Diabetes Devices Market Size is Projected To Be Around $35 Billion By 2025
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A research study titled, “Diabetes Devices Market by Product - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the diabetes devices market is projected to be around $35 billion by 2025.
Diabetes is severe lifelong condition characterized by high glucose level in the blood stream. It is one of the most common chronic diseases across the globe that occurs either when body doesn’t produced sufficient insulin or when body fails to absorb insulin produced by pancreas. According to International Diabetes Federation (IDF), in 2015, 415 million people across globe were affected with diabetes and this number is expected to reach 642 million by 2040. Moreover, diabetes incidences are rising more rapidly in middle and low income countries. This high prevalence of diabetes across globe can be attributed to various factors such as changes in lifestyle, increasing elderly population, increase in obesity rate, and family history of diabetes and related disorders. Diabetes has long term impact on health and economic condition of individuals. Over a period of time, diabetes affect kidney, damages heart vessels, and eyes, leading to malfunctioning of body besides people with diabetes are likely to incur huge expenditure causing financial burdens on them and family members. Thus, rising incidence of diabetes will increase demand for highly advanced diabetic care devices.
Monitoring and diagnostic devices segment dominated the global market in 2016, owing to technological advancements coupled with high adoption rate of these products. Test strips dominated the monitoring and diagnostic devices segment in 2016. However, continuous glucose monitors segment is projected to witness high growth during the forecast period, owing to increase adoption rate of glucose monitoring devices and shift towards home healthcare services. Insulin pen segment garnered largest share of insulin delivery devices segment in 2016, due to number of factors such as ease of usage and increase in adoption of insulin delivery devices due to growing awareness about available diabetes treatment options. Demand for insulin syringes segment is predicted to decline during the forecast period. This decline is primarily due to enforcement of regulatory guidelines to minimize injuries due to needles and increase demand for safe insulin delivery methods.
North America accounted for the largest share of the global market in 2016 and is projected to continue its lead during the forecast period. This can be attributed to high adoption rate of technologically superior products and growing aging population needing better healthcare facilities. Asia-Pacific is expected to witness high growth in the forecast period. Countries such as India and China will provide significant growth opportunities due to presence of high patient base coupled with rapidly aging population. Emerging economies such as Brazil and Argentina are poised to witness fastest growth after Asia-Pacific regions, primarily due to improving healthcare infrastructure, growing awareness about available treatment methods, and increasing disposable income of people.
Roche Diagnostics dominated the global diabetes devices market with its Accu check product line followed by Johnson & Johnson. Abbott Laboratories have very strong presence in countries such as China and India. Other major players in market are Novo Nordisk A/S, Medtronic, Inc., Becton Dickinson and Company, Bayer Healthcare AG, and Sanofi.
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Key Findings of the Research Study:
- Test strips segment accounted for the largest share of the global monitoring and diagnostic devices market in 2016, owing to increasing diabetic population requiring continuous glucose monitoring.
- Insulin pen segment accounted for the largest share of the global insulin delivery device market in 2016, due to high adoption rate among consumers and increase awareness about safe insulin delivery methods.
- North America accounted for almost one-third of the global market in 2016. This can be attributed to diabetic population and high adoption of technologically advanced products.
- U.S. dominated the global market in 2016 due to presence of high diabetic population having high adoption rate for advanced diabetic devices.
- Asia-Pacific is projected to show significant growth during the forecast period, primarily due to high prevalence of diabetes, increasing geriatric population, and rising disposable income of people.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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