According to The Insight Partners market research study titled "Diabetes Care Devices Market - Global Analysis and Forecasts by Product and End User", the global diabetes care devices market is expected to reach US$ 39,382.3 Mn in 2027 from US$ 23,354.3 Mn in 2018. The market is estimated to grow with a CAGR of 6.1% from 2019-2027. The report highlights the trends prevalent in the global diabetes care devices market and the factors driving the market along with those that act as deterrents to its growth.
The diabetes care devices market by product is segmented into glucose monitoring devices and insulin delivery devices. In 2018, the glucose monitoring devices segment held a largest market share of 54.1% of the diabetes care devices market, by product. This segment is also expected to dominate the market in 2027 owing to rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced products. Moreover, the glucose monitoring devices segment is also anticipated to witness the fastest growth rate of 6.4% during the forecast period, 2019 to 2027 owing to the rising demand for the glucose monitoring devices.
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Key factors driving the market are, rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in diabetes care devices. However, the restraining factors for the market are high cost of diabetes care devices and risks associated with the insulin delivery devices.
Some of the prominent players operating in diabetes care devices market are, BD, Novo Nordisk A/S, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Dexcom, Inc., Terumo Corporation, F. Hoffman-LA Roche Ltd. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in February 2019, Tandem Diabetes Care, Inc. announced that the U.S. Food and Drug Administration (FDA) has classified the t:slim X2 insulin pump as the first in a new device category called Alternate Controller Enabled Infusion Pumps (ACE pumps).
Product launches and up gradation were observed as the most adopted strategy in global diabetes care devices industry. For instance, in March 2019, Tandem Diabetes Care, Inc has announced that it is now registered as an approved vendor of insulin pumps and supplies under the Assistive Devices Program (ADP) in Ontario, Canada. Thus, the expansion move by the company is likely to boost up the growth of its own and is likely to contribute to the market in the coming future.
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DIABETES CARE DEVICES – MARKET SEGMENTATION
Global Diabetes Care Devices Market – By Product
Global Diabetes Care Devices Market – By End User
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