(PharmaNewsWire.Com, May 01, 2021 ) 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“, the Diabetes Care Devices (BRIC) Market size 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.
What Drives the Market Growth?
- Favorable national health strategies - Government-LED endorsement of the medical device industry - Significant advancements and leveraging of artificial intelligence and big data - High prevalence of diabetes - Diabetes awareness campaigns and screening camps
Based on type, the diabetes care devices (BRIC) market has been 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.
Based on end user, the diabetes care devices market has been 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.
Geographical View in-detailed:
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.
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), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation (Japan), SD Biosensor, Inc. (South Korea), MicroGene Diagnostic Systems Pvt. Ltd. (India), Ypsomed Holdings AG (Switzerland), Dr. Morepen (India), Sinocare, Inc. (China), Bionime Corporation (Taiwan), and Rossmax International Ltd. (Taiwan).
LifeScan (US) held the second position in the diabetes care devices (BRIC) market. The company is one of the leading players in the market due to its vast product portfolio. LifeScan has been investing in organic and inorganic growth strategies to expand its service portfolio and broaden its geographical footprint. For instance, in May 2019, the company entered into a non-exclusive agreement with Sanvita Medical, LLC (India), to market continuous glucose monitoring (CGM) sensors.
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