The global diabetes care devices & drugs market will grow at a CAGR of 5.2% from 2017 to 2022 to reach USD 85,591.2 million by 2022, according to this latest publication from Meticulous Research®. The global diabetes care devices & drugs market is driven by the increasing incidence & prevalence of diabetes, various technological advancements, rising obesity rate, and increasing sedentary lifestyle & improper diet. In addition, development of new formulations and insulin delivery technologies further provides significant opportunities for the various stakeholders in this market. However, high cost associated with diagnosis and treatment, reimbursement issues, and lack of awareness is expected to hinder the growth of this market to some extent.
The global diabetes care devices & drugs market is mainly segmented by different type of devices and drugs. Diabetes care drugs segment dominated the overall market in 2016, and is expected to continue its dominance during the forecast period. The large share of this market is attributed to the huge demand for insulin and oral hypoglycemic drugs for the treatment of type I & II diabetes.
The diabetes care devices market is further segmented by diabetes monitoring devices and insulin delivery devices. Diabetes monitoring devices held the largest share of around 57.0% in the global diabetes cared devices market in 2016. This is mainly attributed to the increased adoption of test strips and self-monitoring blood glucose devices across the globe and increasing trends of self-management of diabetes. With the rising disease awareness in the developing countries, these devices can be utilized to aid in 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 care drugs market is categorized into insulin, oral hypoglycaemic drugs, and non-insulin injectable drugs. Insulin held the largest share in the global diabetes care drugs market in 2016. The largest share of this market is mainly attributed to the increasing use of insulin to control the glucose level in blood by type 1 diabetes patients, rising market demand for human insulin analogs, and favorable medical reimbursements.
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By geography, the 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 in the global diabetes care devices & drugs market, followed by Europe, and Asia-Pacific. The large 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 a large number of leading players in the market. However, Asia-Pacific region possesses lucrative growth potential for the diabetes care devices & drugs market during the forecast period, owing to the rising diabetic population and increasing complexities associated with the disease on the 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 in the region, increasing urbanization, and significantly rising overweight & obese population with changing lifestyle & unhealthy food habits are the major factors further expected to boost the growth of diabetes care devices & drugs market in Asia-Pacific region.
The leading players in diabetes care devices & drugs market have employed various strategies to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in this market were partnerships/collaborations/agreements, new product launches, and expansions. The key players in the global diabetes care devices & drugs market are Novo Nordisk A/S, Ypsomed AG, Abbott, Ascensia Diabetes Care Holdings AG, Eli Lilly and Company, Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic PLC, Becton, Dickinson and Company, Terumo Corporation, Sanofi S.A., Merck & Co., Inc.,Novartis AG, AstraZeneca PLC, and Boehringer Ingelheim GmbH.
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