Diabetes Care Devices Market Demand, Supply, Growth Factors, Latest Rising Trend & Industry Demand accounted to US$ 23,354.3 Mn in 2018 and is expected to grow at a CAGR of 6.1% during the forecast period 2019 – 2027
The global diabetes care devices market by product segments was led by glucose monitoring devices segment. In 2018, the glucose monitoring devices held a largest market share of 54.1% of the diabetes care devices market, by product. The glucose monitoring devices segments is also expected to be the fastest growing segments the market in 2027 owing to the presence of the various market players that are offering various products and rise in the technological advancements are likely to propel the growth of the market during the forecast period.
The global diabetes care devices market accounted to US$ 23,354.3 Mn in 2018 and is expected to grow at a CAGR of 6.1% during the forecast period 2019 – 2027, to account to US$ 39,382.3 Mn by 2027.
Asia Pacific is the fastest growing geographic market and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as significant rise in the prevalence of diabetes across the countries, rise in the government support for the diabetes care. In addition, the market players are also supporting the diabetes care in the countries through creating awareness and various initiatives.
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The List of Companies
2. Novo Nordisk A/S
3. B. Braun Melsungen AG
4. Insulet Corporation
6. Tandem Diabetes Care, Inc.
7. Eli Lilly and Company
8. Dexcom, Inc.
9. Terumo Corporation
10. F. Hoffman-LA Roche Ltd.
Increasing Prevalence of Obesity Across The Globe:
Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major problem and the biggest concern in all the communities across the globe.
Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issue affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Therefore, owing to the above mentioned factors the market is likely to fuel its growth during the forecast period.
Growing Medical Tourism In Developing Countries:
The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of diabetes care devices in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades.
In India the diabetes treatment has become so popular and common that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country. Health travelers who visit developing countries for medical reasons save 65% to 80% on health cost compared to the cost in the US. Thus, the factors are likely to create growth opportunities for the growth of the market in coming years.
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Product launches and up gradation were observed as the most adopted strategy in global diabetes care devices industry. For instance, in March 2019, Tandem Diabetes Care, Inc has announced that it is now registered as an approved vendor of insulin pumps and supplies under the Assistive Devices Program (ADP) in Ontario, Canada. Thus, the expansion move by the company is likely to boost up the growth of its own and is likely to contribute to the market in the coming future.