ALBANY, NY, April 11, 2022 (GLOBE NEWSWIRE) — The diabetes devices market is expected to grow at a CAGR of 6.4% during the forecast period of 2019 to 2027. Growing demand for minimally invasive devices for diagnosing and monitoring blood sugar The number of diabetes patients is fueling the growth of the diabetes devices market.
Factors such as lifestyle change, malnutrition and genetic mutations are associated with the predicted increasing prevalence of diabetes worldwide. According to various public and private institutions specializing in diabetes, diabetes is considered one of the major killer diseases. For example, according to the American Diabetes Association, nearly 71,000 deaths each year in the United States are associated with diabetes. This creates a demand for diabetes management devices and thus drives the growth of the diabetes devices market.
According to published data, diabetes affects millions of people each year worldwide. This leads to substantial efforts for the development of technologically advanced devices, and thus indicates new growth frontiers of the diabetes device market.
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Diabetes Devices Market – Key Findings of the Report
- The rapid increase in the geriatric population, which accounts for a large percentage of diabetics, is fueling the demand for the diabetes device market. According to the World Health Organization, by 2050, the geriatric population in the world is estimated at 2 billion (22% of the world’s population) compared to 900 million in 2015.
- Statistics on the high prevalence of diabetes among the geriatric population in developed economies, where this demographic group spends heavily on healthcare, is driving the diabetes device market. According to the American Diabetes Association, in the United States, more than 25% of diabetic patients are 65 years of age or older.
- Diabetes is gradually increasing in the pediatric population, which is expected to increase the demand for diabetes devices
- Glucose monitoring devices held the major share of the diabetes devices market in 2018 and are expected to continue to dominate during the forecast period. Glucose monitoring devices with advanced sensors are widely available and are used for detecting blood sugar levels.
- The practice of using wireless technology for continuous glucose monitoring (CGM) of type 1 diabetes patients to transmit interstitial fluid glucose readings between patient skin cells is driving the device market for diabetes
- Hospital pharmacy is expected to be the most attractive distribution channel segment in the diabetes device market. The high prevalence of type 1 and type 2 diabetes, which accounts for a high volume of hospital visits, and increasing investment in R&D for the artificial pancreas system are fueling the growth of the hospital pharmacy segment of the diabetes devices market
- North America is a leading region in the diabetes device market. The substantial expenditure on diabetes care devices by the large population with diabetes, the availability of advanced technologies, and the role of public health services in the United States and Canada in raising awareness of diabetes management are fueling the growth of the market for diabetes devices in the region.
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Diabetes Devices Market – Growth Drivers
- Rising demand for insulin delivery devices with type 1 diabetes considered a major health issue is propelling the diabetes device market
- Estimation of exponential increase in diabetes prevalence due to a number of factors is driving the diabetes devices market
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Diabetes Devices Market – Key Players
Some of the major players operating in the diabetes devices market are;
- F. Hoffmaa-La Roche Ltd.
- Tandem Diabetes Care Inc.
- LifeScan Inc.
- Novo Nordisk A/S
- Eli Lilly and company
- Becton, Dickinson and company
- Abbott Laboratories
- Island Corporation
- Owen Mumford Ltd.
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The diabetes devices market is segmented as follows;
Global Diabetes Devices Market, By Product Type
- Glucose monitoring devices
- Self-monitoring blood glucose meters
- Blood glucose test strips
- Continuous blood glucose monitoring readers
- Insulin Delivery Devices
- Insulin syringes
- insulin pens
- Insulin pumps
- diabetes management software
- Artificial pancreas system
Global Diabetes Devices Market, By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
- Diabetes clinics/centers
Global Diabetes Devices Market, By Region
- North America
- The rest of Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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