.
TOP COMPANIES IN THE MARKET
Most promising companies dominating the global diabetes care devices market profiled in this report are Roche Diagnostics, Johnson & Johnson, LifeScan, Inc. and Animas Inc., Becton-Dickinson, Novo Nordisk, Bayer AG, Abbott Laboratories, Ypsomed AG, Medtronic plc, Insulet Inc., Terumo Corporation, Tandem Diabetes Care, Inc. and Dexcom, Inc. (U.S.).
RECENT MARKET DEVELOPMENTS
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 Global Diabetes Care Devices Market, by Type
5.1.1 Glucose Monitoring Devices
5.1.1.1 Self Blood Glucose Monitoring Devices
5.1.1.1.1 Glucose Meters
5.1.1.1.2 Test strips
5.1.1.1.3 Lancets
5.1.1.1.4 Hemoglobin A1C testing Kits
5.1.1.2 Continous Glucose Monitoring Devices
5.1.2 Insulin Delivery Systems
5.1.2.1 Insulin Syringes
5.1.2.2 Insulin Pens
5.1.2.3 Insulin Pumps
5.1.2.4 Jet Injectors
5.1.3 Control Solutions
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.2.7 Switzerland
6.2.8 Russia
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1 F. Hoffmann-La Roche Ltd
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Medtronic Inc.
8.3 Johnson & Johnson
8.4 Abbott Laboratories
8.5 Becton, Dickinson and Company
8.6 Ascensia Diabetes care
8.7 Novo Nordisk A/S
8.8 Dexcom, Inc.
8.9 Insulet Corporation
8.10 Terumo Corporation
8.11 Tandem Diabetes Care, Inc
8.12 Ypsomed AG
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
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