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Albany, NY, April 18, 2019 (GLOBE NEWSWIRE) -- As per expert analysts, the global diabetes devices market is expected to witness a steady growth rising at 6.7% CAGR during the forecast period, which is 2017 to 2025. Growing at this pace, the market is expected to attain the value of US$66,053.1 mn by 2025.
The global diabetes devices market is classified on the basis of product type, region, and distribution channels. Based on product, the market is dominated by the glucose monitoring systems segment owing to a growing demand for self-monitoring devices as they offer ease of use. Additionally, the cost-effectiveness of these devices has contributed to the growth of this segment.
Based on regional aspect, the global diabetes devices market is categorized into North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Out of these, North America dominates the diabetes devices market holding 37.5 percent of the market’s revenue. This is on account of a high investment in healthcare facilities by government and advanced healthcare infrastructure.
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Surge in Lifestyle Diseases to Fortify Market’s Growth
The current changes in lifestyle is a key factor driving the growth of the global diabetes devices market. Nowadays, there has been a striking surge in the consumption of junk food owing to the time constraints of a fast life. This has resulted in an increase in the number of lifestyle diseases such as obesity that eventually lead to diabetes. High consumption of alcohol has further increased the likelihood to contract diabetes leading to a progression in the global diabetes devices market.
Furthermore, easy to use medical devices that offer instant results have grabbed the attention of the consumers. As a result, there is an increase in the production of diabetes care devices to cope up with the rising demand, thus propelling the diabetes devices market. Moreover, manufacturers are paying special attention to diversifying the application of these devices and focusing on new product developments. This has impacted the global diabetes devices market favorably, thereby expediting its growth.
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However, along with numerous drivers, there are a few restraints that may cause a shortfall in the diabetes devices market. There is a vast pool of medicines that can combat diabetes and related diseases such as oral medicines and supplements. Availability of these substitutes may impede the growth of diabetes care devices. Moreover, a lack of awareness among patients in underdeveloped and remote areas may pose a threat to the market. Nonetheless, perpetual technological advancements and an increase in product approvals may create new growth prospects for the diabetes devices market.
Development of New Insulin Delivery Devices to Catapult Growth
There has been a significant rise and availability of insulin delivery devices such as insulin syringes, jet injectors, and pumps. These devices are highly user friendly and offer excellent results in a minimal timeframe. Consequently, there has been a rise in adoption and production of these devices, thereby presenting new growth opportunities for the global diabetes devices market.
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The global diabetes devices market displays a highly consolidated vendor landscape driven mainly by the new technological advancements, reports Transparency Market Research (TMR). Prominent players in the global diabetes devices market comprise Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., F. Hoffmann-La Roche Ltd., Medtronic plc, and Eli Lilly and Company. The intense competition between these players is characterized by new product developments and variations in manufacturing technology. Additionally, they are focusing on penetrating the other emerging markets to grab the growth opportunities available in those markets.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Diabetes Devices Market (Product Type - Glucose Monitoring Devices (Self-monitoring Blood Glucose Meters, Blood Glucose Testing Strips, Lancets, and Continuous Glucose Monitoring Devices), Insulin Delivery Devices (Insulin Syringes, Insulin Pens, and Insulin Pumps), Diabetes Monitoring Software, and Artificial Pancreas System; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Diabetes Clinics/Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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