(PharmaNewsWire.Com, March 26, 2021 ) According MarketsandMarkets™ Research – The report “Diabetes Care Devices Market by Type (SMBG, CGMS, Lancets, Insulin Pumps, Insulin Pens, Insulin Syringes, Mobile Apps), Patient Care Settings (Hospitals & Specialty Clinics, Self & Home Care), and Country (Brazil, Russia, India, China) – Forecast to 2025″, is projected to reach USD 4.3 billion by 2025 from USD 1.7 billion in 2020, at a CAGR of 16.2% during the forecast period.
The Factors such as the increasing diabetic population, rising awareness of diabetes treatment and management, and favorable national health strategies are expected to drive the growth of the diabetes care devices (BRIC) market.
Recent Developments;
# In February 2020, Abbott (US) received US FDA approval for the use of FreeStyle Libre 14-day Flash glucose monitoring systems in hospitals.
# In February 2020, Insulet signed a commercialization agreement with DexCom, Inc. (US) to allow its current and future CGM systems to connect to the former’s tubeless insulin pump system, OMNIPOD Horizon system.
# In April 2020, Ypsomed (Switzerland) entered into a partnership with DexCom, Inc. (US) to integrate its mylife YpsoPump data with DexCom’s G6 CGM sensors to form a hybrid closed-loop system.
# In January 2020, LifeScan (US) entered into a partnership agreement with DKSH to provide marketing, sales, regulatory services, as well as distribution and logistics for the sales of LifeScan products in the Philippines, Vietnam, Malaysia, Indonesia, Thailand, Hong Kong, and Taiwan.
The blood glucose monitoring systems segment is estimated to dominate the diabetes care devices market.
Based on type, segmented into blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Under the blood glucose monitoring systems segment, the test strips segment is estimated to account for the largest share in 2020. The dominance of this segment can be attributed to the frequent requirement of test strips in blood glucose monitoring systems.
Self/home healthcare is projected to witness the highest CAGR in the diabetes care devices (BRIC) market during the forecast period
Based on end user, Segmented into hospitals & specialty clinics and self/home healthcare. The self/home healthcare segment is estimated to hold the largest share in 2020. This segment is also projected to grow at the highest CAGR during the forecast period. The rapid growth of the segment is attributed to the increasing awareness of diabetes self-monitoring and management, increasing recommendations from physicians for home healthcare for diabetes, and the increasing utility of home-based diabetes care devices to provide real-time insights regarding the condition due to the technological advancements of these systems.
China held the largest share in the diabetes care devices (BRIC) market in 2019. This dominance is due to the high population of diabetics in the country and increasing government funding for diabetes management and the diabetes care devices industry. India is expected to register the fastest growth during the forecast period, primarily due to opportunities presented by the country, especially in terms of the growing usage of mHealth (mobile health), which supports the diabetes management mobile applications segment.
Global Key Leaders:
The prominent players in the diabetes care devices market include Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark) are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies, including service launches, expansions, collaborations, and partnerships. Due to the intense competition in this market, market players are increasingly focusing on expansions, collaborations, and partnerships to strengthen their competitiveness in the market
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