Friday, 19 April 2024
The market is estimated to grow with a CAGR of 8.7% from 2019-2027. The growth of the market is driven by the factors such as, growing geriatric population and rising incidence of diabetes. However, the market is likely to get impacted due to availability of alternatives for drug delivery and limitations associated with insulin pens in the region.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes namely diabetes type-I also known as diabetes insipid us and diabetes type-II also termed as diabetes mellitus. Incidences and prevalence of diabetes is steadily increasing across the globe. In high-income countries up to 91% of adults with the disease have type 2 diabetes.
According to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017and it is expected to reach 629 million by 2045 across the globe. In 2015, around 9.4% of the population of the U.S. had diabetes, including 30.2 million adults aged 18 years and over. .Additionally, according to Centers for Disease Control and Prevention's report that 4% of people aged 18 to 44 years are living with diabetes, 17 percent of those aged 45 to 64 years, and 25.2 percent of those aged over 65 years are living with diabetes. The following table represents number of patients suffering with diabetes across various North American countries worldwide.
US is expected to lead the market in the North America region owing to rise in the prevalence of the diabetes and growing elder population in the region. However, the country lags behind the other developed countries that can be a restrain to the market growth. Therefore, considering the above mentioned factors the growth of the market in the country is likely to contribute largest share in the North America region during the forecast period.
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NORTH AMERICA DIABETES CARE DEVICES – MARKET SEGMENTATION
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