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.
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.