Global Diabetes Care Devices Market is Expected to Reach $24.6 Billion by 2020Published On: October 5, 2015
The research report titled “Global Diabetes Care Devices Market Outlook: 2015-2020” analyzes the major drivers, restraints, opportunities, and challenges that have a long and short-term impact on its growth across the globe. This latest publication from Meticulous Research® states that the global diabetes care devices market would reach $24.6 billion by the year 2020 at a CAGR of 5.2% over the period of 2015 to 2020. Globally, prevalence of diabetes is growing at a staggering pace and it continues to be the fourth leading cause of death by a disease. According to the International Diabetes Federation (IDF), diabetes currently affects more than 386 million people worldwide and is expected to affect 592 million people by 2035 as a result of rising obesity rates, lifestyle and dietary changes, and growing ageing population. Therefore, given the huge numbers of diabetics worldwide and the financial implications due to diabetes, there is a substantial business potential in the diabetes care devices market.
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The diabetes care devices market is primarily expected to be driven by increasing prevalence of diabetes, technological advancements, rise in obese population, sedentary lifestyle and improper diet, and increasing need for faster and safer diagnosis and treatment of diabetes. Furthermore, huge investments by the market leaders and foraying of new companies into this market, wide scope of penetration in untapped and emerging markets, and rising awareness among people about diabetes care are also accelerating the growth of this market. However, high cost associated with diagnosis and treatment, reimbursement issues for new technologies, lack of awareness, strict regulatory obligations, and high cost of diabetic food hinders the growth of this market to some extent.
The research report on the diabetes care devices market provides comprehensive analysis of the global market with a country level analysis and helps in understanding the driving forces for the growth of this market. The report also provides analysis of major product segments such as diabetes control solutions, diabetes monitoring devices, and insulin delivery devices. The diabetes monitoring devices segment further sub-segmented into continuous blood glucose monitoring devices, test strips, lancets, and hemoglobin A1c (HbA1c) testing kits. The insulin delivery devices further sub-segmented into insulin syringes, insulin pens, insulin pumps, and insulin injectors.
Geographically, the global diabetes care devices market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Market size and forecast is provided for each of these regions. These regions are further analyzed at a country level with a detailed qualitative and quantitative analysis and forecast till 2020. Among these different geographies, North America is the major market for the global diabetes care devices and is expected to dominate this market during the forecast period, with the U.S. contributing a major share. However, Asia- Pacific region, especially China and India, are expected to show a huge growth and emerge as central growth drivers of this market in the near future. China is home to the world’s largest population with close to 1.4 billion inhabitants followed by India with approximately 1.2 billion people in 2014. According to the International Diabetes Federation, China had the largest number of diabetic patients with around 96.2 million diabetic patients followed by India with around 66.8 million diabetic patients in 2014. This represents a sizeable chunk of approximately 40-45% of the global diabetic population living in India and China which provides significant opportunities for the global diabetes care devices companies to invest in these countries.
The global diabetes care devices market is mainly dominated by Roche Diagnostics with its Accu Chek line of products and followed by Johnson & Johnson with its subsidiaries LifeScan, Inc. and Animas Corporation having robust portfolio of diabetes care products such as OneTouch Ultramini, Animas Vibe, and Onetouch Verio in 2014. Novo Nordisk and Eli Lilly and Company have been the market leaders in insulin delivery devices market, especially in insulin pens. Along with Roche and Johnson and Johnson, Bayer AG and Abbott Laboratories also has a strong presence in the growing markets for diabetes care devices such as India and China with Bayer AG contributing 5-10% share in the Indian diabetes care devices market in 2014. The other key players in the global diabetes care devices market are, Ypsomed AG, Medtronic plc, Becton, Dickinson and Company, Acon Laboratories, Inc., Alere Inc., ARKRAY Inc., Terumo Corporation, Dexcom, Inc. (U.S.), Siemens AG, Tandem Diabetes Care, Inc., Owen Mumford Ltd., and Sanofi S.A.
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