(PharmaNewsWire.Com, March 08, 2018 ) Global Diabetes Care Devices Market: Global Diabetes Care Devices Market estimated to be valued US$ XX Mn in 2017 and poised to grow at CAGR of XX% over 2017-2023. Market for diabetes care devices is projected to reach US$ XX Mn by 2023.
Diabetes is the most widespread metabolic disorder in which patient body is unable to use the glucose due to the lack of Insulin. The major cause of diabetes is insulin deficiency secreted by beta cells of the islet of Langerhans of the pancreas. The other factors include genetically inheritance, changing lifestyle, and unhealthy diets can also cause diabetes. Diabetes further has severe effects on the body like internal damaging of organs and hence require regular monitoring and controlled level of glucose levels in the body. Diabetes care devices are user-friendly and can be operated by patients themselves; they monitor the blood glucose level and help patients to control diabetes. There are two different type of diabetes, caused due to decreasing ability of the pancreas to produce the insulin and another is due to lack of response to the insulin. Diabetes is a chronic disease and the people suffering from diabetes needs to monitor blood glucose throughout their life.
Global diabetes care devices market is growing at a significant rate due to the increase in the incidence of diabetes, especially in adults. The key drivers for the growth of global diabetes care devices market are rise in innovative technologies, minimally or non-invasive products and increasing diabetic population boosting the growth of global diabetes care devices market. Similarly, availability of devices, that are faster, effective, safer, and user-friendly are the key factors fuel the growth of the global diabetes care devices market over the forecast period. Apart from this, government and private investment in research and development, and low diagnostic rates might fuel the growth of global diabetes care devices market. However, the high cost of new devices, lack of awareness, stringent regulatory obligations, and disparity in reimbursements are some the factors that are constraining the growth of global diabetes care device market.
Global diabetes care devices market has been segmented on the basis of product type, and distribution channel
Based on product type, global diabetes care devices market has been segmented into the following:
Globally, diabetes is the fourth leading cause of death. According to the International Diabetes Federation (IDF), seven Mn people are added every year to the pool of 246 Mn diabetics, which is projected to increase approximately 438 Mn by 2030. Moreover, about 3.8 Mn people die each year from diabetes. The global diabetes care devices market is highly fragmented with the presence of several large and small vendors, due to which it witnesses an intensely competitive environment. For the development of new products, and enhance the competitiveness, most vendors partnering with other vendors in the global diabetes care devices market. For instance, in June 2016, Ascensia Diabetes Care partnered with Medtronic for developing and marketing diabetes management solutions. Furthermore, to develop and market test strips and blood glucose meters, vendors are also undertaking strategic alliances due to which the market presents a significant opportunity for new players in the global diabetes care devices market. In 2000, Minimed has launched the Continuous Glucose Monitoring System in the global diabetes care devices market which measures and store glucose values for 3 days. Further, the device is developed to store the results up to 6 or 7 days and helps to see data in the real time. For instance, Medtronic (Enlite, Guardian Realtime), Abbott (Freestyle Navigator II), and Dexcom's (G4 Platinum)
Geographically, the diabetes care devices market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the markets followed by Europe and Asia-Pacific. North America garners significant market share due to the growing diabetic population. According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S., availability of skilled professionals, and reimbursement for the diabetes care devices are the major factors contributing to the growth of the global diabetes care devices market in North America. Europe is the second largest region for global diabetes care devices market in the world due to the rapidly aging population and drastic changes in lifestyle. Asia-Pacific region is major market for global diabetes care devices due to the large patient pool, and rising diabetes incidence in the region. According to the International Diabetes Federation (IDF), China has the largest number of diabetic patients with around 96.2 Mn and India has around 66.8 Mn diabetic patients, which represents approximately 45% of the global diabetic population. Aforementioned factors help to boost diabetes care devices market in Asia-Pacific region.
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