The global diabetes devices market size is expected to reach
USD 41.6 billion by 2027, registering a CAGR of 7.8% over the forecast period,
according to a new report by Grand View Research, Inc. The market is driven by
factors such as increasing incidence of diabetes, technological advancements,
and innovative product launches. Increasing adoption of advanced diabetes
management solutions in developing region, government policies, and rising
medical tourism are some of the major factors contributing to the market
growth. Furthermore, rising government initiatives to spread awareness about
diabetes and increasing R&D expenditure of major players are the factors expected
to boost the market growth.
According to a study published on National
Center for Biotechnology Information (NCBI), global health expenditure on
diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010.
Obesity, sedentary lifestyle, and fast food culture are some of the factors
expected to have significant impact on the market growth. According to Harvard
T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it
is expected to increase up to 50% by 2030.
In addition, increasing number of new market
players, who focus on patient convenience with the help of artificial
intelligence technology, are also transforming the market. They are leveraging
technological advancements to improve diabetes care solutions like CGM devices,
non-invasive insulin delivery systems, and digital diabetes management
platforms. For instance, in December 2017, Companion Medical Launched Inpen,
its first smart insulin pen system in the U.S. It is the only FDA approved
device that can combine insulin injector pen with a smart app.
For full research report on Diabetes
Devices Market visit here: https://www.grandviewresearch.com/industry-analysis/diabetes-devices-market
Further key
findings from the report suggest:
- North America accounted for the largest share
in 2019, in terms of revenue, owing to favorable reimbursement policies,
presence of key players, and frequent product launches
- By product, the insulin delivery devices
segment accounted for the largest market share and is also expected to
grow at the fastest rate
- In the Blood Glucose Monitoring (BGM) segment,
self-monitoring devices dominated the market owing to their low cost and
high usage
- In Self-monitoring of Blood Glucose (SMBG)
devices, testing strips segment dominated the market while blood glucose
meters are expected to grow at a significant pace owing to high adoption
and technological advancements
- In the Continuous Glucose Monitoring (CGM)
devices segment, transmitters accounted for the largest share owing to
high cost of devices and high usage
- In insulin delivery devices, pens segment
dominated the market since it is easy to carry, easy to use, and has low
cost as compared to other delivery devices
- By distribution channel, hospital pharmacy
segment dominated the market owing to rise in sales of diabetes devices in
these pharmacies
- By end use, hospital segment accounted for the
largest market share owing to improving healthcare infrastructure due to
rising investment
- The leading players present in the diabetes
devices market are Medtronic plc; Abbott Laboratories; F.Hoffmann-La-Ltd;
Bayer AG; Lifescan, Inc.; B Braun Melsungen AG; Lifescan, Inc.; Dexcom
Inc.; Insulet Corporation; Ypsomed Holdings; Companion Medical; Sanofi;
Valeritas Holding Inc.; Novo Nordisk; Arkray, Inc.; among others.
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Grand
View Research has segmented global diabetes devices market on the basis of
product, distribution type, end use, and region:
Diabetes
Devices Product
Outlook (Revenue, USD Million, 2016 - 2027)
- BGM Devices
- Self-Monitoring
Devices
- Blood Glucose
Meter
- Testing Strips
- Lancets
- Continuous Glucose
Monitoring Devices
- Sensors
- Transmitters
- Receiver
- Insulin Delivery
Devices
- Pumps
- Pens
- Syringes
- Jet Injectors
Diabetes
Devices Distribution
Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals Pharmacies
- Retail Pharmacies
- Diabetes Clinics/
Centers
- Online Pharmacies
- Others
Diabetes
Devices End-use
Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals
- Homecare
- Diagnostic Centers
Diabetes
Devices Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Czech Republic
- Russia
- Poland
- Turkey
- Switzerland
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Vietnam
- Philippines
- Malaysia
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Colombia
- Argentina
- Chile
- Middle East &
Africa
- South Africa
- Saudi Arabia
- UAE
- Oman
- Egypt
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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