Transparency Market Research (TMR) has published a new report titled, ‘Diabetes Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global diabetes devices market was valued at US$ 41.8 Bn in 2018 and is projected to expand at a CAGR of 6.4% from 2019 to 2027.
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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 2027.
- 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 device.
- North America dominated the global diabetes devices market in 2018 and the trend is anticipated to continue during the forecast period. Large diabetes population, higher awareness, significant health care spending in the overall national budget, early availability of advanced technologies, and higher penetration of health care services across the U.S. and Canada are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for diabetes devices and it is expected to expand at a high CAGR during the forecast period
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Rise in Incidence of Pediatric and Geriatric Diabetes to Drive Market
- The world’s population is aging rapidly, especially in some of the developed economies such as the U.S. and Japan. Developed economies present high rates of aging. According to the World Health Organization, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050 as compared to 900 million in 2015. Countries such as India, China, Thailand, and South Korea are also expected to have large geriatric populations in the shortest span of time in the near future.
- Diabetes is more prevalent in the geriatric population. According to the American Diabetes Association, over 25% of the diabetic patients in the U.S. are aged 65 years and above.
- Incidence of diabetes in the pediatric population is gradually increasing. Hence, rise in pediatric and geriatric diabetes is expected to fuel the growth of the diabetes devices market.
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North America to Dominate Global Market
- In terms of region, the global diabetes devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global diabetes devices market in 2018, followed by Europe.
- North America accounted for major share of the global diabetes devices market in 2018. Its dominance can be attributed to a large diabetes population, higher awareness, and significant health care spending in the overall national budget, early availability of advanced technologies, and higher penetration of health care services across the country.
- The diabetes devices market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
Competitive Landscape
- The global diabetes devices market is fragmented in terms of number of players. Key players in the global market include Medtronic, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Tandem Diabetes Care, Inc., Abbott Laboratories, Cellnovo, Insulet Corporation, LifeScan, Inc., Owen Mumford Ltd., among others
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