The global Diabetes care devices market will grow at a CAGR of 5.3% from 2017 to 2022 to reach USD 26,710.3 million by 2022, according to the latest publication from Meticulous Research®. The global diabetes care devices market is driven by the increasing incidence & prevalence of diabetes, technological advancements, rising obesity rate, and increasing sedentary lifestyle & improper diet. Moreover, various developments of new technologies for the delivery of insulin further provide significant opportunities in this market. However, high cost associated with the diagnosis and treatment, reimbursement issues, and lack of awareness is expected to hinder the growth of diabetes care devices market to some extent.
The global diabetes care devices market is mainly segmented by product type and geography. Based on product type, the market is majorly segmented into diabetes monitoring devices and insulin delivery devices. The diabetes monitoring devices segment held the largest share of the overall market in 2016 and is expected to continue its dominance during the forecast period. The large share of this market is mainly attributed to the increased adoption of test strips and self-monitoring blood glucose devices across the globe and increasing trend of self-management with rising awareness of the disease in the developing countries. These devices can be utilized to aid in the adjustment of a therapeutic regimen in response to blood glucose values and to help patients adjust their dietary intake, physical activity, and insulin doses to improve glycaemic control on a regular basis. The diabetes monitoring devices market by product type is further sub-segmented into continuous blood glucose monitoring devices, test strips, lancets, self-monitoring devices, and haemoglobin A1c (HbA1c) testing kits. The test strips segment dominates the global diabetes monitoring devices market.
The insulin delivery devices market is further sub-segmented into insulin syringes, pens, pumps, and injectors. The insulin pens held the largest share of the global insulin delivery devices market in 2016, mainly due to their rising adoption with several advantages over the traditional syringe method of insulin delivery, including improved patient satisfaction and adherence, user-friendliness, superior accuracy for delivering small doses of insulin, greater social acceptability, and less reported injection pain.
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By geography, the global market is segmented into five major geographies namely: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the major share of the global diabetes care devices market in 2016, followed by Europe, and Asia-Pacific. The major share of this region is primarily attributed to the large & growing base of diabetic patients, well-established healthcare infrastructure, higher adoption of technologically innovative diabetic care products, increasing research on diabetes, and presence of large number of leading players in this region. However, Asia-Pacific region possesses lucrative growth potential for the diabetes care devices market during the forecast period, owing to the rising diabetic population and increasing complexities associated with the disease on health of the people in the region. In addition, improving healthcare infrastructure, rising awareness about diabetes with various government initiatives, increasing healthcare spending, rising affordability of middle class population, increasing urbanization, and significantly rising overweight & obese population with changing lifestyle & unhealthy food habits are further expected to boost the growth of diabetes care devices market in the region.
The key players in the global diabetes care devices market are Novo Nordisk A/S, Ypsomed AG, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, F. Hoffmann-La Roche AG, Johnson & Johnson, Medtronic, Becton, Dickinson and Company, Terumo Corporation, and Sanofi AS.
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