Global Diabetes Care Devices Market: Overview
Diabetes is a global issue affecting millions of people every year. This has led to major technological advancements in diabetes treatment. Global diabetes care devices market exhibits a great potential and is estimated to grow exponentially by 2024. Diabetes care devices are used to diagnose and monitor the blood glucose level into a diabetic patient’s body. The demand for minimally invasive devices has led companies to launch patient-convenient diabetes care devices.
The upcoming Transparency Market Research report sheds light on growth trends in the global diabetes care devices market. It details out geographical distribution of the market and analyzes the current market landscape. In addition to this, it talks about major market drivers and restraints in the market. Further, it analyzes the competitive landscape and also highlights the recent developments.
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Global Diabetes Care Devices Market: Drivers and Restraints
WHO has projected diabetes to be one of the leading causes of deaths in the coming years. An increased patient pool suffering from diabetes has led to an increase in demand for diabetes care devices. The need for faster and effective methods for diagnosis have also contributed to the growth of global diabetes care devices market. The geriatric population is highly susceptible to diabetes owing to unhealthy eating habits and sedentary lifestyle. This has resulted in an increase in demand for diabetes care devices, thus propelling the market’s growth.
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Further, an increase in awareness about diabetes care and measures taken by governments pertaining the same has fuelled the global diabetes care devices market growth. Widespread progress in the healthcare infrastructure and economic advancements have impacted the market favorably.
In spite of these factors favoring the market, there are a certain restraints that may hinder its growth. Less awareness about the use of devices in remote and underdeveloped regions could possibly thwart the global diabetes care devices market to a certain extent. The long registration processes and reimbursement issues also pose a threat to the market. However, several governments are working on providing optimum and affordable diabetes care. Also, a number of companies are focused on minimizing the costs of diabetes care gadgets. This could increase the demand for such devices,consequently boosting the global diabetes care devices market.
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Global Diabetes Care Devices Market: Geographical Distribution
North America is perceived to dominate the diabetes care devices market, followed by Europe. A major share of these regions can be attributed to advanced healthcare facilities and growing diabetic population. Asia Pacific is estimated to grow at the fastest rate on account of a predominant sedentary lifestyle and an increase in the ageing population. In this region, the diabetes care devices market in India and China are expected to grow tremendously.
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Global Diabetes Care Devices Market: Competitive Landscape
The diabetes care devices market is highly fragmented and attracts competitors across the globe. The key participants operating in the market include Dexcom Inc., Merck & Co., Abbott Laboratories, Glaxosmithkline Plc, Dickinson and Company, Acon Laboratories and Medtronic. The companies are adopting strategies such as mergers and acquisitions, new product launches, joint ventures, and clinical trials to increase their revenue share in the diabetes care devices market.
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