Diabetes Devices and Drugs Market: Growing R&D by Medical Device Development and Pharmaceutical Companies to Drive Market Growth, Says TMR
The global diabetes devices and drugs market is led by players such as LifeScan, Inc., F. Hoffmann La Roche Ltd., and Abbott Diabetes Care. These players together held a share of around 72.5% in the market, on the basis of revenue. The market comprises of numerous internal substitutes owing to the fact that each company dominant in the market manufactures numerous accessories and products. The manufacturing and development cost of cutting-edge devices is high owing to the increasing need for skilled labor forces ad high-end assembling devices, which in turn lowers the threat from new entrants within the market. Hence, the threat of new entrants in this market is predicted to be medium in the forecast period, as per Transparency Market Research (TMR).
The global diabetes and drugs market stood at US$54,049.8 mn in 2012 and is predicted to touch US$83,006.9 mn, rising at a 5.90% CAGR between 2013 and 2019. On the basis of device, the segment of continuous glucose monitoring is predicted to rise at a 6.60% CAGR between 2013 and 2019. On the other hand, the segment of insulin pen is a swiftly developing segment within the insulin delivery devices market. This is due to the increasing count of individuals with diabetes and the increasing research and development practices globally.
Asia Pacific Diabetes Devices and Drugs Market to Experience Swiftest Growth
In terms of geography, the North America diabetes devices and drugs market leads due to the increasing count of patients, having type-2 and type-1 diabetes, world-class medical infrastructure, and technological developments. On the other hand, the region of Asia Pacific is predicted to be the most lucrative market in the forecast period. This is owing to the increasing occurrence of diabetes, growing healthcare awareness on diabetes management and self-monitoring of diabetes in numerous Asia Pacific nations.
The global diabetes devices and drugs market is supported by a number of factors including the increasing count of patients having diabetes globally owing to shift in lifestyle and numerous other factors such as genetic mutations, malnutrition, and others. A number of research and development activities have also come up as high impact drivers in this market states a TMR analyst. Numerous medical device development and pharmaceutical companies are taking part in research and development activities for the advancement of diagnostic devices, molecules, and new formulations.
Increasing Advent of Chronic Diseases Globally to Bode Well for Market Growth
Additionally, chronic diseases related with diabetes provide impetus to the segment of insulin delivery and self-monitoring devices, thus positively impacting the overall growth of the market. On the other hand, the increasing cost of treatment and diagnosis and the unfavorable reimbursement policies may impede the development of the market. In addition, numerous hard entry barriers have discouraged the new players from entering the diabetes devices and drugs market, thus posing a threat to the overall market.
Nonetheless, the introduction of non-invasive diabetes diagnostic and drug delivery devices has come up as a key opportunity in this market. “The strong pipeline of products and the making of molecules from new class of diabetes drugs may also exhibit most lucrative prospects in this market,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Diabetes Devices and Drugs Market - Global Industry Analysis, Pipeline Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
The global diabetes devices and drugs market is segmented as follows:
- Global Diabetes Devices Market, by Devices
- Diabetes Monitoring and diagnostic devices
- Analog glucose meter
- Glucose Test strips
- Lancets and Lancing devices
- Continuous glucose monitoring devices
- Insulin Delivery Devices
- Insulin Syringes
- Insulin Pens
- Insulin Pumps
- Insulin Injectors
- Global Diabetes Drugs Market, by Therapy
- Short-acting insulin derivatives
- Intermediate-acting insulin derivatives
- Long-acting insulin derivatives
- Rapid-acting insulin derivatives
- Premixed insulin derivatives
- Oral anti-diabetes drugs class
- Alpha-glucosidase inhibitors
- DPP-4 inhibitors
- SGLT-2 inhibitors
- Non-insulin injectable anti-diabetes drugs
- GLP-1 analogs
- Global Diabetes Drugs Market, by Geography
- North America
- Rest of the World (RoW)
- Diabetes Monitoring and diagnostic devices
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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