Global Diabetes Care Technologies, Devices and Therapeutics Market: Overview
Diabetes is a growing global concern. By 2030, approximately 438 million people will be suffering from diabetes, according to The World Diabetes Foundation. The global healthcare expenditure of about 11.6% is held by diabetes care. Presently, there are about 528.7 million people suffering from obesity, which is a key factor triggering diabetes in people.
The global diabetes care technologies, devices and therapeutics market is can be segmented on the basis of devices into blood glucose monitoring, insulin delivery, and other glucose testing devices.
The report presents a comprehensive overview of various factors contributing to the expansion of the global diabetes care technologies, devices and therapeutics market. It also offers insights into challenges that the market could face over the forecast period. The prevailing trends affecting overall market operations are also studied in the report in detail.
Global Diabetes Care Technologies, Devices and Therapeutics Market: Key Trends
The diabetes care market is chiefly driven by sedentary lifestyle and the rising prevalence of obesity. The cases of diabetes reported in the world have tremendously increased over the years. The escalating number of fast food chains all across the globe has added fuelled the obesity issues as well. There is a reduction seen in the physical activities – not only among the elders, but in children as well. All these factors are pushing the market for diabetes care technologies, devices, and therapeutics.
On the other hand, reimbursement issues are the main factor limiting market growth during the analysis period. Moreover, third party reimbursements are restricted to the type of coverage they provide concerning devices, diagnosis and treatment of diabetes.
Global Diabetes Care Technologies, Devices and Therapeutics Market: Regional Overview
On the basis of geography, the global diabetes care technologies, devices and therapeutics market can be classified into North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Asia Pacific is known to lead the market for diabetes care technologies, devices and therapeutics market. The two of the most populated countries of Asia Pacific – India and China – are known to have a large pool of diabetic patients, thereby increasing the demand of the market. According to International Diabetes Federation (IDF), China had 98.1 million and India had 65.1 million adults living with diabetes in 2013. Another reason impacting the growth of the market in this region is the eating habits and sedentary lifestyle of the people.
The Middle East is also a favorable market for diabetes care technologies, devices and therapeutics, followed by North America. High obesity rate, dietary habits, and inactive lifestyle are a few factors that have led to the increase in demand growth of the market in North America. According to the Centers for Disease Control and Prevention (CDC), about one in every 10 American adults has diabetes. If the trend continues, the figure is expected to double or triple by 2050. In 2012, 13.4 million women (11.2 percent) had diabetes, according to the National Diabetes Report. About 15.5 million men (13.6 percent) had it.
Global Diabetes Care Technologies, Devices and Therapeutics Market: Key Players
The report profiles some of the prominent competitors operating in the market. It also provides insights into the threats and opportunities that the companies are expected to witness in the coming years. Some of the key players in the global diabetes care technologies, devices and therapeutics market are Takeda and Merck & Co. Ltd., Roche, Johnson & Johnson, Glaxosmithkline, Novartis International AG, Abbott Laboratories, Bayer AG, and Sanofi.