Diabetes Devices Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2017 - 2025
Transparency Market Research observes that the competitive landscape in the
diabetes devices market is moderately consolidated. Some of the leading
companies in this market are Medtronic plc, Eli Lilly and Company, Sanofi
S.A., F. Hoffmann-La Roche Ltd, and Novo Nordisk A/S. Most of these
companies are focusing on expanding their business in developing parts of
the world to tap into the wide consumer base. Furthermore, developing and
commercializing diabetes devices that are simple yet affordable will be a
winning strategy of these players in the near future.
According to the research report, the global diabetes devices market is
expected to be worth US$66,053.1 mn by the end of 2025 from US$37,220.8
mn in 2016. During the forecast period of 2017 and 2025, the global market
is expected to rise at a CAGR of 6.7%. Out of the wide range of products to
manage diabetes, the global market is likely to be driven by glucose
monitoring devices and the products available under this segment. As of
2016, the blood glucose meters held a share of 59.1% in terms of revenue in
the global market. Geographically, the global market is dominated by North
America due to higher awareness about the disease.
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The global diabetes devices market is primarily being driven by the soaring
diagnostic rate of diabetes across the globe. The high occurrence of this
disease is attributable to the highly sedentary lifestyles, excessive stressful
living, poor dietary choices, and high alcohol consumption. The improving
rate of diagnoses has also led to increased uptake of diabetes devices in
recent years. Furthermore, affordable price of devices such as self-monitoring
blood glucose meters, lancets, testing strips, and continuous monitoring
devices are have also had a positive influence on the overall market. The
analysts state the growing awareness about way to manage the disease better
is also projected to spike the demand in the global market.
Rise in the number of diabetics due to occurrence of conditions such as
jaundice, dengue, pregnancy, and old age has also created a spur in the
demand of diabetes devices. Thus, a large pool of patients is projected to fuel
market growth in the near future. Growing investments in developing better
home diagnostic machines and efficient solutions are expected to generate
greater revenues. Convenience of using these devices enabled by their simple
design has also been identified as a key market growth for the global market.
Thus, the ability to make a safer and effective diagnosis of diabetes is
expected to benefit the vendors in the global market.
On the downside, the global market is being affected by the lack of
awareness about diabetes and its management in the rural parts of the world.
The poor rate of knowledge and low rate of inclination to treat the disease has
created a major negative impact on the overall market. Furthermore, diabetes
devices continue to be unaffordable to several patients in the low-income
category. Thus, the relative high cost of these devices and treatment coupled
with lack of reimbursement issues is likely to hamper the market growth.
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