Global Diabetes Care Devices Market: Overview
Diabetes is a global issue affecting millions of people every year. This has led to major technological advancements in diabetes treatment. Global diabetes care devices market exhibits a great potential and is estimated to grow exponentially by 2023. Diabetes care devices are used to diagnose and monitor the blood glucose level into a diabetic patient’s body. The demand for minimally invasive devices has led companies to launch patient-convenient diabetes care devices.
The upcoming Transparency Market Research report sheds light on growth trends in the global diabetes care devices market. It details out geographical distribution of the market and analyzes the current market landscape. In addition to this, it talks about major market drivers and restraints in the market. Further, it analyzes the competitive landscape and also highlights the recent developments.
Global Diabetes Care Devices Market: Drivers and Restraints
WHO has projected diabetes to be one of the leading causes of deaths in the coming years. An increased patient pool suffering from diabetes has led to an increase in demand for diabetes care devices. The need for faster and effective methods for diagnosis have also contributed to the growth of global diabetes care devices market. The geriatric population is highly susceptible to diabetes owing to unhealthy eating habits and sedentary lifestyle. This has resulted in an increase in demand for diabetes care devices, thus propelling the market’s growth.
Further, an increase in awareness about diabetes care and measures taken by governments pertaining the same has fuelled the global diabetes care devices market growth. Widespread progress in the healthcare infrastructure and economic advancements have impacted the market favorably.
In spite of these factors favoring the market, there are a certain restraints that may hinder its growth. Less awareness about the use of devices in remote and underdeveloped regions could possibly thwart the global diabetes care devices market to a certain extent. The long registration processes and reimbursement issues also pose a threat to the market. However, several governments are working on providing optimum and affordable diabetes care. Also, a number of companies are focused on minimizing the costs of diabetes care gadgets. This could increase the demand for such devices,consequently boosting the global diabetes care devices market.
Global Diabetes Care Devices Market: Geographical Distribution
North America is perceived to dominate the diabetes care devices market, followed by Europe. A major share of these regions can be attributed to advanced healthcare facilities and growing diabetic population. Asia Pacific is estimated to grow at the fastest rate on account of a predominant sedentary lifestyle and an increase in the ageing population. In this region, the diabetes care devices market in India and China are expected to grow tremendously.
Global Diabetes Care Devices Market: Competitive Landscape
The diabetes care devices market is highly fragmented and attracts competitors across the globe. The key participants operating in the market include Dexcom Inc., Merck & Co., Abbott Laboratories, Glaxosmithkline Plc, Dickinson and Company, Acon Laboratories and Medtronic. The companies are adopting strategies such as mergers and acquisitions, new product launches, joint ventures, and clinical trials to increase their revenue share in the diabetes care devices market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.