Unhealthy eating habits and hectic lifestyles have led to increased number of chronic diseases such as diabetes.
Unhealthy eating habits and hectic lifestyles have led to increased number of chronic diseases such as diabetes. Similarly, there is consistent growth in the worldwide older population. As a result, there is tremendous increase in demand for devices used in diabetes management. Swift technological advancements in diabetes preventive care are projected to promote the growth of the global diabetes devices market during upcoming period.
Based on products, the global market for diabetes devices is segmented into BGM devices and insulin delivery devices. Depending on the end use, it is bifurcated into hospital and homecare.
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Global Diabetes Devices Market: Growth Dynamics
According to CDC statistics, around 34.2 million people from America are living with diabetes. The number denotes the occurrence of this disease in over 1 out of 10 individuals from this region. Thus, rising instances of diabetic patients is propelling the market for devices required for management of this disease.
Increased demand for diabetes devices can be attributed to growing awareness about the preventive care about this disease. In addition, rising number of worldwide obese population is projected to push the global diabetes devices market in the near future. People today are more inclined toward buying products through online channels. Considering this shift, market players are focusing on strengthening their online presence. This move is helping to push their products sale.
Many government bodies are taking initiatives for diabetes management. They are increasing the funds required for the research and development activities in the field of diabetes care. Similarly, many key companies active in this market are pouring efforts in these activities. Therefore, growing research activities in the field is helping the diabetes devices market to grow stupendously.
Global Diabetes Devices Market: Notable Development and Competitive Analysis
Key vendors are chasing diverse strategies to maintain their strong position in the market. Some of the strategies include collaborations and partnerships. A case in point here is announcement by Novo Nordisk and Medtronic. As per this announcement, both the firms have entered into a partnership agreement. The aim of this partnership is to offer diabetic patients with integrated digital solutions. This move is projected to help the growth of the global diabetes devices market.
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With an aim to make the diabetes management a somewhat easy task, many companies are launching advanced devices. They have increased their investment to innovate their products. One of such instance is recent technology developed by Tandem Diabetes Care. The technology has been approved by the food and drug administration (FDA). The new system named Control-IQ connects with insulin pumps and blood glucose sensors. The key specialty of this system is that it helps in management of insulin delivery according to the glucose levels in body of individuals with Type 1 diabetes. It has an ability to automatically decrease, increase, or stop the insulin delivery as needed. Thus, the incorporation of advanced technology will foster the global diabetes devices market.
The market for diabetes devices has a wide range of prominent players. Obviously, the competition level is intense. Some of the key players in the global diabetes devices market are:
- Bayer AG
- Medtronic plc
- Lifescan, Inc.
- Abbott Laboratories
- Insulet Corporation
- F.Hoffmann-La-Ltd.
- B Braun Melsungen AG
- Lifescan, Inc.
- Dexcom Inc.
Global Diabetes Devices Market: Regional Assessment
On regional front, North America is projected to be one of the prominent regions. Key reason behind this projection is the rising number of patients with diabetes in this region. In addition, growing awareness about taking preventive care is expected to spur the demand for devices required for diabetes management. Increased approvals from FDA for new devices helpful for diabetes care are propelling the market. Asia Pacific, Latin America, Middle East and Africa, and Europe are some additional regions supporting the diabetes devices market growth.
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