Diabetes Devices Market
Diabetes Devices Market (Product Type - Glucose Monitoring Devices (Self-monitoring Blood Glucose Meters, Blood Glucose Testing Strips, Lancets, and Continuous Glucose Monitoring Devices), Insulin Delivery Devices (Insulin Syringes, Insulin Pens, and Insulin Pumps), Diabetes Monitoring Software, and Artificial Pancreas System; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Diabetes Clinics/Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global diabetes devices market for the historical period 2017–2018 and forecast period 2019–2027, increase in prevalence of diabetes, and increase in adoption of insulin pumps among type 1 diabetes patients are projected to drive the global diabetes devices market during the forecast period
- According to the report, the global diabetes devices market was valued at US$ 41.8 Bn in 2018 and is anticipated to expand at a CAGR of 6.4% from 2019 to 2027
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Increase in Prevalence of Diabetes Expected to Drive Global Diabetes Devices Market: Key Drivers
- Prevalence of diabetes is expected to increase exponentially worldwide due to change in lifestyle and various factors such as malnutrition, genetic mutations, and others. According to various government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases. For instance, according to the American Diabetes Association, diabetes accounts for nearly 71,000 deaths in the U.S. each year. About 1 in 11 adults in the country suffers from diabetes.
- Rise in prevalence of diabetes across the U.S. and Asia is anticipated to boost the growth of the diabetes management market due to a relative increase in demand for insulin delivery devices
- According to the International Diabetes Federation, 422 million people across the world were living with diabetes in 2016, and over 10% of the world’s adult population, or around 642 million people, will have diabetes by 2040. Hence, increase in the diabetic population in Asia and the U.S. is expected to propel the diabetes devices market.
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Increase in Adoption of Insulin Pump among Type 1 Diabetes Patients Boost Market Growth
- Over the last decade, Type 1 diabetes has been one of the increasing in major healthcare concern for many countries. Countries like the U.S., China, U.K, and Germany have seen increasing rates of T1 incidences.
- Type 1 diabetes (T1D) is type of autoimmune disease which occurs in children and adults in which pancreas stops producing insulin. The increasing incidences of Type 1 diabetes (T1D) among the children’s is one of the major healthcare concern. For instance, according to IDF, in 2015 Europe region had 140,000 children’s (0-14 years) with Type-1 Diabetes and 21,600 new cases diagnosed every year.
- Type-1 diabetes patients majorly use the insulin pen or insulin pumps. Insulin pumps are relatively costly as compared to other insulin delivery devices. However, the adoption of insulin pumps among is increasing gradually in many developing and developed countries.
- This increasing incidences of type-1 diabetes in developing and developed countries are expected to drive the growth of the global insulin pumps market.
Threat of Alternative Therapies for Diabetes to Hamper Market
- Diabetes is a dreadful disease that is becoming a serious threat to human health. Rise in obesity and sedentary lifestyle have become a major cause of increasing diabetes prevalence across the world.
- Various treatments and drugs are available for diabetes. However, total recovery from diabetes is still a matter of concern. Alternative to synthetic agents, natural cure by plants provides a potential source curing complications of hypoglycemia.
- Other alternative therapies such as acupuncture, diabetic supplements, hydrotherapy, and yoga are practiced for treatment of diabetes and have no side effects
- These emerging alternative therapies are likely to act as major restraints of the diabetes device market
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Global Diabetes Devices Market: Competitive Landscape
- This report profiles major players in the global diabetes devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global diabetes devices market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global diabetes devices market are
- Novo Nordisk A/S
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Dickinson and Company
- Tandem Diabetes Care, Inc.
- Abbott Laboratories
- Insulet Corporation
- LifeScan, Inc.
- Owen Mumford Ltd.
Global Diabetes Devices Market: Key Developments
Key players in the global diabetes devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global diabetes devices market. A few expansion strategies adopted by players operating in the global diabetes devices market are:
- In January 2020, Tandem Diabetes Care Inc. launched slim X2 insulin pump with Control-IQ technology. The device comes with an advanced hybrid-closed loop feature designed to help increase time in range (70-180 mg/dL).
- In May 2019, Roche Diabetes Care India launched Accu-Chek, a blood glucose monitoring system, and “mySugr” app aimed at betterment of people with diabetes.
- In June 2017, Medtronic the company launched MiniMed 670G system. It is based on Hybrid Closed Loop system for people with type 1 diabetes.
- In April 2017, Cellnova delivers first commercial batch of insulin cartridges with manufacturing partner, flex.
The report on the global diabetes devices market discussed individual strategies, followed by company profiles of manufacturers of diabetes devices. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global diabetes devices market.
TMR’s report on the global diabetes devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global diabetes devices market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global diabetes devices market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global diabetes devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global diabetes devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global diabetes devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global diabetes devices market.
The report delves into the competitive landscape of the global diabetes devices market. Key players operating in the global diabetes devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global diabetes devices market that have been profiled in this report.
Key Questions Answered in Global Diabetes Devices Market Report
- What is the scope of growth of product companies in the global diabetes devices market?
- What will be the Y-o-Y growth of the global diabetes devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global diabetes devices market?
- Will North America continue to be the most profitable market for diabetes device providers?
- Which factors are anticipated to hamper the growth of the global diabetes devices market during the forecast period?
- Which are the leading companies in the global diabetes devices market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global diabetes devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global diabetes devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the diabetes devices market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the diabetes devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global diabetes devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global diabetes devices market more reliably and accurately.
Regional Segmentation of Diabetes Devices Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Diabetes Devices Market – Segmentation
Glucose Monitoring Devices
Insulin Delivery Devices
Diabetes Management Software
Artificial Pancreas System
Middle East & Africa